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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Article Archives

Employee Theft, Part 3: Theft Tends To Increase During Tough Times

By Jerry Hayes OD | 2/25/2010 - 11:26 am

The Association of Certified Fraud Examiners recently looked at 959 cases of in-house fraud and embezzlement. (Source: businessbrief.com)

    • Small firms tend to be more likely to be hit by in-house larceny during periods of
      an economic downturn.

    • The median loss in this study was $175,000.

    • The typical time frame between the first act of fraud and the time someone was
      caught

Employee Theft, Part 2: Three Main Ways Eyecare Employees Steal

By Jerry Hayes OD | 2/24/2010 - 11:05 am

In Tuesday’s blog, I wrote about my case of in-house embezzlement.

I have not suddenly gotten cynical, but the stories I have heard since my recent experience leads me to believe that employee theft, of one form or another, is a dirty little secret going on in more offices than practice owners realize.

Unfortunately, the more trusting you are (like me),

Employee Theft, Part 1: It’s More Common Than You Realize

By Jerry Hayes OD | 2/23/2010 - 11:54 am

Two years ago, I was speaking at an optometric meeting in Dallas when an OD pulled me aside during the break to suggest that we include the topic of employee theft and embezzlement in future talks.

The doctor went on to tell me how one of his key staff members had embezzled approximately $100,000 from his practice

Suppliers Gifting Employees: One Lawyer’s Opinion

By Jerry Hayes OD | 2/18/2010 - 10:35 am

In Tuesday’s blog, I wrote about the OD practice owner who was surprised to find that his main lab was paying his optician thousands of dollars without the OD's knowledge or consent.

I recently spoke to attorney Phillip Byrum of Husch Blackwell Sanders LLP in Chattanooga, Tennessee about the legality of key suppliers compensating your employees without your knowledge and what you can do about it.

Are You OK If Suppliers Pay Your Employees?

By Jerry Hayes OD | 2/16/2010 - 10:37 am

How would you handle this one? The mail arrives and you open what you thought was a letter from your main optical lab that is addressed to ‘Fashion Eyewear’, the name of your dispensary.

You are shocked to find that the only thing in the envelope is a tax form showing that your lab paid your optician several thousand dollars over the previous year.

Shocked, because you didn’t know anything about it!

Whether you realize it or not, the practice of optical wholesalers, particularly labs, either gifting or outright paying key staff members based on how much business they send to a particular company, is fairly widespread in our industry.

Results Of Our 2009 Practice Performance Survey

By Jerry Hayes OD | 2/11/2010 - 10:22 am

Dear Readers,

Thanks again to everyone who responded to our 60 Second Survey. To see the complete results for 2009 Practice Performance Survey, click here.

Comparing 2009 Production To 2008

Over half (61.6%) of the practice owners who responded to our survey said their collected gross revenues increased in 2009 as compared to 2008.

Some Good Economic News For 2010 — Really!

By Jerry Hayes OD | 2/10/2010 - 10:55 am

I will be publishing the results of my second annual practice performance survey tomorrow and wanted to lead off with some surprisingly good news on the general economy.

According to an article on page B3 of the New York Times, February 6, 2010 edition, a global recovery in the manufacturing sector has started and appears to be

Silver Bullets: This Is As Close As It Gets

By Jerry Hayes OD | 2/3/2010 - 11:32 am

In Wednesday’s blog post, I quoted internet marketing guru John Jantsch on his definition of a Silver Bullet.

“Find what’s working and do more of it. In fact, focus every fiber of your business being on that.” Click here to read.

I agree with John to a point.

In fact, after thinking about it, I think there is an even better Silver Bullet. In reality, it’s the starting point for every successful business, large and small.

Practice Growth: Looking For The Silver Bullet

By Jerry Hayes OD | 2/2/2010 - 2:21 pm

Years ago I was trading ideas with a well-known optometric consultant who made an interesting observation.

He said, "One of the toughest things about consulting with optometrists is

Annual Practice Survey: How Did You Do In 2009?

By Jerry Hayes OD | 2/1/2010 - 2:43 pm

Hopefully, the end of 2009 will put the great recession to rest.

The year ended on a high note for the US economy, with the fourth quarter up 5.7%. That is the most growth in six years.

But, unemployment remains high at around 10% and analysts worry — they always do — that the recovery may not be sustainable.

I am anxious to hear how January started for your practice. And, what your outlook is for the rest of 2010.

As always, I remain optimistic about the US economy in general and the eyecare profession in particular.