OwnerRX Podcast with Alan Pentz The Power of Niche BPO: How Ankit Patel is Disrupting the Optometry Industry
May 8, 2024
55:27
In this episode of The Small Business Mentor, host Alan Pentz interviews Ankit Patel, owner of optometry practices and founder of My Business Care Team, a vertical-specific BPO for the optometry industry. Ankit dives deep into the economics of optometry practices, from average revenues and profit margins to the key expense ratios to monitor.
He then shares how acquiring multiple practices opened his eyes to the power of offshoring, leading him to build offshore teams for his own practices in the Philippines, centralizing functions like call centers and billing. Seeing the transformative impact, Ankit launched My Business Care Team to help other optometry practices leverage offshore talent, cutting-edge AI, and proven processes to streamline back office operations.
The result is a tech-enabled, vertical-specific BPO that Ankit believes represents the future of outsourcing - niche, high-value services rooted in deep industry expertise. Ankit and Alan riff on the game-changing potential of this model and why generalist outsourcing providers will struggle to compete.
If you enjoyed this episode, make sure to subscribe, rate and review on Apple Podcasts, Spotify and Google Podcasts. Instructions on how to do this are here.
Quotes:
He then shares how acquiring multiple practices opened his eyes to the power of offshoring, leading him to build offshore teams for his own practices in the Philippines, centralizing functions like call centers and billing. Seeing the transformative impact, Ankit launched My Business Care Team to help other optometry practices leverage offshore talent, cutting-edge AI, and proven processes to streamline back office operations.
The result is a tech-enabled, vertical-specific BPO that Ankit believes represents the future of outsourcing - niche, high-value services rooted in deep industry expertise. Ankit and Alan riff on the game-changing potential of this model and why generalist outsourcing providers will struggle to compete.
If you enjoyed this episode, make sure to subscribe, rate and review on Apple Podcasts, Spotify and Google Podcasts. Instructions on how to do this are here.
Quotes:
- "We basically went from using 14 people to do the same amount of volume that we can do with 6 in-office now...because we're able to take so much off their plate and do back office tasks."
- "Our whole job is - you outsource your processes to us. We're really good at phones - everything inbound, outbound communication, back office tasks like insurance, verification, billing, revenue cycle management - those type of things we're good at."
- "A lot of our practices are looking for expansion...they can self-fund more growth versus having to take on debt right now. And they can get debt, but it's going to be expensive."
Episode Resources:
- Ankit Patel on LinkedIn
- My Business Care Team
- Bloom's Taxonomy
- Requisite Organization (Elliott Jaques)
- Alan Pentz on LinkedIn
- Corner Alliance Website
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