In our vision plan/managed care world, with increasing write-offs compounding the challenge of increasing costs, managing cash flow is ever more critical. Recently, I’ve had several clients lament about increasing Accounts Receivable and, as a result, declining “Collections.” During these discussions, I outline the “MIS” of collections…namely Management, Incentives and Systems. First, from a management [...]
It’s near the beginning of the fourth quarter. Of course, by now, you’ve got a good understanding of how this year will conclude. You’ve compared your 2016 plan to your actual performance and have made the mid-course corrections necessary to meet your goals. You’re starting to get an understanding of your 2017 objectives and have [...]
Step back for a moment. Take a deep breath. Now ask yourself two important questions. Where am I? Where am I going? If you’re like the majority, you’ve likely never even asked yourself these questions. Like most, if you’re not fooling yourself, you’re simply on the road of life. And your daily activities are largely [...]
Optometrists are generally a conservative bunch. You don’t like to rock the boat. You have the lowest divorce rate of almost any profession (not a bad stat). You seek a balanced life and camaraderie among your team. You do business with folks with whom you are NOT strategically aligned because change comes hard. The majority [...]
…yours is just to do or die.” You have likely heard these words before, which originate from a military chant. It’s understandable that the military must operate with a system of command and control. But, in my opinion, blind adherence to tradition or authority has little place in a business enterprise. Certainly, no firm can [...]
I've been a bit quiet for the past few months. I've been busy. After five years and lots of hard work by a great team, I'm pleased to announce the publishing of my first book. A Different Perspective: An Entrepreneurs Observations on Optometry, Business and Life Thanks for your support!
Before I make comments about this latest consolidation development, I feel obligated to disclose: • I have many friends at Essilor and have had business relationships with them in the past. Our firm does not currently have any business relationship with the firm.
I believe in the “law of the marketplace.” Under that “law,” businesses and professions operate without artificial restrictions (but with reasonable regulation necessary for consumer protection). Artificial control of one party over another — whether the result of oligopoly, policy manipulation, or special-interest statutory interference — is bad. Competition is good. Competition results in continuous improvement. With fair competition, the consumer ultimately prevails. With fair competition, everyone wins.
As VSP gets firmly into bed with Luxottica resulting from the addition of Pearle Vision as providers, it seems logical that there's a strategy behind the tactic. What might it be? Having closely observed both firms' leadership and the eye care landscape for many years, I offer up the following: • Luxottica just wants to [...]
The following press release is an important reminder that ECPs don't have to continue to "take it on the chin" from Vision Plans. While the described suit is a supply-side dispute, ECPs have a voice, as the Illinois Optometric Association is demonstrating. _____________ SPRINGFIELD, Ill. — Acuity Optical Laboratories has filed a Federal Antitrust Petition [...]