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 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 eye care practices (OD and MD) and The Growth Cooperative seeks to align our participating practices into larger, multi-location practices, contracted care networks and referral systems. This coordination and consolidation of care coupled with intensive training, 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 legal staff will incorporate numerous small practices into a single, larger practice at no charge to you. In exchange, we seek a three year management services agreement (no ownership) with the new group practice. We seek to create:
- Consolidated practice with $8 million or greater in annual revenue
- OD/MD 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.