Practice Ownership Under the Microscope

Exceptional patient outcomes result from the essential combination of medical expertise and competent patient care. As optometrists, we must also consider the efficiency and success of the practices delivering that care. One way to guarantee this is practice ownership. Effective practice management is the cornerstone upon which exceptional patient outcomes are built.

Let’s examine some different aspects of practice management and ownership with a fresh perspective. We’ll discuss why they matter and how embracing these aspects elevates our capabilities to enrich the experience of those who entrust us with their vision.

PRACTICE MANAGEMENT, BROKEN DOWN

The Advantage of Youth (Easy Anyama)

New graduates tend to have an easy time adapting to the latest innovations in health care. Although trends show a decrease in traditional private practices over the past decade, the same trends highlight growth in corporate and private equity-backed practices.¹ This shift suggests eye care is still alive and well. There is a huge advantage to ownership for a new doctor in today’s market; however, more sustainable business models may be needed for future practice owners. Emerging optometrists can succeed, but we must establish new dynamic practices that leverage both traditional values and contemporary advances in health care.

“I Don’t Want to Manage a Business” (Easy Anyama)

After years of intense study, the thought of diving into business management can seem daunting, but in reality, managing a business offers unparalleled control over your professional destiny and the quality of care you provide. Many optometrists I've spoken with made the transition from employment to ownership for the increased job satisfaction and improved work-life balance. This suggests that the challenges of managing a business are often outweighed by the benefits of autonomy and personal fulfillment. Remember: Owning a practice doesn’t mean you have to do it alone. You can hire office managers, partner with another business-savvy doctor, or even join groups such as Vision Source to streamline operations and keep your focus on patient care.

Patient-Centered Focus (Marie Huegel, OD, FAAO)

Working in a private practice can be emotionally fulfilling, as it fosters deep patient connections. However, challenges can arise due to unmet or unrealistic patient expectations, insurance logistics, and managing no-shows or cancellations, which may strain these relationships. Patients desire to feel heard, cared for, and served efficiently. This is a golden opportunity to control these challenges and not only help improve clinic productivity and profitability, but also increase patient retention. The entire staff must be invested in the process in order to produce a successful outcome.

Some strategies to improve clinic efficiency include:

• Implementing technology for online booking, reminders, and rescheduling. This can enhance operational efficiency and reduce no-shows.
• Providing patients with portal access. Offering this perk improves communication and knowledge of the full examination and reduces reliance on phone calls and staff burden.
• Communicating to patients effectively and listening to their needs attentively.
• Ensuring each staff member is genuinely compassionate about their work and committed to patient care.
• Soliciting feedback on patient experiences. Hearing honest comments and criticisms from patients facilitates continuous learning and improvement within the clinic.

Staffing Matters: Expectations and Retention (Dr. Marie Huegel)

There appears to be a changing landscape of work expectations since the COVID-19 pandemic. How can practice owners keep staff focused, engaged, and excited to come to work? Consider the following:

• Engaging staff through involvement and soliciting feedback fosters inclusivity and a sense of belonging.
• Sharing benchmarks and goals enhances clinic performance by keeping everyone motivated and aligned.
• Creating an environment and atmosphere that inspires consistent attendance and dedication is a worthwhile endeavor.
• Employing various strategies to maintain high staff morale makes all the difference, including regular meetings, team-building activities outside the office, opportunities for professional development within the clinic, structured bonus incentives, and other initiatives.
• Ensuring thorough onboarding preparation for every staff member helps them feel confident and well-informed in their roles, thereby reducing the likelihood of burnout.

Navigating the Clinic Environment (Dr. Marie Huegel)

Within a multi-doctor clinic setting, I am challenged to discern my role and contribution. How can I uniquely enrich the team dynamic and contribute to the clinic’s success? Being in private practice and joining a full-time multi-doctor clinic with several locations, there were already a good number of well-established providers and areas of concentration. Trying to start a new area of concentration in this situation can be challenging. As an associate, it’s important to understand your role when interacting with staff members and colleagues, but you can still find opportunities to provide significant contributions. I found myself focusing on an area in which the clinic was lacking (ie, myopia control).

A Customizable Career (Dr. Marie Huegel)

One of the great things about optometry, specifically in the private practice setting, is the autonomy. Having the ability to determine the duration of each patient interaction and the type of exam is a significant aspect. I love medical-based exams and, therefore, always welcome emergency add-ons.

Optometry is such a wonderful profession with different modalities depending on one’s interest. An optometrist’s role in a clinic setting can vary significantly. As times change and technology advances, this opens the door for flexibility in different practice settings that can influence patient and clinic expectations.

Practice Ownership Pays (Easy Anyama)

Although the initial financial investment in starting or buying into a practice can be significant, the long-term financial benefits are compelling. Practice ownership is known to lead to higher earnings compared with salaried positions. In fact, a recent survey² shows a $107,444 difference in salary between the average owner and associate. Over the average 20-year career, this amounts to more than $2,000,000. With the right business plan and financial advice, the economic rewards of practice ownership can far outweigh the initial costs, providing not only a livelihood, but also financial independence.

LOOKING AHEAD

By focusing on these areas of practice management, optometry practices can enhance patient care, improve clinic efficiency, and achieve long-term success in a competitive health care community. As a young optometrist, exploring different opportunities, adopting the right strategies, and adapting to new technologies will transform a practice, enhancing both efficiency and clinic outcomes. Despite the challenges, future practice owners can look forward to a career filled with autonomy, financial independence, and the satisfaction of providing high-quality patient care.

In our next column, we offer a fresh perspective on how technology has changed and shaped optometry.