MANY OPTOMETRY PRACTICE owners initially engage a practice development consultancy because they find themselves overwhelmed with the competing priorities of providing care and business ownership. Some seek guidance on how to assess and improve their performance benchmarks. Some consider consulting an extension of their practice management team. And others see it as a beacon of light for navigating unchartered and often choppy waters of business ownership, as we saw during the pandemic. Whatever the reason, they are all valid. But is there evidence that practice owners perform better with consulting versus being on their own?
A recent study of the 2020 performance of our veteran Network practices — those with us for three-plus years — revealed that they outperformed our new partner practices. This measure continued through the pandemic; veteran partners delivered 15% higher OD productivity, 11% higher revenue per eyewear unit, and 6% higher capture rate, versus newcomers.
Why do veteran partners perform better? They don’t do it alone. They regularly participate in benchmarking and action planning reviews with our consultants and Network peers. The outcome is that they master the confidence to command a successful practice and the skills necessary to navigate issues. They become adept at a consistent and timely analysis of their key performance indicators, using benchmarks as an instrument to reach their target. They flex and change course if the business runs aground. They learn how to judiciously restructure, hire, and place the right people in the right roles, freeing themselves to oversee the business. Contrarily, most new partner practices come into the
Network unsure about measuring practice performance, finding quality candidates, unaware they are understaffed, and resistant to accelerating change.
Little wonder our veteran partners dominate the top 10% every year in our Annual Benchmark Performance Report. They deliver a 60% higher productivity per OD hour, 19% higher revenue per eyewear unit, and 22% higher collections per exam, versus the average Network performance. Compared to the industry average reported in a leading benchmarking platform, they deliver a 13% higher average in collections per exam.
If you’re curious about hiring a consulting firm; there are certain realities to face. It will not be a crash course in business management. Likely, an experienced consultant will assess your business and develop a plan for you to execute, moving from low-hanging fruit that offers quick wins to more strategic objectives. At Cleinman Performance Partners, we deliver customized consulting as your practice advances up the business maturity continuum. And if disaster strikes, a consulting firm should be there for you.