Building a thriving ophthalmic practice is a challenging endeavor. In a recent YMDC workshop, four distinguished practice leaders—Lisa K. Feulner, MD, PhD; James A. Katz, MD; Carrie Jacobs, COE, CPSS, OCS; and Zarmeena Vendal, MD—shared their insights into effective practice management and business strategies.

A Proactive Approach to Employee Retention in Medical Practices

Lisa K. Feulner, MD, PhD

Employee retention is crucial for medical practices, where high turnover can disrupt patient care and increase costs. Below are some pointers for hiring and retaining valuable staff members.

Hire for culture, not just skills. Although hiring for skills is important, ensuring new employees align with your practice's culture is essential. Employees who fit well culturally are more likely to stay long-term.

Empower through leadership. Establish team leaders in different areas of your practice to act as intermediaries between staff and physician management and to foster effective communication and constructive feedback.

Prioritize positive reinforcement over punishment. Implement a points-based system in which employees can lose or regain points based on their performance. This system promotes accountability, ensures fair treatment, and helps retain good employees who may have faced temporary setbacks.

Employee retention in health care goes beyond pay; fostering a supportive environment helps staff thrive, benefiting both the team and patients.

Effective Integration and Balance for Medical Professionals

James A. Katz, MD

Joining a medical practice can be challenging. A key factor for long-term success in the new environment is a smooth integration, which can be achieved, in part, by building strong relationships with the team and strategically managing time off.

Establishing a good rapport with everyone in the practice, from front desk staff to technicians and surgical coordinators, is crucial. A positive relationship with the entire team will enrich the work environment and increase effectiveness.

It is important to not only balance personal and professional obligations but also manage work-related activities effectively. In addition to seeing patients, providers often engage in conference proceedings, studies, mission trips, and consulting, which require careful planning. The key to successfully managing time off lies in planning ahead—ideally 6 months in advance for regular commitments like annual conferences. This foresight will ensure a smoother process for rescheduling patients and adjusting staff schedules and will minimize overall stress on the practice.

Essential Tips for Leading a Successful Medical Practice

Carrie Jacobs, COE, CPSS, OCS

Running a medical practice is more than just clinical work—it involves leadership, strategy, and team management. Below are a few key steps to successful practice leadership.

Define the practice’s core identity. Focusing on core services like cataract surgery or glaucoma management helps the practice maintain a strong brand identity and prevents dilution, especially in the early stages.

Establish a clear mission, vision, and value set. A practice should have clear mission and vision statements, along with core values that influence every decision, ensuring alignment with both short- and long-term goals.

Perform a SWOT analysis. A SWOT analysis highlights a practice's strengths, weaknesses, opportunities, and threats, offering insights for strategic improvement and decision-making.

Monitor metrics. Tracking key performance indicators like lead conversions and patient satisfaction is crucial. Clear targets keep the team aligned with the practice objectives.

Plan for Growth. If the schedule is consistently booked more than 4 weeks in advance, consider adding providers to maintain patient care and manage the workload effectively.

By focusing on these core strategies, providers can build and sustain a successful medical practice.

Breaking Myths and Advancing Your Medical Practice

Zarmeena Vendal, MD

Building a successful medical practice involves overcoming common myths that prevail among eye care providers and can hinder practice growth. 

Balancing family and practice. It is possible to excel professionally while maintaining a fulfilling family life. It requires delegating and creating the village around you both personally and professionally that will work in concert to help you achieve your goals.

Thriving in a single-owner practice. Creating a single-owner practice can lead to significant growth and fulfillment, contrary to the belief that only large practices ensure success. To decide what is your surgical personality and then stay true to it. You could be an innovative and competitive surgeon in the market and yet stay the size that you wish.

Pursuing multiple areas of focus. Professionals should pursue all aspects of their practice that interest them, rather than narrowly specializing. Fellowship training and the additive should not mean you give up practicing something you love.

MD/OD collaboration. Collaboration between ophthalmologists and optometrists enhances practice success and patient outcomes, debunking the myth that these groups cannot successfully work together. if we work together, the patient stays at the center of the relationship 

Ownership versus associate roles. Success isn’t limited to practice ownership; thriving in an associate role is possible based on personal goals and work-life balance objectives.

Overcoming these common myths in medical practice can unlock significant growth and fulfillment for eye care professionals.