Four practice management experts shared business advice for young ophthalmologists at an Oct. 17 event during AAO 2016 in Chicago. Here are four tips from “Manage YO Practice Roundtable Discussions.”
1. Manage risk wisely - Anne M. Menke, RN, PhD, discussed the importance of risk management in your practice and highlighted the broad range of resources available on the OMIC website, including prepared consent forms, telephone triage notes and other important documents. Dr. Menke is a risk manager for the Ophthalmic Mutual Insurance Company. She said it's important to prepare. “Over a 35-year career, you can potentially get sued multiple times.” For more advice on this, read these patient-safety tips by Purnima Patel, MD.
2. Get expert review of contracts - Robert A. Wade, JD, an expert on contracts and negotiation, said having an expert review your employment contract can prevent any unwanted surprises later on. He cited a 25 percent turnover rate and stated that preparing for a possible exit is a critical part of your contract process.
3. Establish an online presence - In the age of patient reviews, it's important to have an online presence you control. Karen Korsgard, director of client services at Hult Marketing, discussed the importance of a web presence. She added that patient engagement is critical to your practice. Get more tips on social media and patient engagement from Steve Christianson, MD, and James Chelnis, MD.
4. Develop good financial habits early - Justin Nabity of Physician Advisors encouraged young ophthalmologists to take care of their financial health early on after starting with a practice. He said starting early will maximize your earning years. “Consider the 50-30-20 rule — 50 percent covers your expenses, 30 percent goes to your savings and 20 percent can be used for fun or for paying down debt, depending on your personality.” Get more of his financial advice in this video from the YO Program.