Partners in Profit

Increase Your Practice’s Profitability by Lowering COGS With rising costs and shrinking reimbursements, managing your Cost of Goods Sold (COGS) is critical to staying profitable. Here are some detailed strategies to help you lower your COGS and boost profitability: 1. 𝙍𝙚𝙘𝙤𝙣𝙘𝙞𝙡𝙚 𝙑𝙚𝙣𝙙𝙤𝙧 𝙄𝙣𝙫𝙤𝙞𝙘𝙚𝙨: Assign a staff member to regularly reconcile vendor invoices with your price list. This ensures you're charged correctly for each set of lenses, frames, and contact lens orders. Inaccurate billing can add up—just one missed credit or overcharge could cost your practice thousands. 2. 𝙌𝙪𝙚𝙨𝙩𝙞𝙤𝙣 𝙑𝙞𝙨𝙞𝙤𝙣 𝙋𝙡𝙖𝙣 𝙍𝙚𝙗𝙖𝙩𝙚𝙨: Don’t just accept vision plan rebates at face value. Evaluate whether these rebates actually lower your costs or if better options are available. For example, a frame line offering a small rebate might still be more expensive than a comparable product with a significant discount. Opt for deals that truly maximize savings. 3. 𝙇𝙚𝙫𝙚𝙧𝙖𝙜𝙚 𝘽𝙪𝙮𝙞𝙣𝙜 𝙋𝙤𝙬𝙚𝙧 𝙬𝙞𝙩𝙝 𝘼𝙡𝙡𝙞𝙖𝙣𝙘𝙚 𝙂𝙧𝙤𝙪𝙥𝙨: Join an alliance group like Partners in Profit to access industry-leading discounts on frames and lenses. Unlike other groups that charge membership fees, Partners in Profit offers these benefits with no extra costs, allowing you to keep more of your earnings. 4. 𝙄𝙣𝙣𝙤𝙫𝙖𝙩𝙚 𝙬𝙞𝙩𝙝 𝙁𝙧𝙖𝙢𝙚 𝘽𝙤𝙖𝙧𝙙 𝙈𝙖𝙣𝙖𝙜𝙚𝙢𝙚𝙣𝙩 : Consider moving away from traditional inventory models. With a consignment frame board, vendors stock your boards at no upfront cost, and you only pay for frames once they are sold. This reduces overhead and shipping costs, directly impacting your COGS and improving your bottom line. Ready to take control of your COGS and increase your practice’s profitability? Schedule a discovery call with Dr. Fleming or Dr. Hiesterman to learn how Partners in Profit can help.

If only a nickel from every dollar stays in your pocket, it’s time to rethink how you manage your practice. By working smarter, not harder, you can boost your profitability and improve your quality of life. Here’s how: 𝗦𝘆𝘀𝘁𝗲𝗺 𝗢𝘃𝗲𝗿 𝗣𝗿𝗲𝗳𝗲𝗿𝗲𝗻𝗰𝗲𝘀: Instead of following fleeting trends or personal preferences, adopt systematic approaches that streamline your operations. One effective strategy is to outsource the management of your optical inventory. By allowing frame vendors to handle updating, rotating, and maintaining your frame boards, you free up your time and reduce the administrative burden on your staff. Additionally, implementing a Frame Model System where all frames are on consignment means you don’t pay until a frame is sold, drastically cutting down on upfront costs and reducing financial risk. 𝗘𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 𝗮𝗻𝗱 𝗦𝗮𝘃𝗶𝗻𝗴𝘀: Efficiency is key to increasing profitability. Partnering with Partners in Profit allows you to access exclusive discounts through their network of seven different companies. These discounts range from 30% to 70% off, providing significant savings on frames and lenses. This partnership not only lowers your Cost of Goods Sold (COGS) but also ensures you’re getting the best possible prices without the need for costly membership fees. The result? More money stays in your pocket, and your practice runs more efficiently. Ready to see your efforts pay off? Book a discovery call with Dr. Fleming or Dr. Hiesterman today and start your journey towards smarter practice management.

Staying profitable in the optical industry requires innovative strategies. Here are two key approaches to enhance your bottom line: 1. Simplify the Sales Process: Adopt a “Basic, Premium, Elite” approach to selling lenses. This streamlines the process, reduces the need for extensive product knowledge, and improves the patient shopping experience. 2. Cut Down Hidden Costs: Reduce unexpected expenses like shipping by using consignment models and exploring direct shipping options. These strategies can significantly benefit your bottom line. 3. Enhance Patient Satisfaction: By offering high-quality, cost-effective options and a simplified sales process, you can significantly improve overall patient satisfaction and loyalty. Join us on the journey to a more successful and sustainable optical business. Contact us today to learn more!

The optical industry is facing tough times, with independent optometrists feeling the squeeze from decreasing insurance reimbursements and rising overhead costs. Here’s how you can stay profitable: 1. Optimize Cost of Goods Sold (COGS): Join group purchasing organizations for significant discounts on frames and lenses. Choose alliances wisely to avoid hefty fees—Partners in Profit maximizes your savings without extra costs. 2. Leverage Consignment Frame Boards: Reduce labor costs and optimize inventory management by shifting responsibilities to vendors, freeing up your staff for more critical tasks. Adopting these strategies can help your practice thrive. Contact us to learn more about our tailored strategies - www.pipgpo.com

Are you looking for ways to enhance your optometry practice's profitability and operational efficiency? Dr. Ryan Hiesterman, has shared some valuable insights for you inside this article.

Boost Your Optical Sales with Innovative Cash-Pay Options In just one month, our optical department sold 70 pairs of glasses to cash-paying customers. This success isn’t a fairy tale—it's a fact. Small optometric offices often assume they can't compete with big retailers or online stores, but innovative solutions are changing the game. Rev360's twelve84 offers a bundled frame and lens option that can be marketed as your “in-house” brand, with prices ranging from $149 to $399. Contrary to skepticism, cash options like twelve84 can compete with managed vision plans. Our patients love the value and quality, and our staff finds cash sales much easier than filing managed vision plans. If you're ready to elevate your practice and boost profitability, connect with our team at Partners in Profit. Let's tailor our program to meet your unique needs. Visit us at www.pipgpo.com

Traditionally, opticians and optometrists purchase large inventories of frames, bearing the financial risk if products don't sell. This model favors eyeglass vendors while tying up significant capital in inventory. It’s time for a change. This innovative model thrives when we partner exclusively with companies willing to embrace it. Interestingly, these companies are often small, independent businesses—just like yours. Transform your optometry practice with cutting-edge solutions. Schedule a chat with our team to explore the benefits of this revolutionary approach at www.pipgpo.com

Embrace Innovation and Rewarding Metrics Our partnership with PIP has made incredible numbers like 18% COGS possible. This success is driven by our collective commitment to creativity and resilience. Thank you to all our doctor partners for helping us carve out new horizons in productivity. Join us in continuing to innovate and create. Share our vision with like-minded colleagues, and let’s thrive together in the world of optometry.

The frame model system represents the next generation in optometry retail, offering a sustainable and profitable solution for frame inventory management. If you’re running a smaller practice and believe such innovations are beyond reach, think again.

Innovation and cost-effectiveness are key to staying competitive in optometry. Just like retail giants Walmart, Best Buy, and Amazon, optometry practices can benefit from private labeling. Here’s how: 1. Performance That Matches Name Brands: Our exclusive partnership with ZEISS Vision ensures that our lenses offer superior performance and affordability. Patients appreciate the high quality, while your practice benefits from increased profits and patient satisfaction. 2. Significant Cost Savings: Understanding net costs and exploring options to opt-out of managed vision care labs can maximize profitability. 3. Preserving Your Autonomy: Avoid restrictive contracts that limit your practice’s flexibility. Ensure agreements allow for adaptation without penalties. 4. Expert Guidance to Navigate Complexity: The optical market can be complex and daunting. Overcome decision paralysis with expert coaching and insights from Partners in Profit, transforming your optical business into a profitable venture. Embrace the advantages of private labeling in your optical business. Contact Partners in Profit at www.pipgpo.com to learn more and start benefiting today!