Build an optometry practice and life you love! Eye Own a Business teaches independent ODs how to grow a thriving practice while wearing the hats of both a doctor and a business owner. Tune in as Dr. Steve Vargo and his guests guide you with the tools and strategies you need to build the practice of your dreams, one step at a time. Eye Own a Business is brought to you by IDOC. Learn more at IDOC.net
Eye Own a Business Episode 33: Increasing Revenue by Decreasing Payroll
Dr. Steve Vargo
August 29, 2023
In this episode with Ankit Patel, founder of My Business Care Team, we delve into a transformative approach that Ankit implemented in his practice. By leveraging a remote workforce in the Philippines, Ankit's practice achieved remarkable results. Most notably a 33% increase in revenue per patient and a 28% reduction in payroll.
Previously, distractions and administrative tasks limited the support on-site employees could provide. However, by delegating calls and administrative responsibilities to remote staff, valuable time was freed up. This additional time spent with patients translated into a noteworthy increase in average revenue per patient. Interestingly, this shift in staffing also opened doors to a more skilled and diverse pool of candidates due to the ability to pay above market rates.
Ankit operates a Business Processing Outsourcing service, which provides comprehensive oversight for the remote workforce. This approach differs from employing Virtual Assistants, where the practice takes on the responsibility of training, managing, and supervising the VA.
Ankit's experience serves as a valuable example of how reimagining staffing strategies can lead to substantial enhancements in both patient care and financial outcomes.