MANAGEMENT STRATEGIES

ESCAPING EXTINCTION

How to make sure you in particular—and private practice in general—stay off the endangered species list
PART 1 OF OUR TWO-PART SERIES

BY TOM BOWEN

There’s Internet competition. Big-box pressure. Buyer-uppers who are gobbling up practices like Pac-Man. An increasingly third-party world. And, of course, all the regulations.

I first wrote about this “new normal economy” in the February 2011 issue of Eyecare Business. The challenge, then and now? You.

Why do I say that? Because right there—in the middle of all of it—are you and your practice plans and dreams.

In this article we’ll look at two pieces of the puzzle—market opportunities and survival strategies. To close the circle, next month we’ll look at my favorite topic—marketing. That is, the marketing initiatives that will enable you to grow and thrive amid today’s competitive challenges.

Perhaps you’re among those who consider traditional practice ownership an endangered species. Maybe you’re tempted to sell now while the gettin’ is still good. That’s understandable, given all the negative noise about the future. But, understand this: There absolutely is a place for a thriving private practice—your practice—now and in the future.

As required in addressing most challenges, however, we’re going to have to be deliberate. That is, make success happen rather than manage by hope.

So if you choose YES for your practice—thrival over survival and keeping your practice off the endangered species list—you’ll need some specific strategies to do it.

MARKET OPPORTUNITIES

First, the good news. Let’s examine the market opportunities that make all this work well worth the effort.

The data are in and holding: People still value vision as the top health concern. Check.

You’re in the wellness business, and wellness is hot! Your patients don’t have to be sick to fully patronize you. They need you and they want you. Check.

As the end-user of your practice, regardless of what’s included in their plan, people can buy what they want. Check.

Provided they understand the differences (which we have to teach them), most consumers opt for the higher quality of care. Let price warriors battle to the ends of the earth, but you stay focused on what you do best. Check.

Wellness care is much more predictable and manageable than sickness care, and much more affordable—both to provide and consume. Patients get your undivided attention and your most comprehensive diagnostic work for what, $175? Where else in healthcare is there such a bargain? Check.

Even today, there are more people without than with a vision plan. That equates to lots of people making their own choices. Check.

You enjoy your work. It changes lives every day. How many clients have I heard say they’re in no hurry to fully retire because they love what they do? Check.

Simply put, there has never been a greater opportunity to fully and completely meet the needs and wants of your patients than right now.

All this means there’s a lot of good news and many market opportunities.

MANAGEMENT STRATEGIES

To take advantage of them, however, we need to talk strategies and management initiatives.

Clarity

As with all endeavors of improved management, the key is clarity.

WHAT: Clarify your vision.

HOW: By answering the questions, “What are we striving to be?” “Has it changed?” “Has it ever really been defined?” “Do all on your team understand your vision the same way?” You need to be clear and deliberate about it.

QUICK EXAMPLE: Our vision is to be the market’s leading provider of the highest quality vision and eye health care, with recognized specialties in primary eyecare, eye disease, and vision performance.

Mission

WHAT: Affirm or redefine your mission.

HOW: By answering the question, “What is our purpose in doing what we do?” You wrote that mission statement years ago, but so much has changed. Decisions are easy when values are clear. And actions become clear only when values are. A strong leader always keeps the team dialed in to the mission. It’s part of every strategic conversation.

QUICK EXAMPLE: Our mission is to provide the most comprehensive vision and eye health care to each and every patient, resulting in their highest possible quality of life.

Culture

WHAT: Define your culture.

HOW: By answering the question, “What’s it like here,” for both the patient and the staff. If you don’t define your culture, it will be defined for you; and you can be sure it will be defined differently by default than had you defined it.

QUICK EXAMPLE: Our practice is a friendly place where we take joy in serving our patients with our utmost, have faith and trust in one another, and work in community for our patients’ best possible life outcomes.

Objectives

WHAT: Clarify your objectives.

HOW: By answering the question, “What are we trying to accomplish?” After 30 years of working with practice teams, I can assure you most have no clue what they’re trying to achieve by way of defined, written team objectives. Find out, and ask your own staff. They have directives to complete certain work or to be friendly or to recommend second-pairs, but objectives need to provide exact clarity of outcome.

QUICK EXAMPLE: Clearly stated metrics objectives, like, “Improve active rate (length of time between exams) to an average of 18 months, to be measured weekly,” actually drive initiative. So do patient care objectives like, “Teach patients the importance of and value we put on of lifelong relationships to ensure best quality of life.” Again, this is an objective that actually drives initiative.

These are just some of many potential management strategies that power your team to be up for the task. More than anything, it’s your team that powers your ability to thrive in challenging times.

It’s time to power your team with clarity. Then and only then can you empower them to take initiatives that will ensure your desired outcomes.

Challenge always equals opportunity. It never fails. The challenges in this commoditized, regulated, competitive eyecare market are big. But the opportunities to be deliberate about what we achieve in the new normal, and to leverage sound strategy to achieve it, are equally big.

We see practices achieving successes not dreamed of 20 years ago. It’s up to you to choose: do you let it come as it comes and put the practice on the endangered species list, or do you implement new initiatives to leverage opportunities of the day, and thrive in this new normal?

Tom Bowen is executive vice president and cofounder, Williams Group, based in Lincoln, NE. Next month, look for Part II of this article, which will address the marketing initiatives that will enable you to grow and thrive amid today’s competitive challenges.