10 Year-End Tips to Wrap Up Your Optometry Business Finances Like a Pro
As the year draws to a close, it’s the perfect time to tidy up your finances and set your optometry business up for success in the new year. We’ve tailored this checklist specifically for optometry professionals who are ready to finish strong, streamline their processes, and maybe even squeeze in a few extra tax deductions. Whether you’re an independent OD, own a clinic, or manage a multi-location practice, these practical steps will help you start 2025 with a clear vision.
1. Audit Subscriptions – Is Your Software Helping, or Hurting?
Start by checking your software subscriptions. Whether it’s practice management software, patient engagement platforms, or additional tools, assess what’s essential and what you can do without. Eliminate any unnecessary subscriptions, and look into discounts for annual plans if you’re sticking with certain services.
2. Evaluate Your Top Revenue Sources – A Clear View of What’s Working
Take a close look at which services, treatments, or products were the top revenue drivers. Do contact lens fittings outperform routine exams? Are your eyewear sales up? By understanding what’s working, you can focus more energy there in 2025 and potentially adjust pricing for lower-performing areas.
3. Organize Receipts and Expenses – No More Lost Deductions
Organizing receipts might be tedious, but it’s crucial. Create specific categories (equipment, office supplies, patient care materials) to make tax season easier. Start a digital file system to track your expenses in real-time, so you’re ready when it’s time to claim those deductions
4. Consider Year-End Equipment Upgrades
If you’ve been thinking about upgrading equipment, such as a new OCT or a digital phoropter, doing so before the year ends can maximize tax deductions. Section 179 of the tax code allows you to write off equipment costs, which could lower your taxable income while modernizing your practice.
5. Review Your Fees and Adjust as Needed
It’s a good idea to review your fees for services and products at least once a year. Look at your costs and profit margins, then consider raising rates to keep up with inflation or added expenses. This small adjustment can protect your bottom line without impacting patient satisfaction.
6. Analyze Product Sales for Better Inventory Management
If you’re selling eyewear, contacts, or other products, break down the sales numbers. Identify which products were most popular and which ones might be gathering dust. Consider adjusting inventory orders or switching suppliers to cut costs and make space for what sells best.
7. Organize Patient Files and Digital Records
Year-end is a great time to ensure that all patient files are in order and stored securely. Organize digital records by type, date, or treatment. This not only helps you stay compliant with privacy regulations but also improves efficiency for the busy months ahead.
8. Back Up Important Data – Avoid Digital Disasters
Patient records, financial data, and appointment schedules are the backbone of your business. Make sure everything is backed up securely on a cloud service or external storage. Regular backups can help you avoid costly disruptions in case of tech failures or unexpected issues.
9. Plan for a Quarterly Review in 2025
Set up a quarterly check-in schedule for yourself or your team to review finances, assess patient volume, and track revenue sources. Regular reviews allow you to address issues as they arise and keep your optometry business moving forward with a proactive mindset.
10. Create a Cash Flow Plan for Q1 – Stay Ahead of Seasonal Trends
Q1 can be slow for some practices, especially if patients have met insurance deductibles in Q4. Outline a plan to manage cash flow, budget expenses, and ensure that you’re financially prepared for the start of the new year. With a solid plan, you’ll avoid surprises and keep your business steady.
By following these practical steps, you can wrap up 2024 with confidence and start 2025 prepared. Ending the year organized helps you see clearly into the future of your business—pun absolutely intended. So, let’s make 2025 the best year yet for your optometry practice!
