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An Independent Optometrist’s Guide to Rebuilding After COVID-19

As COVID-19 tightened its grip around every business in our industry, companies’ true colors were revealed. Most attempted to bail water out of their sinking ship and into yours, aggressively pursuing collections and running every “promotion” they could think of to steal your business’s much-needed lifeblood.

Pivotal Group was not one of those companies.

Even as our future was uncertain and we stared down furloughs alongside the rest of our members, our focus never waivered. We continued doing everything within our power to help independent optometrists.

We released a comprehensive SARS-CoV-2 Survival Guide, and now as we all attempt to define our “new normal” in the wake of COVID-19, we’re providing this guide to independent optometrists in an effort to help your business recover as quickly as possible.

The focus of this guide isn’t how to logistically recover from COVID-19 (e.g. implementing breathshields, where to source facemasks, enabling social distancing etc.). This guide focuses on financially recovering from the economic downturn caused by the pandemic, and ensuring you’re insulated from similar events in the future.

We didn’t create this exclusively for Pivotal Group members. Every independent optometrist in the United States will experience a sensational recovery if they closely follow the steps outlined within these pages.

However, since Pivotal Group members receive the most affordable lab pricing in the country, the cheapest stock lens pricing anywhere, frames that allow for twice the typical markup, and several other negotiated discounts and benefits — all WITHOUT sacrificing quality or membership fees — we hope you’ll consider becoming a member for free today.

 

How to Use this Guide

“How long are you going to wait before you demand the best for yourself?” – Epictetus

Most optometrists who stumble across this guide will never revisit it. They’ll skim it, have an “aha” moment or two, and return expeditiously to their comfortable status quo. They’ll see it as the mountain of work it is, and instead of beginning by removing one bucket of rocks at a time, they’ll simply turn back to how they’ve always done things.

As business owners, most of us recognize that growth is rarely easy. It’s often rife with struggle and pushes us beyond our limits. This guide is no exception.

Following this guide will not be painless or quick. It will take weeks to implement and months (if not years) to perfect. Before you begin, however, it’s best to get a clear picture of what can be achieved if you approach this mountain, bucket-in-hand, and start shoveling rocks.

Any doctor following this guide will soar past whatever heights they once thought were impossible for their business. Record days, weeks, and months will be regularly crushed across every KPI that drives your business’s health. You WILL become one of the most profitable optometry clinics & opticals in every region you operate and, through those profits, be able to serve your patients better than ever before.

We are confident in this statement because our founders did it in their businesses prior to founding Pivotal Group, and we have hundreds of members who have used our methods to accomplish it in theirs.

If you’ve ever questioned whether the traditional model of independent optometry is flawed and sought a “better way,” allow us to change you and your loved ones’ lives with this step-by-step blueprint.

NOTE: Pivotal Group members can request free assistance from our Support Department and team of Member Advocates when implementing this guide in their own businesses.

 

Table of Contents

  • Step 1: Build a “War Chest” for the Efforts Ahead by Collecting Any Money You’re Owed
    • 1.1 Collecting Patient Accounts Receivable
    • 1.2 Collecting Insurance Accounts Receivable
    • 1.3 Collecting Rebates & Incentives from Manufacturers/ Suppliers
    • Wrapping Up: Collecting Accounts Receivable
  • Step 2: Evaluate Whether the Traditional Approach to Independent Optometry Is Right for You
    • 2.1 Bloated, Overpriced Brand Names
    • 2.2 Inefficient Supply Chains
    • 2.3 Dependence on VCPs
    • 2.4 Traditional Buying Groups & Alliances
    • Wrapping Up: Reconsidering the Traditional Approach to Optometry
  • Step 3: Gather and Understand Your Business’s Key Performance Indicators (KPIs)
    • 3.1 Independent Optical KPIs
    • 3.2 Industry-Leading KPIs to Aim for Over the Coming Months
    • Wrapping Up KPI Discovery: “Is that it?!”
  • Step 4: Improve Clinic-Side Conversations to Create Opportunities for Your Optical Staff
    • 4.1 Improving How You Sell from the Chair
    • 4.2 Improving the “Handoff” to Your Optical Staff
    • Wrapping Up: Improving Clinic-Side Sales Practices
  • Step 5: Improve Optical Operations to Improve Performance
    • 5.1 Re-Evaluate Your Optical’s Brand Strategy
    • 5.2 Optimize the Time Spent with Each Customer
    • 5.3 Improve Your Sales Method/ Approach
    • 5.4 Whenever Possible, Don’t Let Managed Care Dictate the Sale
    • Wrapping Up Optical Process & Sales Improvements
  • Step 6: Dramatically Reduce Your Cost of Goods
    • 6.1 Seriously Reevaluate Branded Lenses
    • 6.2 Don’t Let Pricing Gimmicks Pull the Wool Over Your Eyes
    • 6.3 Dive Into Your P&L and Purge Any Unnecessary Expenses
    • Wrapping Up: Dramatically Decrease Your COGS
  • Step 7: Aggressively Re-Negotiate the Relationships You’d Like to Keep
    • 7.1 Try to Find the “Floor” and Don’t Accept Anything Less
    • 7.2 Don’t Hesitate to Leverage Others’ Offers to Spur Competition
    • 7.3 See If the Supplier Will Cut Conveniences for An Added Discount
    • Wrapping Up: Renegotiating Relationships You’d Like to Keep
  • Step 8: Overhaul Your Supply Chain with Everything You’ve Learned
    • 8.1 Tough Decisions: Do You REALLY Want to Keep Doing Business with All of Your Current Suppliers?
    • 8.2 Educate Your Staff on Any New Brands & Workflows You’re Introducing
    • 8.3 Consider Implementing Bonuses/ Incentives Tied to New Supplier Adoption
    • Wrapping Up: Overhauling Your Supply Chain
  • Step 9: Take Control of Your Business Rather Than Being at the Mercy of Your Staff
    • 9.1 Evaluate the Quality of All Prospective New Suppliers Yourself
    • 9.2 Commit to Constantly Track and Optimize Your KPIs As the New Changes Kick In
    • 9.3 Set Your Staff (and Yourself) Up for Success
    • 9.4 Evaluate Whether Individual’s Positions Are What’s Best Within Your Business
    • 9.5 Be Willing to “Clean House” If It’s What’s Best for Your Practice
    • Wrapping Up: Taking Control of Your Business
  • Step 10: Evaluate Revenue Opportunities You Haven’t Seriously Pursued Before
    • 10.1 Opting Out
    • 10.2 Edging In-House
    • 10.3 Learn How to Correctly Bill Medical
    • 10.4 Learn New Medical Diagnoses & Management
    • 10.5 Consider Adopting Telemedicine
    • Wrapping Up: Pursuing Revenue Opportunities You Haven’t Seriously Considered Before
  • Final Thoughts: Building a Stronger Independent Business Than You Ever Thought Possible

Phone: (800) 819-2084 | Email: support@trypivotal.com

Address: 1508 Dessau Ridge Ln Ste. 806 | Austin, TX 78754

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