What Are Your Revenue-Producing Activities? Here’s How to Determine What to Delegate

June 8, 2022

Revenue-producing activities (RPAs) are at the heart of your practice. For optometrists, RPAs are simply optometric care that you provide your clients. Other employees may also have RPAs, but they often don’t. Young practice owners rarely have the capital to hire these employees, requiring them to take on managerial and operational responsibilities, which reduce your return on time (ROT) and ultimately add additional stress and expense.

Hiring a talented and experienced office manager can alleviate stress and allow optometrists more time to focus on RPAs by taking over day-to-day operations. This should be seen as an investment in the practice, allowing for a more balanced life while simultaneously freeing up time that can be better spent on RPAs and other high-level business strategy functions.

While the cost of a talented office manager can run up to $80,000 a year, it frees up time for you to complete additional RPAs, like adding a few additional comprehensive exams (even just one per week). The freed-up time can more than pay for itself. Alternatively, optometrists can choose to accept the reduction in revenue in exchange for more free time, to be spent as they wish.

Simply put, investing in top talent can be one of the most important and beneficial business decisions you ever make and change your life (and your practice) for the better.

Read the full article here.

Enjoy our content? Subscribe for regular updates!

Related Content

  • Buy or Sell a Practice, Financial Independence, Financial Planning
A case study: implementing a cash balance plan in an optometry practice

As we discussed during this episode of 20/20 Money, Charlie Steingas with Cash Balance Actuaries ran through a cash balance…

  • Life Planning
Don’t underestimate how long it can take for an investment to start paying dividends

Over the weekend, I did something new: I had fun creating content in a very interesting way. Many of you…

  • Buy or Sell a Practice, Financial Organization, Financial Planning
KPIs, Profit Loss Plinko, Generational Human Capital Management, and Buying or Selling in Today’s Market with Dr. Solomon Gould, OD MBA

Adam: Welcome, Solomon Gold to 2020 Money. Thank you so much for being here. I appreciate it. Dr. Gould: Hey,…

  • Financial Independence, Financial Planning
Navigating Financial Challenges with Dr. Rhue

Adam: Welcome back to another episode of 2020 Money, Dr. Brianna Rue! Thank you for joining us today. So, I…

  • Life Planning, Practice Management
Forget Goal-Setting and Focus on Purpose: A Mindset Conversation with Stephanie Bogan

As an optometric practice owner, it’s easy to get caught up in the day-to-day operations of running a business.  We…

  • Financial Planning
Financial Planning for the Medical Millennial: Navigating Success and Growth for Young Optometric Practice Owners

Balancing student loan debt, managing cash flow, daily business operations… As a young optometric practice owner, planning for the future…