May 16, 2018
With Ryan Powell, OD; Brad Byergo, OD; and Brandon Hunter, OD
Three ODs at the recent Vision Source Exchange sat down with ROB to discuss the process by which they expanded to two, four and 10 locations and transitioned from clinicians to OD-owners/managers. Examined here: the right time to hire an associate, the tipping point for an office manager, and best ways to finance an additional practice location.
Deciding on Strategy & Devoting Resources |
Manage Growth |
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MANAGEMENT TIPPING POINT. At some point, you go from being the primary OD in the practice to needing to devote most of your time to management tasks. COMBINE LOCATIONS. In addition to adding more locations, you can become more profitable by combining two locations into one bigger practice. ADD ASSOCIATE. Sometimes it’s more profitable to add one, or more, doctors to your existing location, rather than opening a new office.
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HIRE MANAGER. When you’re profitable enough to afford to do so, hire an employee whose sole responsibility is business management. IMPROVE PATIENT FLOW & LEADERSHIP. Mentor an associate, so they are able to improve both patient care and staff leadership. CO-OP WITH OTHER PRACTICES. Co-ops of practices, like that provided by Vision Source, enables independent practices to save money and implement strategies for growth.
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Ryan Powell, OD, owns Insight Eyecare Specialties, with eight locations in the Kansas City, Mo., metro area. To contact him: drpowell@ieseyecare.com
Brad Byergo, OD, is the owner of Midwest Eye Associates with four locations in Missouri.
Brandon Hunter, OD, is the owner of Hunter Family Vision with two locations in Kansas.
