Discounting
What percentage can you discount off a second pair?
Up to 50%
What does "COGS" stand for?
Cost of Goods Sold
What is the "Exam to Employee" ratio?
4 to 1 (Rule of Thumb)
Your office reports total revenue of $500,000 and total costs of goods sold (COGS) of $300,000. What is your gross profit?
$200,000
How much of your revenue percentage target must your practice achieve to qualify for a team bonus?
100%= $125
Who should process an employee's "Annual Pair" benefits?
Manager or DM
Operations Report (Discounting Report)
What two contributing factors play a role in managing staff wages?
What is the percentage goal for staff wages?
16% or Less
What is the Capture Rate practice target?
75%= $50
Where would you find the "Discount" Report?
Monthly Operations Reports or PM Group in Outlook (e-mail)
What are the two materials that have a lower profit margin?
Luxury Frames & Contact Lenses
When cutting team members' hours same day how many hours are required to be compensated?
ex. 8hrs shift, 4hrs will need to be compensated for. (Unless a team member volunteers to leave earlier)
What is the percentage goal for OD salary?
13% or Less
What is the Retinal Imaging target?
70%= $25
What discount percentage amounts should be reviewed in the discount report and approved by a manager?
Anything greater than 50%
What is a healthy COGS percentage?
<25%
No less than 12 comp exams. (4 to 1 ratio)
What is the 4-Wall percentage goal?
25%
70%= $25
How do you price-match contact lenses while using the patient's insurance?
What materials fall under COGS?
Frames, Lenses, Contact Lenses & Discounting, Pair50 & Remakes.
Labor Allocation Report
What is the percentage goal for Gross Margin?
75%
What is the total at-risk team member monthly bonus amount?
$250 per full-time employee