October 8, 2006
Contact Lenses Today® is edited by Dr. Joseph T. Barr and the staff of Contact Lens Spectrum. This week CLToday® reaches more than 12,000 readers in 74 countries.
• | Financial management is a weakness for most independent O.D.s. Only 21% develop a written annual budget and 47% do not define annual revenue goals. Only 14% of respondents says they are “very satisfied” with the net return of their practice. |
• | Most independent O.D.s spend little for marketing and promotion with the median percent of gross revenue spent on marketing at only 1.2%. About 77% of practices have a website, but 74% update it infrequently. |
• | Independent O.D.s say staff management is their biggest challenge with average annual staff turnover at 17%, meaning about one in six employees leaves the practice a year. Half of owners do not regularly share financial performance data with the staff and 89% have not developed written qualifications for each position. A little more than half of practices do not provide annual written performance appraisals and 33% conduct infrequent staff meetings — quarterly or less often. |