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.