Eyeworld Daily News

MAY 6, 2019 | EYEWORLD DAILY NEWS | 39 ASCRS SYMPOSIA by Liz Hillman EyeWorld Senior Staff Writer Mr. Miller said that most negative reviews are related to communication or customer service issues. Things like this can be mitigated, he said, by making sure schedulers are strong commu- nicators and can use the software, ensure inquiries receive timely replies, manage wait times, avoid rushed consultations, and manage patient expectations for what's next. Patient satisfaction can also be increased when you respond to reviews. Mr. Miller said many doctors avoid responding, fearing HIPAA, but he said that you are able to respond to reviews as long as you are mindful of HIPAA guidance. Editors' note: Mr. Pinto is the president of J. Pinto & Associates. Mr. Miller is president of Etna Interactive. Drs. Solomon and Donnenfeld have no finan- cial interests related to their comments. leasing, Mr. Pinto said. You can also boost personal production by adding just three patients to your daily practice, which he noted can yield up to $100,000 increased revenue. On the flip side, Mr. Pin- to said the average client workup has $10+ in wasted expenses; cut these expenses by minimizing surplus staffing and turnover, re- ducing low provider productivity, eliminating ineffective marketing, and optimizing facilities. Shifting gears, Ryan Miller, San Luis Obispo, California, dis- cussed the importance of an on- line reputation. You can't escape the reputation set online by patient reviews and recommendations, Mr. Miller said. These reviews can either work for you or against you. One element Mr. Miller noted is that the actions of one person in your practice, whether it be a doc- tor or staff member, resulting in a poor review can negatively impact the whole of your online reputa- tion. So, he advised taking care of these situations quickly. MD, comoderator, Rockville Cen- tre, New York, noted that those who are expecting their practice to be business as usual 5 years from now are significantly missing the boat. 4. A hypervolumetric- hypoeconomic era The expectation to do more and more with less and less continues, Mr. Pinto said. Profit norms, he noted, have fallen from 35–50% in 25 years and are expected to fall to 30% in the next decade. 5. Practice succession is more difficult to achieve. In short, there is more demand and fewer doctors, making prac- tice succession more difficult, especially in less attractive markets, Mr. Pinto said. Mr. Pinto then went on to provide several things that wise private practices are doing now. First, decide if you are going to grow, shrink, join, retire, or do nothing. Mr. Pinto advised speaking with local experts, taking a look at inventory options, then deciding and acting. Succession planning needs to be rethought. Goodwill value is diminishing, Mr. Pinto said, and you might need to work longer than expected to be financially in- dependent. You also might never find a successor to take over your practice. With this in mind, it's import- ant to create a formal, personal fi- nancial plan, assuming that buyout will not be a source of retirement funding. Mr. Pinto advised taking action to make practicing longer more attractive, if you need to. Increase your passive income by hiring new employees; buying into an ASC; creating an optical shop; optimizing testing that can be performed by lay staff; and owning your office instead of T he goal of a Saturday afternoon symposium —"Survive or Thrive in the Modern Healthcare Environment"—comod- erator Kerry Solomon, MD, Mt. Pleasant, South Carolina, said was to help attend- ees improve in their practice, provide pearls for alternative rev- enue streams, build new culture, be more efficient with practices, and better understand the political environment in Washington, D.C. John Pinto, San Diego, provided five trends. 1. The healthcare system in America is a classic bubble market. Mr. Pinto said this bubble will pop in your lifetime. A slow pop will occur if the healthcare cost growth exceeds GDP growth. A fast pop would occur if there is a deep recession or spike in military spending (a pretext for emergency entitlement cuts). 2. Grand consolidation marches on. Consolidation is nothing new, Mr. Pinto said. Healthcare systems are continuing to round out their teams, private equity is getting more involved, and practices are acquiring and merging with each other. 3. Over the next 10 years investments will fall short of their historical returns by about 35%. Every surgeon, Mr. Pinto said, is facing a retirement funding head- wind, and the current market, he thinks, is overdue for a correction. To this point, Eric Donnenfeld, Tips to 'Survive or Thrive' in today's healthcare environment Mr. Pinto shares five trends impacting ophthalmic practices along with several things practices could be doing now to prepare for the future.

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