Managing By the Numbers

Dr. Nichols will set the stage for the meeting by diving into the essential aspects of managing your practice effectively, focusing on four key areas:

1. Production Efficiency: Maximize income per appointment and per doctor hour, ensuring optimal utilization of resources.
2. Collection Efficiency: Improve accounts receivable and increase collection percentages, enhancing overall financial health.
3. Optical Performance: Boost optical sales and capture rates, optimizing revenue potential in this vital aspect of your practice.
4. Practice Growth: Track practice growth, including evaluating collections compared to previous periods and maximizing new patient acquisition.

Then, we will take these four key areas and demonstrate how Foxfire can serve as a powerful tool to enhance your practice. Throughout the rest of the weekend, we will illustrate how our Foxfire software can streamline production efficiency, optimize collection processes, boost optical performance, and facilitate practice growth. Get ready to explore how the software can revolutionize the way you manage your practice.

Production Efficiency Parts 1 & 2

In these sessions, we’ll explore key metrics to optimize your practice:

• Collections per Patient
• Collections per Refraction
• Collections per Doctor Hour
• Collections per Staff Hour

Plus, we will cover:

• Procedures
• Plans
• Smart Scheduling
• Default Patient/Visit

Collection Efficiency Parts 1 & 2

In these sessions, we’ll focus on optimizing revenue streams by improving collection efficiency. Key points include:

• AR/Monthly Charges: Learn what constitutes a good number and strategies to decrease accounts receivable by addressing current and past due balances, as well as increasing monthly charges.
• Collection Percentage: Understand the importance of this metric and how to improve it, considering factors such as managed care costs and insurance payment differences between medical and vision plans.

Plus, we will cover:

• Reports: A/R & Analysis
• Foxfire Faxing
• Online Patient Forms
• eStatements & TuaPay

Optical Performance Parts 1 & 2

In these sessions, we’ll explore strategies to optimize optical performance and enhance eyewear sales. Key areas of focus include:

• Special Features: Leveraging additional features to enhance sales opportunities.
• Inventory Turnover: Efficiently managing frame inventory for optimal profitability.
• Time Efficiency: utilizing VSP auto-post and lab setup, and streamlining service delivery for improved customer satisfaction.

Plus, practical tips for setting up optical for success.

Practice Growth

This session is dedicated to accelerating practice growth. Here’s what we’ll cover:

• Collections Analysis: Evaluate collections compared to previous periods to assess growth trends and ensure alignment with inflation rates. Understand the sources of growth: more patients, increased sales, or reduced waste.
• New Patient Percentage: Assess your practice’s ability to attract new patients and maintain healthy growth.

Plus, we’ll discuss actionable steps you can take right away to start implementing solutions to drive practice growth!