NORWALK, Conn.—Books & Benchmarks, powered by IDOC, is expanding the already comprehensive benchmark reporting tool within the service. These new metrics are intended to help ODs make data-driven decisions to improve the efficiency, productivity, and profitability of their practice. This is available to any independent ECP, and IDOC membership is not required, the company noted. Six new dashboards will include benchmarking that will allow owners to compare their own practice to their peers and identify trends and opportunities.

The new dashboards drill a layer beneath the practice’s P&L to help owners better understand the productivity and efficiency of their revenue generating activities. This includes metrics on non-OD staff, optometrist staff, cost of goods sold, physical space, and marketing initiatives. Breaking down these categories gives practices an understanding of the results of their financial statements.

Nathan Hayes, IDOC’s director of financial services, spearheads the Books & Benchmarks team. “I am excited to bring this new offering to our Books & Benchmarks clients,” said Hayes. “The benchmark report has become even more powerful as we diversify the data input. Being able to identify trends and compare data to other practices is very useful for owners. We look forward to accelerating the growth of the service and continue to create innovative products for independent optometry.”

These unique benchmarks will help monitor the overall performance of the practice to allow for continuous improvement and long-term success, the company said. Clients of the service will be able to answer important questions about their practice, such as:

● Am I over-staffed, or am I due to hire?
● How do my labor costs compare to other practices?
● How productive are the ODs in my practice?
● Do I have enough space to support future growth?
● How are my key revenue inputs—patients seen and revenue per exam—changing over time?
● Are my marketing initiatives working for my practice?

The improved benchmarking capability allows for comparative reports for owners to put their own practice results into context; layering productivity and cost metrics underneath P&L results, helping practices spot opportunities to cut costs or invest, set realistic goals, and identify strategic investments into business growth; and generate meaningful metrics with minimal practice input.

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