Dr. Hayes Blog

Jerry Hayes, OD presents a variety of tips and tactics designed to
bring more dollars to your bottom line. You are invited to
comment on the topics we cover.

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Are Your Practice Expenses In Line? Here Are Some Common Benchmarks For ODs

By Jerry Hayes OD | 11/24/2008 - 4:47 pm

One of my ongoing themes as a practice management writer and speaker is to give optometrists reliable benchmarks for overhead expenses, practice profitability and staff productivity.

These are NOT necessarily the numbers I would recommend for




Dealing With A Recession: Jerry’s Spending Rules For Dispensing Practices

By Jerry Hayes OD | 11/19/2008 - 5:40 pm

Equipment And Office Space If the experts are correct, we are going to see a reduction in economic activity across the US during the last half of 2008 and the first half of 2009.

How this slowdown will affect eyecare providers and the retail optical market remains to be seen. Hopefully, your practice will continue to grow and stay healthy over the next year.

This, however, is clearly one of those times when practice owners need to manage their finances wisely to maintain profitability and avoid getting caught in the credit crunch.

Here are my five keys for how much to spend on fixed assets




What If Your Bank Says No To A Loan Request?

By Jerry Hayes OD | 11/12/2008 - 7:50 am

One reason you want to meet with your banker well before a loan is needed or due for renewal in this tight market is because they might say NO, or offer you a loan on terms you don’t want.

Fortunately, there are some legitimate alternative lenders such as ProMed (888.763.4626) and Matsco (800.326.0376) that




Factors Affecting Your Credit Score And Why It Matters

By Jerry Hayes OD | 11/10/2008 - 7:59 am

Know your credit score. Financial institutions use three main services to provide credit scores: TransUnion (800.680.7289), Equifax (866.640.2273) and Experian (800.520.1221).

You can access all three from a variety of sources on the web. I used myfico.com and purchased all three reports for less than $50.

FICO® scores are calculated based on your rating in five general categories:

• Payment history - 35%
• Amounts owed - 30%
• Length of credit history - 15%
• New credit - 10%
• Types of credit used - 10%

The median FICO® score in the U.S. is 723.

While the criteria will vary slightly from bank to bank, a score of




Getting The Most Out Of Your Banker In A Tight Credit Market

By Jerry Hayes OD | 11/5/2008 - 8:08 am

Last week, we talked about the need to meet with your banker prior to your annual loans coming due. This week, we’ll talk about what you need to do before you have that meeting.

My resource for this article was a senior lending officer (I’ll call her Jane) with Suntrust Bank who oversees credit for high earning doctors and lawyers in Florida.

Here is what Jane likes to see when her clients come in to apply for a loan: