November 1, 2022, Norwalk CT – IDOC is pleased to announce a brand new and exclusive feature of IDOC Books & Benchmarks service: easy-to-read benchmarking charts on a variety of practice metrics that helps ODs understand their business performance vs. other independent practices. IDOC’s comprehensive benchmarking service is the first program in the industry to integrate full-service bookkeeping, QuickBooks, and payroll into its benchmarks, empowering ODs with data-driven metrics to help sharpen their competitive edge.
Benchmarks Enhances IDOC’s Fastest Growing Service Offering
The Benchmarks aspect of IDOC Books & Benchmarks is a live, data-based approach designed to help practices see performance metrics across many aspects of the practice compared to other practices who utilize the service.
Provided in easy-to-understand graphical formats, Benchmarks offers ODs a look at how their practice compares to others in the industry regarding Profit & Loss, Balance Sheet metrics, overhead, profitability, and cash management; additional metrics are being built as IDOC continues gathering data from program members. Benchmarks gives business owners a new ability to synthesize financial data for insight into business performance.
“IDOC Books & Benchmarks has been a great asset for us to see where we are as a business and were we have opportunities,” says program member Dr. Matt Taylor, owner of Ideal Eyecare in Council Bluffs, Iowa. “I can’t spend time gathering all the data needed to evaluate where we are, so I have to delegate those tasks to someone otherwise I’d spend 70-80 hours per week between patient care and business operations. IDOC has helped make my life easier by taking over bookkeeping and benchmarking.”
IDOC Triples Books & Benchmarks Capacity with New Experienced Hires
IDOC is also proud to announce the successful expansion of its Financial Services team. Since the initial launch of IDOC Books & Benchmarks just under a year ago, doctor interest has been robust. As a result, IDOC is staffing up to meet demand of the new service. “We were starting to see signs of a potential backlog for our members,” says Nathan Hayes, IDOC’s head of Financial Services. “We really wanted to get ahead of demand to ensure our customers continue to see best-in-class service.”
IDOC will triple capacity to deliver the service with its latest influx of expert bookkeeping hires and will continue to recruit actively to support added growth.
IDOC Books & Benchmarks is a full-service bookkeeping service built on a standardized chart of accounts, with a clear and defined process to ensure timely and accurate development of practice financial statements. IDOC’s Financial Services Manager, Hayley Stewart, noted, “Most practices have more issues with their financials than they realize. We correct errors and omissions in the majority of books we see, but more importantly, we provide our members with better information and tools to make decisions.”
IDOC Books & Benchmarks is available to all independent optometry practices for a fee, with IDOC members receiving preferred pricing. Learn more about IDOC’s financial management solutions at https://IDOC.net/finance.
For the past twenty years, IDOC has remained committed to building a powerful community of independent optometrists, providing advanced practice management tools, advice and support systems that drive business growth. Membership plans include expert consulting, metrics-based business solutions, negotiated vendor discounts and peer-to-peer networking. IDOC works collaboratively with 3,000+ independent ODs to help them stay ahead of industry change and achieve their business vision, their way. For more information about IDOC, call (203) 853-3333 or visit IDOC.net.