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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Understanding The Lifetime Value Of A Patient

By Jerry Hayes OD | 11/24/2009 - 10:40 am

I just read a great article by Seth Godin, author of PERMISSION MARKETING, THE DIP and a number of other best-selling books on customer service.

Seth makes the point that practice owners should train themselves, and their staff, to look past how much you might make (or lose), on any individual transaction with a patient.

Instead, always think in terms of the potential lifetime dollar value




Dealing With Vision Plans And Managed Care

By Jerry Hayes OD | 11/17/2009 - 1:00 pm

Last week I wrote about the history and evolution of managed care. The big question now is, “What is going to happen over the next 10 to 20 years?”

It seems pretty clear to me that as more and more patients get covered, the payers’ (Medicare, vision plans and health insurance companies) ability to dictate terms to the providers only increases.
 
Of course, it’s one thing to recognize the problem of ‘managed pay’ and quite another to deal with it in your practice. Is there any end in sight?
 

Here is what some of my readers had to say.




Is Optometry A Minority Profession?

By Jerry Hayes OD | 11/12/2009 - 12:52 pm

Dr. Hayes, I am sorry, but I, personally, do not consider myself a member of a minority profession as you categorized us in your blog on the history of managed care. Click here to read.

I think some of Optometry’s problems come from this attitude of we’re a ‘minority profession’.

It would seem the AOA also has a problem with this idea of being a lower level profession. We react to perceived difficulties instead of moving carefully and thoughtfully.




The History Of Managed Care

By Jerry Hayes OD | 11/10/2009 - 12:49 pm

Why Doctors Once Loved It, And Why We Now Hate It

The source for this blog is the November 4 issue of NPR’s Planet Money Podcast. It’s a fascinating story that you might enjoy listening to. Click here to listen.
 
If you don’t have an iPod or similar, I highly recommend you get one. They are great little devices for downloading both your favorite music and a variety of interesting podcasts off the internet.
 
How Medicare Got Started
 
When the federal government set out to create the Medicare system in 1965, their single biggest concern



How Often Should ODs Compare Practice Benchmarks?

By Jerry Hayes OD | 11/5/2009 - 12:44 pm

Dr. Hayes,

I have a question regarding your percentage guidelines for practice overhead expenses.
 
I am in my second year of running my own practice and for the year collected gross revenues are up 3.5%. Our first quarter we were up over 30%, however the second and third quarter we were down about 21-22% on each of them. I am hoping for a positive 4th quarter.
 
I take pride in staying very close to those numbers on my practice budget. However,



How To Deal With Falling Revenue And Declining Profits

By Jerry Hayes OD | 11/3/2009 - 12:29 pm

Dear Jerry,

Unfortunately, your recent blog on ‘What Happens To Your Net When Your Gross Declines?‘ applies to me.
 
I created a practice budget projecting a decline in collected gross revenues for 2009. With the help of my staff, we made cuts in our variable expenses and even some staff benefits.
 
Ten months later, my gross is in fact down around 10%. But, the cutbacks we made have NOT come close to offsetting the losses. Just like your blog said, my net is down 28%!
 
Now what do I do? Just hang in there?