The day of the solo practitioner is quickly becoming a relic of optometric history. Much like the solo pharmacist in the corner drug store of the past, the ability to create better value by lowering costs, increasing patient flow, expanding services and amortizing administrative costs over a greater number of doctors is derived from larger and larger group models (not necessarily corporate models) with strategic locations in a market. “In the last few decades, the proportion of physicians (primary care) in larger groups has grown. Several factors have contributed to this move from smaller groups. Larger practices offer more administrative support, which can help with adoption and meaningful use of electronic health records as a driver of Medicare incentive payments; they also facilitate physicians’ participation in population-based healthcare incentive programs, and in general, younger physicians, who represent an increasing proportion of the physician workforce, tend to prefer working in larger practices.”
Equipment is expensive. Retail space is expensive. Staff is expensive and keeping staff, even more so. Currently, these expenses are supported by a single or small number of care providers in each practice. There are few, if any, economies of scale. In any given market, there are many (sometimes too many) eye care practices. The Growth Cooperative seeks to align these practices into larger, multi-location practices, contracted care networks and referral systems that utilize the power of WE. Not in the DNA of most optometrists, this model requires work and a different approach to the practice model (working with others instead of by yourself). This coordination and consolidation of care coupled with easier AOD recruiting, broader service offerings and intensive marketing will soon create dominant eye care providers in each of the markets we serve.
We offer an alternative. Our staff will assist you and your colleagues in incorporating numerous small practices into a single, larger practice at no charge to you. In exchange, we seek a three year management services agreement with the new group practice. We seek to create:
- Consolidated practice with $5 million or greater in annual revenue
- OD combination practices only
- All initial partners are shareholders in the new corporation
- The corporation is obligated to buy back shares from any retiring or resigning partner at a pre-determined formula
For those who seek to be captains of their care brand, this model keeps you in the driver’s seat of a very successful practice environment. Learn more. Invite us to dinner. Download our Consolidation ebook.