How to Grow Any Practice in 3 Practical Steps

“Success leaves clues… If you want to succeed, practice the wisdom of successful people.” — Dr. Lauretta Justin

It’s not who you are that holds you back; it’s who you think you’re not. Starting a practice from scratch can feel like stepping into uncharted territory. That’s exactly where I found myself when I launched Millennium Eye Center. With no business background or practice management experience, I had no roadmap to follow. No one in my family had ever owned a business, let alone achieved a doctorate-level education and started a business. But I was determined to break through those barriers.

If you’re in the same place today, feeling unprepared, uncertain, or discouraged in your business, know you’re not alone. With the right mindset, strategies, and team, you can build a thriving practice like I did. The lessons I’ve learned from my own experiences and the guidance of my business coaches helped me transform my life and my business. And now, I’m here to share those lessons with you.

Let’s dive into three practical steps you can take today to grow your practice. These steps are straightforward and proven to work. Whether you’re a brand-new practice owner or looking to take your existing business to the next level, these methods can help you succeed.

3 Practical Steps to Grow Any Business

1. Obtain and Retain

The first step in growing your business is attracting new patients and retaining the ones you already have. Developing a comprehensive strategy for promotions, sales, and follow-up is essential to this process. Here’s how to get started:

• Promotions: Create compelling offers and promotions that attract new patients. This could include referral incentives or bundled services. Attracting new patients is just the beginning. You also need a system in place to keep them coming back. Develop a recall or pre-appointment system to remind your patients it’s time for their annual eye exam.
• Sales: Sales play a pivotal role in the success of any optometry practice, encompassing both problem-solving for patients and collecting payments for services and products. In optometry, sales include the retail side of the business, such as glasses, frames, and contact lenses, as well as clinical services like eye exams and checkups. Understanding the financial dynamics of sales and the nuances of selling an optometry practice is essential for long-term success and a smooth transition when the time comes to sell.
• Follow-Up: The fortune is in the follow-ups. Implement a follow-up system that ensures consistent communication with your patients. This could be through appointment reminders, check-up emails, or newsletters. The more you stay top-of-mind, the more likely patients will return.
• Standard Operating Procedures (SOP): Write and update your SOP manual annually. This document should outline the best practices for every aspect of your practice. It serves as a guide for your team to maintain consistency and quality in patient care.
• Training: Continuous training for your team is crucial. No matter how experienced your staff may be, regular training ensures they stay updated on the latest techniques, products, and services. A well-trained team can significantly enhance the patient experience and improve retention.

2. Increase the Average Transaction Value (ATV) Per Visit

The second step is to increase the amount each patient spends during their visit. This is often the fastest and easiest way to grow your practice without necessarily seeing more patients. It’s always better to work smarter and not harder. Here’s how:

• Product & Service Review: Regularly review and update the products and services you offer. Ensure you’re providing the best quality and most relevant offerings to your patients. This might include introducing new eyewear lines, advanced lenses, or additional services like dry eye treatment or orthokeratology.
• Fee Schedule: Don’t forget to update your fee schedule at least annually. Inflation and changes in the market can affect your costs, so it’s important to adjust your fees accordingly. Make sure you’re charging what you’re worth.
• Bundle & Cross-Sell: Train your staff to recommend additional services or products during patient visits that offer more value or benefits. For example, if a patient comes in for an eye exam, your staff should suggest relevant products like premium lenses, anti-glare coatings, or nutraceuticals. These small add-ons can significantly increase your average transaction value.

3. Increase the Number of Transactions Per Year or the average residual value

The third step is to encourage patients to visit more frequently. Increasing the number of transactions per year without adding new patients is a powerful way to grow your practice. Here are a few ideas:

• Subscription Programs: Consider offering subscription programs for products like contact lenses or nutraceuticals. These programs can encourage patients to make repeat purchases throughout the year, boosting the number of transactions.
• Medical Protocols: Introduce new medical protocols, such as dry eye management or myopia control. These services often require multiple visits within the year, increasing the frequency with which your patients return. Keep track of your KPIs to ensure each visit for your practice.
• Ocular Disease Protocols: Ensure that all patients with ocular diseases are in a management protocol that includes multiple visits. This not only helps with patient care but also increases the number of billable visits annually.

The Exciting Math Behind Practice Growth

Here’s a simple way to calculate your practice’s potential for growth:

1. Total Number of Patients – How many active patients are in your practice?
2. Total number of days open per year – On average, primary eye care providers work 200 days per year.
3. Average Transaction Value (ATV) – What is the average dollar amount your patients spend per visit?
4. Number of Transactions – How many times per year do your patients visit?

By multiplying these three factors, you can determine your potential gross revenue per year. Play with the numbers and see how small increases in any of these categories can lead to significant growth.

Need help implementing these strategies in your practice?

Click HERE to send us an email to request the practice potential worksheet and sign up for the CEO of YOU consulting program!

Real-World Examples of Practice Growth

When I first started applying these strategies in my own practice, I saw incredible results. For example, after implementing a dry eye protocol, I noticed that patients were scheduling follow-up appointments more frequently, which directly increased the number of transactions per year. Additionally, by updating our product offerings and encouraging patients to invest in higher-quality lenses, our average transaction value rose significantly. These small changes led to a big boost in revenue without requiring more patients or longer hours.

Are You Ready to Grow Your Practice?

If you’re ready to take your practice to the next level, I invite you to join our upcoming mastermind group. In this group, you’ll learn how to develop the mindset that leads to growth, discover proven strategies for success, and connect with like-minded professionals who are on the same journey as you.

Click HERE to sign up for our CEO OF YOU business coaching program. I look forward to seeing you there and helping you achieve your biggest goals.

Until next time, remember to dream big, take risks, and become the CEO OF YOU!