• February 13, 2024
• FOR IMMEDIATE RELEASE
• Press Contact: IDOC® 203-853-3333

February 13, Norwalk, CT – Books & Benchmarks is going beyond just bookkeeping and is expanding the already comprehensive benchmark reporting tool within the service. These new metrics will help ODs make data-driven decisions to improve the efficiency, productivity, and profitability of their practice.

Six new dashboards will include benchmarking that will allow owners to compare their own practice to their peers and identify trends and opportunities. The new dashboards drill a layer beneath the practice’s P&L to help owners better understand the productivity and efficiency of their revenue generating activities. This includes metrics on Non-OD Staff, Optometrist Staff, Cost of Goods Sold, Physical Space, and Marketing Initiatives. Breaking down these categories gives practices an understanding of the results of their financial statements.

Nathan Hayes, IDOC’s Director of Financial Services, spearheads the Books & Benchmarks team. “I am excited to bring this new offering to our Books & Benchmarks clients.” says Hayes. “The benchmark report has become even more powerful as we diversify the data input. Being able to identify trends and compare data to other practices is very useful for owners. We look forward to accelerating the growth of the service and continue to create innovative products for independent optometry.”

These unique benchmarks will help monitor the overall performance of the practice to allow for continuous improvement and long-term success. Clients of the service will be able to answer important questions about their practice, such as:

• Am I over-staffed, or am I due to hire?
• How do my labor costs compare to other practices?
• How productive are the ODs in my practice?
• Do I have enough space to support future growth?
• How are my key revenue inputs – patients seen and revenue per exam – changing over time?
• Are my marketing initiatives working for my practice?

Going Beyond Bookkeeping means:

1. Comparative reports for owners to put their own practice results into context. Instead of telling practices what their costs should be; Books & Benchmarks provides a reference to consider how their unique situation does or doesn’t explain results.
2. Layering productivity and cost metrics underneath P&L results, helping practices:
   
   1. Spot opportunities to cut costs or invest
   2. Set realistic goals
   3. Identify strategic investments into business growth
3. Meaningful metrics with minimal practice input. Books & Benchmarks automates as much data generation as possible, only requiring 4 data points from clients every month.

To learn more, visit https://booksandbenchmarks.com and if you are ready to gain this level of insight into your practice financials, contact the team at booksandbenchmarks.com/contact.

About IDOC
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.