SERVICES

Whether you are looking to start a practice, or optimize your current practice, we can offer you support, tools, resources, and guidance to help you through the process.

OPTIMIZE OR GROW YOUR PRACTICE

We can support you to optimize your current practice based on current pain-points. Whether you need support with managing people, streamlining operations, improving profitability, or planning for expansion, small improvements and data driven analysis can inform next steps to further develop your optometry practice.

START YOUR OPTOMETRY PRACTICE

Hive can support you to create your business plan and a financial forecast to help your vision become a reality. Throughout the startup process, we can provide you with insights, guidance, and resources to determine the feasibility of your unique vision for your optometry practice and put a plan in place to seek financing and outlining next steps.

HOW WE CAN HELP

Practice Startup

Develop a business plan to aid the planning and vision for the practice, and to summarize all relevant aspects of your business that may need consideration prior to investing money or taking on liabilities.
Develop a clear and justifiable financial forecast to share with investors or commercial bankers. If you’re financing personally, we can help you better understand your start-up costs, the impact of various scenarios, and profit potential of your venture.
Complete a location analysis to determine where demand for your practice’s services might be most optimal given competitors, market rates, and patient access.
Identify key risks to your business, and implement plans to mitigate those risks before they become unsurmountable
Identify key success factors to make your practice successful. For example, how can you improve your dispensing-to-client ratios or increase client life-time value?
Explore how to properly onboard and hire staff for your practice at the appropriate levels and with clear job descriptions, task delegation and competitive remuneration levels.

Optimize or Grow Your Practice

Explore your current practice bottlenecks or inefficiencies, and unpack how new processes, policies, or technology can help to alleviate inefficiencies.
Analyze current utilization of your physical space and understand how optimization of both in-practice and virtual services can lead to revenue generating opportunities.
Track and improve practice metrics to increase profitability including but not limited to dispensing-to-patient care ratio, conversion rates, attrition rate, new client recruitment rate, billed to paid ratios for insured and private services.
Seek to improve your online presence or raise Google review ratings to reach and attract a broader base of potential clients
Introduce new processes and client communication to improve patient retention and conversation rates automatically.
Review and adjust current HR policies and procedures, including performance management and compensation rates, to remain competitive and have your practice run smoother operationally.
Explore how staff might be incentivized or motivated to improve practice metrics and financial outcomes
Develop or refine OD retention strategies including adding flexible remuneration structures, partnership benefits and profit-sharing options.
Explore strategies to improve your practice valuation in preparation for a negotiated sale to a consolidator.

You May Have Seen Us..

You may have seen us at the 2022 BC Doctor’s of Optometry Conference speaking in two sessions. The first was about increasing the value of your optometry practice, and the second about starting an optometry practice for new ODs.