Connect with us

Sell more, produce more, be more creative, satisfy more customers... through happiness.

mm

Published

on

Traditional management theory has a lot to answer for. Don’t tolerate failure, keep workers emotionally at arm’s distance, discourage individualism, focus on remedying weakness as opposed to playing up strengths, frown at play, motivate workers by throwing money at them, or failing that, wielding a big stick … The list of prohibitions and negativity goes on.


It is perhaps surprising, then, that the realization happy workers also tend to be more productive workers was one of management theory’s earlier discoveries. As part of the famous Harvard study of the Hawthorne Works factory in Chicago in the mid-1920s, researchers observed that employee performance could be greatly boosted by influencing not only the physical environment but the social context within which they toiled. A worker was more than an input. He or she also had feelings. And when employees were in a positive state of mind, they did more, better work.

That finding set off decades of experiments in which bosses sought to boost productivity by trying to make workers more joyful. Yet the results were ambiguous. This was partly because they were measuring the wrong indicator of happiness — job satisfaction (something that can be guaranteed by a paycheck, but which doesn’t translate into improved performance over time) — and partly because happiness itself is such an elusive, mercurial target.

More recently, however, a consensus has started to form on what constitutes the kind of positive mindset that drives performance —and it’s not simply sensory pleasure that comes from a bowl of free M&Ms in the kitchen. It’s about inner well-being.

“Happiness isn’t just about feeling good every moment of the day, and it’s not just about pleasure,” says Dr. Annie McKee, director of the PennCLO Executive Doctoral Program and a co-author of Primal Leadership. “Happiness at work is a deep and abiding pleasure that is fueled by a sense of meaningful purpose, hope and friendships.”

McKee’s list reflects much of the PERMA acronym developed by Martin Seligman, a professor of psychology at the University of Pennsylvania, and one of the foremost experts on the study of happiness.
The acronym, which he sets out in his bestseller Flourish: A Visionary New Understanding Of Happiness And Well-Being, stands for just about everything you need to know about fostering happiness:

  • Positive emotion (optimism)5 Engagement (feeling in the flow at work, when workers are using their strengths)
  • Good Relationships (the importance of friends and feeling a part of the tribe)
  • Meaning (feeling that the work being done matters, including to the bottom line)
  • Accomplishment (the sense of making progress)

Seligman’s research suggests workers are happiest when they’re lost in a meaningful project, working toward a higher goal, or being helpful. Those factors also happen to be aligned with a productive workplace.
Happiness, then, should be light but not trivial. Get such a workplace ethos right, and the benefits are significant.

Advertisement

In a meta-analysis of 225 academic studies, Sonja Lyubomirsky, Laura King, Ed Diener and the Gallup Organization found that happy employees have, on average, 31 percent higher productivity; their sales are 37 percent higher; their creativity is three times higher. Other research has shown happy workers take one-tenth the sick leave, are more loyal, more likely to satisfy customers (who is not drawn to a happy worker?), and more likely to engage in safe workplace conduct. They deal with stress better, manage complexity better, are more engaged, motivated, resilient, energetic, and make smarter decisions.

“Every business outcome shows improvement when the brain is positive. I call this the ‘happiness advantage,’” says Shawn Achor, a Harvard researcher, in his book of the same name (The Happiness Advantage).

“It turns out that our brains are literally hardwired to perform at their best not when they are negative or even neutral, but when they are positive,” Achor says.

The reason is because unlike fear or anger or anxiety, which cause our nervous systems to close down and inhibit rational functioning, positive emotions that go along with being happy, like enthusiasm and excitement, joy, and pleasure, actually help us to think better. “Our minds open up; we can take in more information; we can process it more quickly. Ultimately, we can make better decisions. Those conditions allow us to be more successful at work,” says McKee.

With such a strong case for happiness, it is perhaps surprising that most workplaces are anything but joyful. According to surveys done by the Gallup Organization, upwards of two-thirds of employees are either neutral, which means they don’t care about their work, or are actively disengaged, which suggests they are hurting the interests of their employer.

Advertisement

In many instances, the lack of cheer in the office, on the factory floor or in the shop is because of an entrenched suspicion of levity, that it somehow signals a lack of professionalism. Or in the case of high-end retailers, a lack of sophistication (rich people don’t need to please anyone, so why smile?).

Even in cases where companies try hard to boost happiness levels by investing in happiness coaches, team-building exercises, gameplays, funsultants, or Chief Happiness Officers, the record is not great.
As such programs have found, the frustrating thing about positive emotions — happiness, but also awe, wonder and love as well — is that they can’t be forced. It doesn’t work when you tell yourself to be happy — and when the pressure comes from others, especially when it is top down, as in a business setting, it’s worse. There’s something in the makeup of happiness that requires it arise freely; indeed, focusing on happiness can actually make people feel less happy.

There is also a problem with workers themselves, actually with all humans; it’s as if we are wired to resist lasting happiness.

Pay someone more money or celebrate the completion of a big project and after a fairly brief period, their level of happiness returns to its less-than-satisfactory base. Psychologists refer to this as the hedonic treadmill — no matter the effort applied, we end up in the same place.

Evolutionary scientists theorize this tendency serves as protection against complacency in a world of risk, but for a manager in 2018, it’s just really annoying. (Interestingly, research shows that the one time money does make people happy on a lasting basis is when it improves their social rank (i.e., makes them richer than their friends and work colleagues). But that’s not a sustainable remuneration strategy.

Advertisement

So what to do? How to build an army of happy worker bees?

The first step is to hire for attitude. The idea that a happy demeanor is to a large extent genetically determined is one of psychology’s most firmly held beliefs. Harvard social psychologist Dan Gilbert estimates genetics account for about 50 percent of your workers’ disposition.

That leaves a lot that you can work with.
“The goals you set, the culture you foster, the habits you cultivate, the way you interact with workers, how you think about stress—all these can be managed to increase your staff’s happiness and your chances of success,” says Achor.

The good news is that the No. 1 factor that will lift spirits is progress in meaningful work. Help your workers do their jobs better and they become happier, thereby laying the foundation for even better business results. It’s called the progress loop.

“Understand that people matter, feelings matter, and it’s the No. 1 job of a manager to create a climate where people feel good about what they’re doing, where they’re happy, engaged and ready to share their talents,” says McKee.

Too fuzzy and warm for you?

Consider that even workers participating in the most serious work — from finance to nuclear submarine crews to firefighters — perform better when they are in a good mood.

Developing new habits, nurturing your employees, and thinking positively about stress are good ways to start (and next up we’ll provide more ways you can support a culture of happiness among your team).

But perhaps the best part about building a happiness culture is that managers needn’t fret about trying to read the psyches of their workers, or manipulate complicated incentive schemes.

Ultimately, happiness can be cultivated by setting a clear direction, giving people what they need to do the job, nourishing a spirit of positivity … and getting out of their way.

 

27 Ways to Make Your Business Happier

Research suggests we have a happiness set point we soon revert to after most events, happy or sad. So, aside from plying your staff with wine, is there anything that can be done to make them more content? It turns out quite a lot. We get you started with several here, but be sure to check out our online extras at invisionmag.com/extras.

1. Set a positive morning routine

Employees’ moods when they clock in tend to affect how they feel for the rest of the day as well as their perceptions of customers and how they interact with them. “We saw that employees could get into these negative spirals where they started the day in a bad mood and just got worse over the course of the day,” says Ohio State University’s Steffanie Wilk. “That’s why it is so important for companies to find ways to help their workers start off the day on the right foot.” Get them anticipating something positive is one good way. Casa De Oro Eyecare in Spring Valley, CA, does this by getting to the office early every day, turning up the music loud and rocking out until it’s time to open the door. Dr. Selina McGee at Precision Vision in Edmond, OK, opts for something more digital. “We do fun quotes, pictures, etc., in a group text to start the day. Adding fun to our workday consists of what is authentic to us, we laugh, don’t take ourselves too seriously, we pop a champagne cork to celebrate when cool things happen.”

2. Deliver progress

In their book The Progress Principle, Harvard researchers Teresa Amabile and Steven Kramer make a strong case that of all the things that can boost motivation during a workday, the single most important is making progress on meaningful work. And the wins don’t have to be big. “Many of the progress events our research participants reported represented only minor steps forward. Yet they often evoked outsize positive reactions,” they write. And the more frequently people experience that sense of progress, the more likely they are to be creatively productive in the long run. Amabile and Kramer say the best managers know how to activate two forces that enable progress: 1) catalysts: events that directly drive work, such as clear goals and autonomy, providing sufficient resources and time, helping with the work, using problems and successes as learning points, and allowing a free exchange of ideas — and 2) nourishers: interpersonal events that uplift workers, including encouragement and demonstrations of respect and collegiality and opportunities for affiliation.

3. Write a two-minute email

Achor recommends insisting employees take two minutes every morning to send a friend, family member or co-worker an email to say thanks for something. “We’ve done this at Facebook, at U.S. Foods, at Microsoft… What we find is this dramatically increases their social connection, which is the greatest predictor of happiness we have in organizations.” Texts work fine, too.

4. Count your blessings

The old saying is true: “What you have makes you happy. What you want makes you unhappy.” Yes, it can sound corny, but it’s hard to emphasize how powerful gratitude is. “Showing gratitude for the good things in life is the most powerful happiness boosting activity there is,” says Barker. And according to Seligman, the best way to build it is the “Three Blessings” exercise. Urge your workers to set aside 10 minutes before they go to sleep to write down three things that went well in the day, and — this is important — why they went well. “Your brain will be forced to scan the last 24 hours for potential positives,” says Achor. “This trains the brain to be more skilled at noticing and focusing on possibilities for … growth, and seizing opportunities to act on them.” Vision Solutions in Lamar, MO, does something similar with its end of day meetings. “We incorporate any funny or odd things from the day into our end of the day huddle, recognize staff who went above and beyond, and recognize any team members for outstanding work,” says Bryan Hartgrave.

5. Exercise

What makes people happiest? Sex, socializing and exercise, says Eric Barker, author of the Barking Up the Wrong Tree blog. As a business owner, it’s the last of these you can promote. A Finnish study of 3,403 people in 1999 showed that those who exercise at least two to three times a week experience significantly less depression, anger, stress, and “cynical distrust” than those who exercise less or not at all. Being in good shape also increases learning ability. Enter your store in a fun run, give staff 10 minutes at lunch to fit in a CrossFit class, or play in a social softball league.

6. Do fun things often

Here’s an interesting fact about happiness: frequency beats intensity. Lots of little good things make people happier than a handful of big things because they give people frequent, regular boosts. Stanford professor Jennifer Aaker says the findings lead to a really simple conclusion: The things that make you happy? Do them more often. “Focus on increasing the amount of good stuff in your life vs. reducing the amount of bad stuff,” she says.

7. Hire for a positive attitude

The “war for talent” is a myth, says marketing guru Seth Godin. It’s actually a war for attitude. “There are a few jobs where straight up skills are all we ask for. But in fact, even there, what actually separates winners from losers isn’t talent, it’s attitude,” he writes on his widely followed blog. And Achor’s research backs this up. “Seventy-five percent of long-term job success is predicted not by intelligence and technical skills, which is normally how we hire,” Achor says. Instead, it’s predicted by three categories: optimism, social connections, and the way people handle stress. In The Happiness Advantage, he recounts an experiment he ran with MET Life to hire people based on optimism. The optimistic group outsold their more pessimistic counterparts by 19 percent in year one and 57 percent in year two. They were also much less likely to quit.

8. Focus on strengths

Workers gain a boost in positive emotions the more they use their signature strengths — those qualities they are uniquely best at. “The more hours per day adults believe they use their strengths, the more likely they are to report having ample energy, feeling well-rested, being happy, smiling or laughing a lot, learning something interesting, and being treated with respect,” write the Gallup Organization’s Brandon Rigoni and Jim Asplund in a blog. As their manager, you’re probably aware who does what well. But UPenn happiness expert Martin Seligman says you should ask them anyway. “Identify their signature strengths and then make room to allow them to use their strengths more often,” he writes in Authentic Happiness. For workers, there is intrinsic satisfaction. For employers, a much higher state of performance.

9. Savor the Good Stuff

Old clichés like “stopping to smell the roses” and “it’s the little things in life” are actually profound and effective. Happiness researchers call such strategies “savoring” and have even put a hard figure on it — people who regularly take notice of things that are positive were 12 percent more likely to say they were satisfied with their lives. The point, says behavioral scientist Winifred Gallagher in her book RAPT, is that “you see what you look for. And you can train yourself to attend to the joy out there waiting to be had, instead of passively waiting for it to come to you.”

10. Hold happy meetings

Most managers are wary of allowing too much good cheer in meetings, apparently out of fear it will derail the agenda or distract the participants. But according to a study by psychologists from VU University Amsterdam and the University of Nebraska, humor can greatly boost the effectiveness of meetings, leading to long-term productivity gains. “Humor patterns triggered problem-solving behaviors (e.g., what do you think about this approach?), procedural suggestions (e.g., let’s talk about our next step), and goal orientation (e.g., we should target this issue),” reports Scientific American. “Humor patterns also promoted supportive behaviors like praise and encouragement, and led to new ideas and solutions.” Such humor works best when it is positive, as opposed to sarcastic, when it supports group rapport (joke, laughter, another joke) and when the workers have a certain level of job security. Jessica Brundidge at Clarity Vision in Clayton, NC, adds levity to their weekly meetings with “shout outs” and memes. “We do a weekly “shout out” that is a positive reinforcement to our staff. We go over any new items that may need to be discussed or reviewed and if a patient or another co-worker has complimented an employee we like to “shout it out,’” she says. “We also make some personal things in there such as a birthday or work anniversary etc. and then we always end the shout out with a funny meme of some sort.”

11. Encourage ‘me’ time

Allow workers to really clock off. Their weekends and evenings should enable them to recharge. And besides, people focused on nothing but work tend to be boring and lack common ground with customers.

12. Set them free

Why do business owners outrank just about every other occupation in overall well-being despite working longer hours and earning slightly less, on average, than many professionals? A lot of it has to do with autonomy. People are happier when they aren’t being told what to do. “Once employees have been trained, allow them, whenever possible, to manage people and execute projects in their own way,” says Paul Zak, a neuroeconomist at San Diego State University. In an article in the Harvard Business Review, he cites a 2014 Citigroup and LinkedIn survey that found nearly half of employees would give up a 20 percent raise for greater control over how they work. “Autonomy also promotes innovation, because different people try different approaches. Often, younger or less experienced employees — those you trust the least — will be your chief innovators, because they’re less constrained by what ‘usually’ works,” Zak says.

13. Create a fun environment

The traditional business environment isn’t often conducive to good cheer. Don Gibson, dean of management at Fairfield University’s Dolan School of Business, found that working professionals from multiple organizations felt more comfortable expressing anger than joy on the job (they reported expressing anger three times as often). Office décor and furnishings, too, may suggest what’s expected emotionally. Signs with lists of rules and consequences for breaking them reflect a culture of fear. Photos of employees laughing at social events or action figures perched on cubicle walls, Kleenexes stapled to potentially stressful memos, or chocolate kisses taped to boring ones signal a culture of joy.

14. Be a model

A long line of research on emotional contagion shows that people in groups “catch” feelings from others through behavioral mimicry and subsequent changes in brain function. “If you regularly walk into a room smiling with high energy, you’re much more likely to create a culture of joy than if you wear a neutral expression. Your employees will smile back and start to mean it. So consciously model the emotions you want to cultivate in your company,” says the HBR’s guide to Everyday Emotional Intelligence.

15. Celebrate with rituals

Sharing and celebrating successes is a time-honored way to drive performance, define best practice, boost team solidarity — and elevate pleasant emotions. Recognition has the largest effect on emotion when it occurs immediately after a goal has been met, when it comes from peers, and when it’s tangible, unexpected, personal, and public, says Zak. Be sure to celebrate small wins with almost the same fervor as the big accomplishments. Visionelle Eyecare in Zionsville, IN, does that with little competitions. “My squad loves competition so I will have a small competition once a month to see who can get the most reviews, or sell a second pair and they win a small prize like a gift card or movie tickets. We also have a daily and monthly goal,” says owner Nytarsha Thomas, OD. “We have a tradition of doing a happy dance at the end of the day when we make our daily goal and if we make our monthly goal, we’ll treat them to something more sought after like a massage or nice dinner.”

16. Ask for help

Realize that you can’t and shouldn’t be Superman. In fact, a boss willing to show vulnerability makes for a happier workplace. “My research team has found that this stimulates oxytocin production in others, increasing their trust and cooperation. Asking for help is a sign of a secure leader—one who engages everyone to reach goals,” says Zak.

17. Find meaning

Experiments show that having a sense of higher purpose — a sense that your work has meaning and is helping someone — stimulates production of oxytocin, the “hug hormone.” Meaning can be as simple as making a useful and high-quality product for a customer or providing a genuine service for the local community. It can be supporting a colleague or boosting an organization’s profits by reducing inefficiencies in a production process. It’s not hard for managers to infuse meaning into the work of their employees’ lives, but it’s also incredibly easy for them to undermine it. For example, Duke psychology professor Dan Ariely and colleagues conducted a study in which participants were paid to build Lego models, some of which were dismantled in front of them upon completion. People whose creations were preserved made, on average, 50 percent more Lego models than those whose models were destroyed, despite identical monetary incentives. Trust and purpose are as fragile as they are important.

18. Manage in micromoments

A mission statement is one thing; day-to-day work life is another. “It’s not enough to codify emotional culture; it must also be managed and enacted in the ‘micromoments’ of daily organizational life,” writes Andy Westmoreland on the productivity blog Elevator Up. “Small gestures rather than bold declarations of feeling; little acts of kindness and support adding up to an emotional culture characterized by caring and compassion,” he says.

19. Hug more

In the post-Harvey Weinstein era, this may be dangerous advice, but try to touch your workers more (handshakes and back pats work just fine). Research shows getting five hugs a day for four weeks “increases happiness big time,” says Barker. “Touching is incredibly powerful. We just don’t give it enough credit. It makes you more persuasive, increases team performance, improves your flirting … heck, it even boosts math skills,” he writes on his blog. Don’t want to risk it? Offer a massage as a spiff for good work. According to a review of studies by the University of Miami School of Medicine, massage appears to increase your brain and body’s levels of serotonin.

20. Get a light box

If you live in the north of the continent, get a light box. According to research from UBC Hospital in Vancouver, Canada, light therapy — it provides the kind of bright rays that elevate levels of happiness-boosting serotonin in your brain — is effective at combating seasonal affective disorder. If you live in other parts of the country, be sure your employees get outside regularly. A study from McGill University in Montreal has shown that by spending at least 30 minutes a day outdoors should be enough to offset your seasonal drops in serotonin.

21. Stress people the right way

People are happier when they are active. Don’t be afraid to push your people hard. “Frankly, a little bit of stress is a good thing. It pushes us to be innovative and to do things differently and to push harder,” says Annie McKee, director of the PennCLO Executive Doctoral Program and a co-author of PRIMAL LEADERSHIP. One of the most famous longevity studies conducted, the ongoing Terman Study, found those who work hard are healthier and happier.

22. Tough guys finish last

Gen. George S. Patton more your idea of an effective leader? Consider this: researchers found annual prizes for efficiency and preparedness in the US Navy are far more frequently awarded to units whose commanding officers are openly encouraging. On the other hand, the squadrons receiving the lowest marks in performance are generally led by commanders with a negative, controlling, and aloof demeanor. Psychologist Barbara Frederickson says her research into fostering a state of flow in workers has shown a critical three-to-one ratio is required; we need to have three positive interactions for every negative one in order to thrive.

23. Foster friendships

The brain networks that light up in response to social contact are evolutionarily old, implying that such behavior is deeply embedded in our nature. Yet at work, we often get the message that we should focus on completing tasks, not on making friends, even though science has shown repeatedly that when employees intentionally build social ties, their performance improves. People who care for one another give generously of time, talent, and resources. Gallup found that close work relationships boost employee satisfaction by 50 percent and that people with a best friend at work are seven times as likely as others to engage fully in their work. You can help people build social connections by sponsoring lunches, after-work parties, and team-building activities. It may sound like forced fun, but when people care about one another, they perform better because they don’t want to let their teammates down. “We love to blow off steam late in the day, that’s why our fridge is always well stocked,” says Jim Williams, owner of Eye to Eye in Mexico, MO. “On a recent Tuesday, we hung a sign in the window, and announced on Facebook that we had an ‘offsite staff meeting.’ We rented a big pontoon boat and spent the day on the lake with food drinks and fun. A day well spent!!”

24. Encourage staff to leave

Allow workers to really clock off. Their weekends and evenings should enable them to recharge. And besides, people focused on nothing but work tend to be boring and share no common ground with customers.

25. Remove hassles

While it’s true happiness comes from the small pleasures in life, it’s also the little hassles that are most apt to get people down. The same is true in the workplace where little hassles are a reliable predictor of job satisfaction. Make it a habit to ask your staff for tweaks than can be made to the way things are done around the store.

26. Set goals

Have staff set written goals. Writing about goals makes people happier and more likely to follow through with them.

27. Institutionalize fun

According to a case study of Vail Resorts in HARVARD BUSINESS REVIEW, the culture of joy has been incorporated into the annual review, which indicates how well each employee integrates fun into the work environment and rates everyone on supporting behaviors, such as being inclusive, welcoming, approachable and positive. Management tactics, special outings, celebrations and rewards all support the emotional culture. Rather than asking people to follow standardized customer service scripts, they tell everyone to “go out there and have fun.” Resort managers consistently model joy and prescribe it for their teams. At an annual ceremony, a Have Fun award goes to whoever led that year’s best initiative promoting fun at work.

Chris Burslem is the Group Managing Editor of SmartWork Media.

Advertisement

SPONSORED VIDEO

SPONSORED BY Essilor USA

See What Happens When Patients Try Varilux® Lenses for the First Time

Take the first step toward truly satisfying your patients.

Promoted Headlines

Cover Stories

Endings: Owners Share How and Why They Closed the Curtain on Their Eyecare Businesses

No two exit strategies are exactly the same.

mm

Published

on

They say all good things must come to an end. In this industry, we often focus on the numbers when it comes to the sale or closing of a business… What sort of revenue did they have? What kind of deal did the owners get? How much did they sell for? But for business owners, there is an entire emotional and psychological journey when they are exiting the businesses they have poured money, sweat, and often, tears into.

No two exit strategies are exactly the same, and in the following pages we profile four business owners who have transitioned, or are looking to transition, out of ownership. What was their motivation? What did the process look like for them? How did they communicate their exit to their patients and staff? How did leaving their business make them feel? And what do their lives look like post-ownership?

LIFE SOMETIMES HAPPENS

Bryan Finley, LDO | Island Opticians, Palm Beach, FL | DATE CLOSED: May 2016

Bryan and Amie Finley

The original founder of the business, Stuart Villars, worked at Lugene Opticians on Worth Avenue, the luxury-shopping destination in Palm Beach, until they closed unexpectedly. Shortly after, he opened Villars Opticians on Peruvian Avenue, one block north of Worth. The business moved twice, but always stayed on Peruvian. In 2010, Mr. Villars decided it was time to relax a bit, and listed the business for sale. I was living in Oklahoma but saw the listing at a continuing education event I attended for licensing requirements in preparation for a move to Florida. I contacted Mr. Villars about purchasing it but, unfortunately, my then wife wasn’t interested in moving to Palm Beach, even though it was a tremendous opportunity. Mr. Villars sold the business to Christopher Moné, who renamed it Moné Optical Gallery.

After a short time in Florida, my marriage ended and I moved back to Oklahoma. I met Amie and we married. Again, I was looking for work opportunities in Florida when I saw a listing for a Moné Optical Gallery in Palm Beach. I told her: “No way, surely not!” She was excited about the prospect of owning our own business, so we contacted Chris Moné and struck a deal. We took over ownership and re-opened as Island Opticians on our first wedding anniversary, providing independent eyewear to the people of Palm Beach.

Although a bit stressful due to seasonality (Palm Beach has about 2,000 year-round residents but swells to 9,000 in winter), we loved our little 300 sq. ft boutique … But then life started to happen. Three months after opening, one of our daughters told us she was going to have a baby. Then, four months after that, another daughter called with the same news! Suddenly, we were going to have grandkids 1,500 miles away. Not long after the grandkids were born, our parents started having some medical issues. We tried traveling back to Oklahoma frequently to see the kids, grandkids and parents, but eventually we decided it was important and necessary to be near our family on a regular basis, so we made the difficult decision to sell the business after only two years.

We listed the business for sale on several optical forums and sites. After several inquiries, we reached an agreement in principle to sell to an optician, so we finalized all of our moving plans. One month before the sale was to be finalized, our buyer and her financier went in a different direction. Suddenly we had no buyer and no backup plan. With no time left to find a new buyer, we went into liquidation mode. We quickly had mailers printed to send to all of our clients and potential customers, with an aggressive going-out-of-business campaign. Everybody loves a good deal, even affluent people, so we were able to sell the majority of our product in one month. I ended up staying in Palm Beach a few weeks longer than Amie; she had already committed to a start date on a new job.

Since we were an LLC, the transition was fairly simple. We just had to notify the state that we were ceasing operations. As for communicating our plans to employees — no employees, so that was easy!

The first lesson we learned was: Have a good long-term plan and plenty of capital! Realize that starting or selling a business, should the need arise, doesn’t happen quickly; have patience. Be flexible. At the end of the day, integrity is the most important thing you offer as a proprietor.

Our advice for others is to have a Plan A, Plan B and Plan C!

QUICK Q&A

What was your greatest concern about giving up ownership?
Would we recover our investment? Would we ever have such a unique ownership opportunity again? After being owners, could we be happy working for someone else? Can we trust someone else to take care of our long-time clients?

Is there a patient encounter that stands out when they found out?
Many clients called in that last month to express their disappointment. Tears were shed. Mr. Villars, upon hearing the news, called to express how crazy he thought we were, but I think he was mostly sad to see the business close. One client offered to buy the business if we’d stay!

How would you describe the emotions you went through?
It was a bit heartbreaking. I felt like I was letting Mr. Villars down, and I was sad that my “retirement plan” wasn’t going to come to fruition. But we were both excited to spend more time with family.

Would you do anything differently?
I wouldn’t have been in such a hurry to sell.

What did you do to help overcome doubt?
We just reminded ourselves of the importance of family, and that things don’t create happiness.

How do you feel about the outcome?
We’re okay with how things have turned out, and plan to return to Florida, but as retirees instead of owners! We miss owning Island Opticians, but there is a certain level of anxiety that comes with ownership that we don’t miss.

Now what?
We tried working in private practice again, but just couldn’t get past knowing how to get things done better than our employers, because we’d been both opticians and owners. So, we decided to become brand ambassadors for some of our favorite independent lines. We still work together and are able to plan our travel schedule around our family activities. We do things a lot differently than most frame reps; we bought an RV that we live and travel our six-state territory in. This way, we’re “home” every night. We’re still technically owners as independent contractors, but have a little less anxiety now!

 

HANDING OVER YOUR BABY

Shimul Shah, OD | Marysville Family Vision, Marysville, OH | DATE SOLD: September 2018

The practice began as an ophthalmology practice. I purchased it in 2012. I practice general optometry and the patient base is very family oriented.

Accepting it was time to end ownership was a slow, painful realization that finally took a friend telling me that I would be just signing up for years of being unhappy and financially unsettled if I didn’t. It took a lot of introspection to realize I wasn’t able to accomplish what I wanted. I am very risk averse when it comes to money, and the one thing you need in growing a business is the ability to invest in it financially.

I had started asking around a little but was not actively looking for an exit strategy. When two different people gave me the same name to reach out to, I thought I should give it a try. I was hesitant to make promises and was willing to hold off until I knew that the practice, patients and my staff would all be treated with care.

A lawyer generated a Memor­andum of Understanding to get my intentions on paper and list what I wanted and was not willing to budge on. An accountant helped come up with a price and negotiate the sale. The biggest help was my family, who served as my sounding board.

Shimul Shah, OD

When it came time to communicate the change, I spoke with each employee and made sure they knew that a part of my agreement with the new owner was their position, the hours they would be working and the pay. I needed them to know it was something I had to do for myself and that I had made every effort to make sure they were taken care of.

We sent emails to all patients letting them know the business was turning a page but the doctor, staff, products and service were not changing. They seem accepting of what has occurred.

One surprise is that I find myself slightly disconnected from the profession at the moment. I went to a conference recently where I found myself wanting to attend and listen to practice management talks but didn’t know how I could implement anything now that it wasn’t my position to worry about those things anymore. I want to refocus on patient care, but changing gears has been challenging.

The process of deciding to give away ownership of something is a grueling one. I had to really think about my life and what I wanted out of it, and whether the good outweighed the bad. I learned on a deeper level what my strengths and weaknesses were and how each contributed to the conversation, and the ultimate decision, to start placing my efforts elsewhere and to pass the practice on to more willing and able hands.

My advice to others is to have good advisers in your corner. Be specific and diligent about what you want, but know that without compromise you will probably never find anyone that’s good enough to take over your “baby.”

QUICK Q&A

What was your greatest concern about giving up ownership?
Being an employee in a space where I’m used to being in charge. Secondly, I was nervous I would lose the passion I’d had for the practice’s success.

Is there a patient encounter that stands out when they found out?
Every encounter I’ve had has been positive and supportive! I don’t think patients care so much about the behind-the-scenes stuff as long as there is continuity of services.

How would you describe the emotions you went through?
I felt a myriad of emotions ranging from failure to anxiety, sadness, and excitement. At times, I felt I was abandoning my patients, staff and Marysville. At others, I felt like I was letting down all the people that had so much faith in me. Now that it’s over, I feel peace, stability and anticipation for the future.

Would you do anything differently? No.

What did you do to help overcome doubt?
I reminded myself that the current situation was unsustainable. I could potentially keep going for another six months, maybe even a year, but ultimately that would just be delaying the peace of mind I was so desperate for.

Are you happy with the outcome? Yes

Now what?
My plans include making more time for traveling, cooking, reading, and spending time with friends and family. I may get involved in the political and legislative branches of optometry and see how I can use my talents to help optometry grow in a different context.

 

PRIVATE PRACTICE TO PRIVATE EQUITY

Carol Record, OD | Drs. Record & Record | Charlottesville, VA | DATE SOLD: February 2016

Steve Record and I graduated from SUNY Optometry in 1982. It was the heyday of extended wear contact lenses and retail optometry was just beginning to advertise for eye exams, eyeglasses and contact lenses. We moved to upstate New York and worked retail optometry as our first jobs. We saw many patients and fit lots of contact lenses. We wanted to work in private practice and eventually own a practice, but not in upstate New York. The population was not growing. We felt we needed to move south to a town that was experiencing growth; preferably a college town.

After exploring established practice opportunities in Virginia, none seemed quite right. Once we accumulated enough capital to open a practice we moved to Charlottesville and opened cold. We opened in August 1983 and were the first in town to advertise our services for eye exams and contact lenses. Looking back, it is hard to believe we survived and actually made enough to pay our bills. Fortunately, we were able to live off the income we made from optometric employment and both had part time jobs working one hour away. Within five years we gave up all outside employment.

Our practice grew from zero patients, to two offices, four doctors, and over twenty employees. We embraced medical eyecare, added new equipment each year, and were fortunate to experience growth every year we were in practice.

Before we knew it, our children graduated college and we were advised that we had enough money saved to retire whenever we wanted. We were in our late 50s. I still had the mindset of growing the practice, perhaps adding an additional location, but Steve wanted to retire and I did not want to do it alone. We sought the advice of Al Cleinman of Cleinman Performance Partners to map out our options. We learned there were fewer buyers able to purchase a large practice as a whole. The better option was to sell each location. We were also informed it usually takes a few years to sell, so we retained him to help us transition our practice.

Selling a practice takes time and there are lots of facets to it. Finding a buyer willing to provide a fair deal is perhaps the hardest part. Legal and accounting documents will be needed. Will you work for the new owner? For how long? What will your employment contract look like? What will you do with the real estate? We were lucky to have an unsolicited offer from MyEyeDr that we could not walk away from. Cleinman, having brokered many practice sales, knows a good offer from a bad one and advised us as such. He also walked us through the details, along with our attorney, financial planner and accountant. From the time we decided to look for a buyer to the time we actually sold took about 2.5 years and MyEyeDr purchased all the assets.

We have many colleagues who are transitioning their practice. In all cases, the employees are informed of the sale of the practice once it is definite that the deal will go through. In our case, we informed our employees one month prior to closing. Since Steve and I were employed by MyEyeDr, MyEyeDr informed our patients of our new affiliation. As it came closer to the time when I would retire, I thanked my patients, hugged them and told them it would be the last time I saw them professionally. Often it was my retired patients who said “You can’t retire. Who am I going to see for eyecare?” Most patients thanked me for their care and congratulated me.

I consult with doctors at least once a month about practice transitions. The first thing I tell them is “no matter who you sell your practice to, your practice will change.” Second, I inform them that “the best deal for your practice is the deal that is best for you.” Everybody’s situation is different. The longer you work in the practice after the sale, the more valuable the practice is.

For the doctor who is unsure they should sell their practice I’d ask first, “What do you plan to do after? Will you continue to work? Will you change careers?” If you plan to retire I can assure you, you will be surprised at how busy you will be. Volunteer opportunities abound. New hobbies and games are ready for you to explore. New friendships will form, and the extra free time you now have will let you experience life’s moments with greater joy and enthusiasm.

QUICK Q&A

How would you describe the emotions you went through during the process?
I was consumed by worry about giving up control… but I found it quite liberating to see patients and go home. Once I left the office, work was behind me.

Would you have done anything differently?
I speak at Cleinman’s Practice Transitions Conference and have learned a lot about transitioning a practice. There are various options you and your new owner may have that I was unaware of. This type of meeting did not exist when I sold. I wished it had. The transition will go a lot smoother if you allow someone who has experience in practice transitions help you.

What did you do to help overcome doubt?
I reminded myself that the business of health care was changing and eyecare was no exception. Colleagues I respected and considered good businessmen were also selling their practices to private equity. Health care professionals may not think of their practices as businesses, but they are and business models change.

Are you happy with the outcome?
If you are anything like me, your practice is something you are very proud of. It is very emotional to give up what you have taken years to build, you want to be sure your patients will be cared for the way they need to be taken care of. Fortunately, the next generation of optometrists are very bright and take very good care of patients. Throughout the sale process, even up until the last week, I wondered if I was making the right decision. My husband encouraged me it was the right thing to do. Now, I am so happy I sold.

How are you spending your time post-ownership?
I have been fortunate to continue my optometric affiliations by serving as secretary treasurer of AOA’s Optometry Cares Board, co-chairing the HEHC community grant program, speaking on optometry topics, and up until last fall, serving on the disbanded Essilor Advisory Board. Not a day goes by however, where I don’t think about starting a venture to bring new optometric services to the members of my community.

 

LEAVING A LEGACY

Michael Cohen, OD | Four County Family Eye Care Center, Winslow Township, NJ | Sold business: TBD

our County Family Eye Care Center opened on Sept. 11, 1973 in the Winslow Professional Center of Tansboro/ Berlin/ Winslow Township, NJ, three months after I graduated from Pennsylvania College of Optometry. My father, Dr. Philip Cohen, learned about the center from a patient of his who was friendly with the building’s owner. We decided it looked like a good place to open a new optometric practice, signed a lease, and began planning to lay out and equip the office.

My wife and I made address labels on a typewriter and had announcement cards printed. We mailed out thousands of cards and on the day we opened, I prayed for good business. In those days, if I saw one or two patients a day, I considered myself lucky. I spent most of my time watching General Hospital and writing a digest for my wife, who was keeping us afloat teaching at a local school. I grossed $33,000 that first year. No insurance. No credit cards. Cash only. I made patients’ glasses by hand in my optical lab.

A couple years later, the owner lost the building in a bankruptcy. I decided to look for real estate to purchase and build a new office on. A patient and local realtor, Ursula Christinzio, found me a location nearby; a vintage 1850s farm house sitting on 1.5 acres on the highway at an intersection with a county road. I opened Four County Family Eye Care Center on June 1, 1979.

I’ve been in optometric practice in Winslow Township for 45 years offering comprehensive eye exams, diagnosis and treatment, and contact lens and eyeglass fitting. We counsel patients about LASIK and do the follow-up care, treat glaucoma, and make referrals to many ophthalmic sub-specialists in the region. I have three full-time staff and three part-time. My office manager started working for me at 17 years old; she is now 47. People tend to stay on for years; it is better to pamper your staff and keep them happy, than it is to abuse them, lose them, and train new people!

Michael Cohen, OD

I realized it was time to think about ending my ownership and retiring when my wife informed me that she hates the cold and would like to spend winters in a warmer clime. Also, I noticed that most of my patients my age are now retired and very few of my peers were alive and well and still running their own practices.

My ideal exit strategy would be to find an honest, talented, skilled, clever, caring, and compassionate OD who would be willing to purchase both the real estate and my practice and allow me the luxury of still seeing patients.

I worry that, if my staff get wind that I am thinking about retiring, they will look for employment elsewhere. Hiring and training staff is costly, time-consuming, and fraught with peril. Also, is it fair to hire someone when you are planning on leaving? When I have confirmation I am throwing in the towel, I’ll meet with my employees and lay my cards on the table.

I lead a very busy life now. Selling my property, as well as my practice, is time-consuming. I’ve spoken to a number of professional practice brokers, all of whom concur my gross revenue does not justify them getting involved. They all said I should sell it myself and I would like to continue seeing patients for two more years, provided my health holds up.

Every day, my long-time patients query me about my plans. I’ve been honest with them. I’d love to slow down but I don’t see any way out. Everyone encourages me to stay on … then they tell me how much they enjoy their retirement. My advice to other ODs looking to transition out of ownership is to try and build a business that has sufficient gross revenue to justify a professional broker skilled at doing all of the things that I must now do myself.

QUICK Q&A

How would you describe the emotions you are experiencing as you begin this process?
I am feeling quite inadequate to meet this challenge. I have a fear of failure.

Is there anything you wish you had done differently to prepare for this?
I did it my way! I have always been true to myself, my family, my staff, my patients/friends. If I have to turn off the lights, lock the doors, and not look back, I really have no regrets. I’ve helped a great many people over the years.

What do you do to help overcome doubt?
I talk to friends who are older than I am and find out how they were able to live so long and so well. I attend religious services weekly to meditate through prayer. I’ve discovered that Tai Chi and Quigong help me divest myself of my monkey brain. I call this my standing meditation. I occasionally use a therapist friend to bounce ideas off, when I cannot seem to move a big rock that is blocking my progress.

What would make you happiest with the final outcome?
I would love to see someone take the baton and run with it after I am gone.

How do you plan on spending your retirement?
Workout at the gym ten hours a week, travel to new places, spend time with my children and grandchildren and maybe spoil them a bit. Find people less fortunate and extend a helping hand. Go to synagogue on Saturday mornings, read the classics, watch great shows, eat great food at the best restaurants, and take in some Broadway shows now and then.

Continue Reading

Cover Stories

Escape From Insurance: Words of Wisdom From Eyecare Practices That Made the Leap

They left managed care and went to private pay.

mm

Published

on

If you feel you’ve reached a point in your practice where you no longer want to be held captive by the low-margin traffic generated by insurers, you may be wondering how to break free. We reached out to eyecare businesses to find out what steps they took to throw off the shackles of dependency on vision plans. None of these tips will work unless you’re able to engender patient loyalty — and you don’t need us to tell you where that comes from ­— but here are eight tips to help you plot your escape from insurance.

1 Secure sources of self-pay patients that continue to deliver. Buena Vista Optical in Chicago, IL, is taking what co-owner Diana Canto-Sims calls “pro-active baby steps to transition away from vision plans.” After they run quarterly reports of the vision plans with the lowest reimbursement, they’re on the way to finding self-pay patients to replace those patients the next quarter. Among the places they have found them are career days at local schools — they send every student home with information including a package of exam and glasses for first-time patients with no vision plan — and collaborations with organizations that reach out to the uninsured, such as the consulates of Latin American countries. (Buena Vista has a fully bilingual staff). “These organizations are very appreciative that we collaborate with them and they send us self-pay patients weekly,” she says.

2 Brace for a pre-cutoff influx; remind patients to check their medical coverage. Whelan Eye Care in Bemidji, MN, quit taking VSP almost two years ago. Bridgett Fredrickson warns ECPs that there will be patients that get upset. “We are honest and tell them to check with their medical insurance as it may cover their exam as well, or they are always welcome to self-pay and we give them a 20% discount for same-day payment. Remember, she says, that you will need to send all of the current households a letter letting them know that you are no longer going to be accepting their insurance with an effective date and they need to receive the letter at least 30 days before that effective date. “With this, expect an influx of patients that want to get in before that date,” she says.

3 Phase your plans out. Dr. Robert Easton Jr. has had a solo practice in Oakland Park, FL, for 37 years. One year his CPA told him “that since I was providing comprehensive eyecare, my vision plan base was increasing faster than my major medical, PPO and Medicare patient base. We were concerned that vision plans were taking over my practice, which could eventually put me out of business.” After careful analysis, Easton eliminated the three lowest-paying plans first and kept the other two as a cushion. As the other two continue to become more corporate in nature and their low reimbursements fail to meet his cost of doing business, Easton plans to eliminate those one at a time.

4 Get your team up to speed. Jenna Gilbertson says dropping VSP was the best decision McCulley Optix Gallery in Fargo, ND, ever made. However, she cautions, “Before you ever send the termination letter to the insurance company, have a plan in place. Make sure all staff is on board. Have scripts for what to say. And have a plan for your patients. Be over-prepared for every situation. We ran role-plays with our staff, and had them think of all the questions a patient might ask.” They marked everyone who was pre-appointed on the schedule. They then went through each of those patients to see who had a calendar year plan, and called those patients, explained the situation, and rescheduled them for before our termination date. Yes, it meant the doctor had to work extra days and times, “but it was totally worth it to make those patients happy,” she says.

5 Keep a list of complaints about the plan you’re dropping. Last year Focus Eye Care in Hackensack, NJ, made the decision to jettison Davis Vision. Prior to this, the largest employer in the area had switched from VSP to Davis, while a big-box retail chain associated with the latter began advertising discounts. Before Focus could make the split it endured a period in which patients had a long list of complaints about jobs that were now going through Davis. Managing licensed optician Vlad Cordero took notes: “We used the list of complaints to train our front desk and optical staff on how to handle objections when Davis members call in to schedule an appointment or inquire about eyewear.”

6 Find a niche, or team up with an OD who has one. “The most important key to dropping insurance is having a niche,” says Dr. Pauline Buck, a vision therapy specialist at Behavioral and Developmental Optometrists in Miami, FL. “I was building that practice up while slowly dropping off insurance panels.” Next is the hard part. “You really need to get out into the community and speak about your specialty. I host quarterly lectures with dinner in my office for other professionals… The cost of the dinner is offset by a single referral.” Finally, “for non-optometric professionals who would like to break the bonds of insurance I highly recommend approaching specialists and seeing how your services can help them… I refer out 80 percent of my glasses prescriptions,” she says.

7 Help patients collect out-of-network benefits. The Visionary in Allen Park, MI, took a long look at their profit margin with EyeMed and decided it was time to split. They knew they had patient loyalty on their side. And, says Annette Prevaux, “We make it easy for patients to get their OON reimbursements by having the forms ready when they come in.” She expects to keep about 60 percent of her EyeMed patients.

8 Switch to independent brands; consider an OON service. Krystal Vision in Logan, UT, is in the process of dropping most vision plans. According to Travis LeFevre, being insurance-free goes hand-in-hand with carrying independent brands. “It’s an easy jump to make once you look at your margins while taking insurance compared to cash pay and filing a simple claim for the patient out of network,” he says. He cautions that “creative marketing is a must to stay relevant after dropping managed plans.” And after initially being unimpressed, Krystal Vision now uses Patch, an “online insurance assistant” that helps ECPs and patients negotiate out-of-network benefits and claim them digitally. LeFevre says Patch is now offering a better product than it did three or four years ago. “It allows us to know the exact amount of a customer’s OON benefits for their vision insurance. It gives us a breakdown … depending on the plan and insurer. Another useful part of Patch is the ability to accept payment for VSP and Cigna claims; this allows us to give the patient the reimbursement savings up front rather than making them wait [for the] check in the mail.”

Continue Reading

Cover Stories

How to Improve Your Kids Business

6 experts explain how to win them over early.

mm

Published

on

Transforming the medical side of your practice is obviously not a step to be taken lightly, particularly if you’re looking at expanding your treatment of children. The challenges are many, but the rewards can be great, personally and financially. To help those of you thinking of boosting your optometric offerings for kids but wanting to know what that could entail, we assembled an impressive panel of experts in pediatric eyecare, and its related specialties, for a rundown of the main areas you should be looking at. If children are the future, and the future is now, what are you waiting for?

Specialty
PEDIATRICS

EXPERTS:
Dr. Dominick M. Maino, professor, Illinois College of Optometry/Illinois Eye Institute, associate, Lyons Family Eye Care, Chicago, Il; and Dr. Nathan Bonilla-Warford, OD, Bright Eyes Family Vision Care, Tampa, FL

ASSOCIATIONS OR GROUPS AVAILABLE:
College of Optometrists in Vision Development (covd.org); Optometric Extension Program Foundation (oepf.org), Binocular Vision, Perception, & Pediatric Optometry (BVPPO) Section of the American Academy of Optometry; Optometric Extension Program (OEP) Foundation

Dr. Don Teig

TRAINING OR CERTIFICATION NEEDED?
Dr. Maino:Not necessarily needed but a residency in pediatrics/binocular vision would make you stand out from the crowd. A Fellowship in COVD would do the same thing.

Dr. Bonilla-Warford:Generally, yes, additional training is beneficial outside of typical optometry training. A one-year optometric residency in pediatric vision care is an excellent way to become specialized. Beyond that OEP offer courses that cover the clinical care of infants and children as well as the practice management of the specialty.

SPECIALTY EQUIPMENT OR TOOLS REQUIRED?
Dr. Maino: Yes, but most ODs have much of what they need already.

Dr. Bonilla-Warford: The retinoscope is standard equipment, but many optometrists are not comfortable with it. Practice! Also, the pediatric-sized trial for refraction and probing refractive error without a phoroptor. A digital randomized visual acuity chart with movies for fixation and pediatric option acuity symbols. The Lang stereo test is a simple tool for assessing stereopsis without polarized glasses. Prism bars and loose prisms for binocular testing. And toys, finger puppets for entertaining little ones. They make a little booster for exam chairs that are perfect for kids who are independent enough to not sit on a parent’s lap but are still small.

Matt Oerding

ADDITIONAL EXAM LANE OR TESTING SPACE NECESSARY?
Dr. Maino: Not unless you are doing developmental vision/vision perception testing and in office VT.

Dr. Bonilla-Warford: Not necessary. It is common to have one exam room that does have a few extra items for kids, but it can be used for adults as well, so it doesn’t really require extra space.

ADDITIONAL MARKETING REQUIRED?
Dr. Maino: Definitely. You need to get the word out about your expertise in this area. Use social media.

Dr. Bonilla-Warford: Very smart [if you do]. Add children’s specialty services with info and descriptions on your webpage so patients can find and learn about them. Informative displays about children’s vision are an inexpensive and easy way to raise awareness. Networking with referral services is very effective.

HIGHER AVERAGE REIMBURSEMENT OR REVENUE PER PATIENT?
Dr. Maino: Yes. You often need to not only do a comprehensive examination but also a sensorimotor assessment and other testing as well. Frequent follow up appointments are often necessary.

Dr. Bonilla-Warford: For typical children’s primary care, the reimbursement is somewhat lower because they often do not need glasses or contacts. However, specialty services such as myopia control and vision therapy are significantly more because they are often higher-end self-pay services.

Dr. Dominick M. Maino

IN SHORT:
Dr. Maino: When I work with my optometry students, I always tell them that a smile is the best piece of equipment you could have. You must be genuine. You should keep up on the current research in this area and be ready to take that extra step. You are not just working with a pair of eyeballs, but also with the child and the whole family. It is fun, challenging and fiscally rewarding.

Dr. Bonilla-Warford: Working with children is so fun. It is very rewarding to see them grow and develop and to know that you are helping them reach their goals, whether it is in school, sports, or overcoming symptoms. However, it can be challenging. You have to be honest with them in a way that they can understand. Children will not hesitate to tell you “I don’t like you! I am never coming here again!” If staff sets the tone so the child can feel that you are on their side, you will be amazed how much clinical information you can get from them at very young ages. Knowing when to stop or change a particular test or activity is essential. Most importantly, have fun! And get good at retinoscopy.

Specialty
MYOPIA MANAGEMENT

EXPERT:
Matt Oerding, co-founder/CEO, Treehouse Eyes, Bethesda, MD and Tysons, VA

ASSOCIATIONS OR GROUPS AVAILABLE:
“The International Myopia Institute provides evidence-based treatment guidelines for this specialty; American Academy of Orthokeratology and Myopia Control (aaomc.site-ym.com)

TRAINING OR CERTIFICATION NEEDED:
No. Any optometrist can technically perform pediatric myopia management. However, specific CE/education is required to become proficient at the various treatments proven effective. These are currently orthokeratology lenses, multifocal soft contact lenses and atropine.

Dr. Charlene Henderson

SPECIALTY EQUIPMENT OR TOOLS REQUIRED:
Yes. A practice must have a good topographer as a highly accurate map of the cornea is critical to success. Additionally, a device to measure axial length is highly recommended.

ADDITIONAL EXAM LANE OR TESTING SPACE NECESSARY:
No. This can be done within an existing exam lane or space.

ADDITIONAL MARKETING REQUIRED:
Yes. Currently pediatric myopia management is not covered by vision plans, so it is a private pay procedure. Due to lack of parental awareness of the risks of progressive myopia and the availability of treatments, marketing is critical to generate interest. At a minimum marketing to existing primary care patients via email, newsletter and in-office marketing is required. To gain new patients for pediatric myopia management, social media, PPC and PR are all proven techniques.

HIGHER AVERAGE REIMBURSEMENT OR REVENUE PER PATIENT:
Yes. Because this is a private pay procedure and children are likely to be in treatment for several years, the revenue per patient is significantly higher than a typical optometry patient. Fees vary widely, but typical is $2,000-3,000 for the first year of treatment.

Dr. Pauline Buck

IN SHORT:
Pediatric myopia management can be an incredibly fulfilling specialty when done correctly, as you are helping a child see better today and reducing their long-term risk of serious eye diseases associated with progressive myopia. Offering these services can generate significant patient/family loyalty to the practice, as treatment typically lasts several years and successful patients are proven to be great referral sources to others in the community.”

Specialty
VISION THERAPY

EXPERT:
Dr. Pauline Buck, Behavioral and Developmental Optometrists, Miami, FL

ASSOCIATIONS OR GROUPS AVAILABLE:
The College of Optometrists in Vision Development (COVD); Neuro-optometric Rehabilitative Association (NORA); Optometric Extension Program (OEP); College of Syntonic Optometry (CSO).

TRAINING OR CERTIFICATION NEEDED:
Post-graduate training is very much needed. A new graduate from optometry school has the basics to begin a vision therapy program. Yet a successful vision therapy doctor will stand on the shoulders of their predecessors by learning what has already been learned. COVD and OEP provide training. OEP has regional seminars. COVD has state study groups and their annual meeting. Mentors are provided to assist when there are questions.

SPECIALTY EQUIPMENT OR TOOLS REQUIRED:
Yes and no. Bernell is a great resource of vision therapy equipment. There are many computer-based programs as well. However, I know many experienced doctors who have used something as simple as a stick and a straw to illicit a change in their patient’s visual system. This ability comes back to the training. When you really understand the system, you can make changes using just about anything.

Dr. Nathan Bonilla-Warford

ADDITIONAL EXAM LANE OR TESTING SPACE NECESSARY:
Again, yes and no. Yes — the functional vision evaluation is done in the exam room using the phoropter and equipment that is standard to the profession. No — I have an entire room, ‘the play room,’ dedicated to the testing of physical performance. How do the eyes affect a person’s ability to perform an everyday task? I also have another room for the testing of classroom skills, which contains a desk, slant board, and a lot of paperwork.

ADDITIONAL MARKETING REQUIRED:
Yes. ‘If you build it, they will come’ doesn’t work. I have gone out in the community and lectured about vision therapy. I have spoken to therapists, doctors, teachers, parents and other professionals about the visual system and how it can affect performance. Those individuals eventually become referral sources. I am constantly practicing my elevator [pitch] of what I do.

HIGHER AVERAGE REIMBURSEMENT OR REVENUE PER PATIENT:
Yes. Most optometrists will see a patient once a year for their annual or several times throughout the year for care of ocular disease. When a patient is doing vision therapy I see them for their annual, their progress evaluations every 10 weeks, and weekly for the therapy sessions.

IN SHORT:
Vision therapy is understanding the nuances of the development of the visual system, how it can change behavior, and how it can alter a person’s performance. It can benefit children and adults with brain injury, children with difficulties in the classroom, individuals with autism and down syndrome. When all other professionals have told a person that there is nothing else to do for their condition and they come to me for a glimmer of hope, I offer the potential for change. When their symptoms decrease and their performance improves, those are the moments of my greatest job satisfaction and I am thankful that I have a ‘tool box’ large enough to have made that possible.

Specialty
SPORTS VISION or VISUAL NEURO-COGNITIVE TRAINING

EXPERTS:
Dr. Don Teig, founder/CEO, “The A Team” High Performance Vision Associates, Hollywood, FL; and Dr. Charlene Henderson, Blink Eyecare and Eyewear, Charlotte, NC

ASSOCIATIONS OR GROUPS AVAILABLE:
Dr. Teig: This niche or specialty has always been referred to as “sports vision” but more recently as ‘visual neuro-cognitive training’ given the attention to the impact concussions and chronic traumatic encephalopathy (CTE) has had on sports. I also often refer to it as ‘high performance vision.’ I am the founder and executive director of ‘The A Team’, High Performance Vision Associates (highperformancevisionassociates.com), there is also ISVA (International Sports Vision Association, sportsvision.pro).

Dr. Henderson: High Performance Vision Associates and the AOA.

TRAINING OR CERTIFICATION NEEDED?
Dr. Teig: Yes. I provide a 16-hour course with certification (ultimateevents.com.) I also travel to provide this training. ISVA is working in conjunction with me to develop a certification program.

Dr. Henderson: It is necessary to understand the sports you are working with and how vision plays a role in success. Sports vision training by people who have pioneered the concept is invaluable. We went to Don Teig’s Sports Vision training weekend, and Fred Edmunds Xtreme Sight sports Vision training weekend. They are both excellent. We also did several Sports Vision AOA courses and read all the books out there.

SPECIALTY EQUIPMENT OR TOOLS REQUIRED?
Dr. Teig: Yes. The A.M.P. System (Achieving Maximum Potential), an immersive virtual reality technology; Senaptec, a digital testing and training instrument; NeuroTracker, a multi-object awareness trainer; FitLight motion and light sensors; and Quick Board, an eye to foot training tool.

Dr. Henderson: Yes. When we built our new building, we added lots of exciting equipment like Vision Coach, Fit Light, Senaptec, and the Bassin anticipation timer among others. We still use traditional VT equipment like Marsden balls and flippers and balance boards. The athletes like the bells and whistles of the digital devices.

ADDITIONAL EXAM LANE OR TESTING SPACE NECESSARY?
Dr. Teig: Yes. At the very least a room that is 10′ x 12′ is a must.

Dr. Henderson: Yes, for testing space. You need room to swing or jump or dribble a basketball, for example.

ADDITIONAL MARKETING REQUIRED?
Dr. Teig: Yes, by all means! Internal marketing with videos, pamphlets, etc., in your office and external marketing through social media, TV, radio and print.

Dr. Henderson: Yes. Internally tell all your sports-minded patients. All our patients walk by our sports vision room. You should reach out to teams and clubs and let them know what you do.

HIGHER AVERAGE REIMBURSEMENT OR REVENUE PER PATIENT?
Dr. Teig: Yes! A typical Sports Vision patient can generate revenues of up to $3,000 each if they complete an eye exam, a Sports Vision Workup, a Sports Vision Training program of 12 weeks minimum; specialty contact lenses or sports eyewear and goggles.

Dr. Henderson: Yes. Sports vision training is an additional service not covered by insurance. So, it is up to you to set the fees you think are fair for your time for the evaluation and then training sessions.

IN SHORT:
Dr. Teig: Having been a pioneer in this field for almost 40 years, I can confidently say that sports vision is both emotionally and financially rewarding beyond belief. However, it doesn’t happen overnight and requires continual hard work. That being said, if you love sports like I do, it’s well worth the ride.

Dr. Henderson: It can be really rewarding if you have a passion for sports and working with highly competitive people. The niche does require training, equipment, space and active marketing. So, it will not just fall in your lap. But it is a great way to help people achieve their goals and use our skills as vision experts.

Continue Reading

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Instagram

Most Popular