Eyeworld

I WHAT OPHTHALMOLOGISTS SHOULD BE DOING TODAY N FOCUS 56 | EYEWORLD | OCTOBER 2019 Contact information Boling: HBoling@BolingVisionCenter.com Lindstrom: rllindstrom@mneye.com Maller: bmaller@bsmconsulting.com Sheppard: jsheppard@vec2020.com patient and your practice through the journey together. 6. Reach out to the community with a mobile eye unit At the end of 2018, Boling Vision Center started a mobile exam unit to provide free eye screenings with referrals back to the office for medical exams when needed. However, what started as a philanthropic effort has actually become a great revenue generator. "Our com- munity sees us doing good for others and has in turn chosen us because of our social conscious- ness as a practice," Ms. Boling said. based on the practice's ability and/or desire to transition certain patients from the MD to the OD schedule, in addition to possibly growing one's primary care patient base," he said. 5. Add a subspecialist This idea can work very well for some practic- es—for others, not so much. "Much depends on the practice size, practice vision, owner goals, and local and regional market dynamics," Mr. Maller said. "For a large practice, cornea, glaucoma, oculoplastics, medical retina, and even pediatric ophthalmology makes sense to me," Dr. Lind- strom said. He thinks surgical retina may be a better fit at a single-specialty retina practice, while neuro-ophthalmology, uveitis, and ocular oncology are likely better at university medical centers. Boling Vision Center has found it difficult to recruit subspecialists, so practice leaders have found other practices and doctors willing to contract with them part time. With this model, they are planning to add surgical retina once a week and glaucoma care two times a month by the end of the year. Local residents are current- ly underserved by these two areas of eyecare, Ms. Boling said. The drawbacks of adding subspecialists are that it can be an expensive and equipment-intensive endeavor for part-time coverage, she said. Another subspecialty that can work well in an ophthalmic practice is an oculoplastics sur- geon. An oculoplastics surgeon could potential- ly offer Botox (onabotulinumtoxinA, Allergan) and dermal fillers, among some of the cash-pay services that can boost revenue, Dr. Lindstrom said. If a practice does not do its homework about the need for a subspecialist, there could be a less-than-ideal outcome, Mr. Mall- er warned. For instance, if a comprehensive ophthalmology practice hires a subspecialist, it could significantly reduce the possibility of getting referrals from other community physi- cians, leading the subspecialist to not meet his or her goals or the practice's financial objectives. It's also crucial to find a subspecialist who is the right cultural fit for your office, Mr. Maller added. The natural flow from ocular surface to refractive cataract to oculoplastics takes your continued from page 55 Business pearls and cautions Do your research before any new business venture. Before making a big investment, make sure you're in the right market for your new idea. "Just because this worked for one of your residency buddies in an- other market doesn't mean it will work for you," Ms. Boling said. Know your break-even point. Develop a realistic pro-forma to make an informed decision. Stick with what you know. Going into the real-estate business or partnering with non-ophthalmic specialties that might (but likely won't) bring more business to the practice can be a stretch, Dr. Sheppard said. His practice lost money by offering space to dentistry, audiology, and derma- tology—all of whom fortunately eventually needed more space and moved out. Like your job. Many of the ideas suggested here branch off from perform- ing cataract, refractive, or cornea surgery. Make sure you truly like the types of surger- ies you perform before you delve deeper into these other revenue-producing areas, Dr. Sheppard advised. About the sources Hayley Boling, MBA, COE Chief executive officer Boling Vision Center & INSIGHT Surgery Center Northern Indiana Richard Lindstrom, MD Founder and CEO Minnesota Eye Consultants Minneapolis Bruce Maller Founder and CEO BSM Consulting Incline Village, Nevada John Sheppard, MD President Virginia Eye Consultants Norfolk, Virginia Relevant financial interests Boling: None Lindstrom: None Maller: None Sheppard: None

• Blank Page
• Blank Page (1)