Lake Havasu City, AZ
Critical Numbers™: Profit Before Taxes
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Lake Havasu City, AZ
Critical Numbers™: Profit Before Taxes
Lake Havasu Family Eyecare provides optometry services and eye care products including eyeglasses, specialty eyewear, frames, and contact lenses.
Dr. Tania Sobchuk was looking for a way to implement a new employee bonus system while also finding a way to open up the back end of the business to her employees so they could understand they impact the success of the practice.
After getting introduced to The Great Game of Business® (GGOB) by fellow optometrist and coach Dr. Danny Clark, Dr. Sobchuk decided to pull the trigger on playing Great Game™ inside her own practice beginning October 2016. “His practice was very similar to mine at the time and I could see how well his team and practice benefited from using this form of management,” says Sobchuk.
“Lake Havasu Family Eyecare has totally grown and changed in the four years we have been playing The Game,” says Dr. Sobchuk. “We have adapted it to fit our practice and we are consistently growing every year. Since they implemented GGOB in their practice, their cash flow has been impacted the most. “We no longer have any issues with cash flow as expenses are controlled and measured so there is always money in the bank,” says Sobchuk “The second impact has been on profit. Opening our books to our team was an eye-opening experience for our staff. In speaking with our staff, we learned that we were the first employer to ever do this, so it truly makes them feel included. Second, it really hits home the points of how costly it is to run a business and how important it is to track expenses. Allowing the team to take ownership in expenses and discuss how to cut expenses, control expenses, and analyze profit has been the greatest success.”
“I believe GGOB has helped our team realize how much of a role we all play in the practice - whether we are collecting money from patients or performing tests on them. One of them cannot be done without the other. I truly like knowing the teamwork behind our success.”
~ Tiffany Caley, Chief Operations Officer
Due to COVID19, Sobchuk was forced to close her office on March 30 until April 28—which resulted in a 75% decrease in collections for the month of April. But YTD, they were only down 11% because their first quarter was so incredible. The entire staff also jumped back into action. Thanks to the team’s efforts to create a safe workplace for them and their patients. The team was able to salvage their May, and June was on track for a record month with a completely booked schedule. “We thought people would be shy and timid when we reopened,” says Julia Fernandes, Chief Brand Officer. “But we were pleasantly surprised by the outcome. The staff is more aware of how the money goes in and out of the business and they are able to assist in some financial decisions. This awareness has caused us to be more conscience of how we spend money and we are less wasteful.”
The practice is made up of four departments—Clinic, Optical, Business Office, and Front Office— each department creates their own MiniGame. For example, in Clinic, they played a game focused on OPTOS %—an optional retinal photo that is an additional copay to the patients. That rate stood at 65% in 2016, but thanks to the mini game, they’ve increased it to 95% in 2019.
“In my role as CFO, GGOB helps serve as a reminder to me (and I believe others as well) of the importance of trying to convey to my fellow team members how what they do impacts the profitability and risk management of our business (including help with understanding of the importance of the latter). Our management team generally seeks input from others before putting these policies and processes in place, rather than simply handing them to our people with no opportunity for input. Our day-to-day decision-making process includes reaching out for input to those involved in the task at hand and taking the time to explain the background and reason for what we’re trying to accomplish. This process of inclusive decision-making takes time and hard work. It’s much easier to avoid the time and effort to provide these explanations, then listen and respond to feedback, but it’s a part of what has made Laron successful. These philosophies have become habit, and I see as an important part of our culture at Laron.”~ Gary L. Maclay, Chief Financial Officer
In the next year, Dr. Sobchuk is implementing a whole office MiniGame that will be an extra opportunity for the staff to be rewarded in addition to the PBT bonus. The goal is to encourage the team to reach above and beyond making a bonus and achieving a whole practice experience. She’s also excited to continue involving her team in their strategic goal setting through the High-Involvement Planning™ process, which they kicked off with a successful offsite meeting in January 2020. “It was an absolute success and really brought the team together,” says Sobchuk.
“I feel The Great Game of Business has made a huge impact on each person’s role in the office just by having an understanding on why our job is important and what we can do to make our numbers better. The Game has taught me to look at supplies and income differently and work towards becoming a better saver and not buying unnecessary items.”
~ Kaitlyn Goodell, Patient Care Coordinator
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