Penn Moody, OD, owner of Moody Eyes in Indianapolis, Ind., is one year into the acquisition of an existing practice that complements his main practice. In a series of candid videos, he shares tips for succeeding at opening a second practice, and he describes processes where ODs often stumble in managing two practices—even after they think they have thought it all through.
Opening a Second Office: Analyzing the Opportunity
Penn Moody, OD, owner of Moody Eyes in Indianapolis, Ind., outlines various scenarios for opening a second practice: starting cold, purchasing an existing practice or joining forces with another OD’s practice. A year into acquiring an existing practice, he shares what he has learned.
Key action points
Do the numbers. Closely analyze short- and long-term potential; make sure the numbers work.
Be sure you can manage it. You can’t be in two places at once. Develop a new working model and develop staff to handle the second office.
Market well. Coordinate marketing and pay attention to details.
Opening a Second Office: EHR and Information Technology
Penn Moody, OD, owner of Moody Eyes in Indianapolis, Ind., outlines the process of consolidating staffing, EHR and IT needs between two practices.
Key action points
Find synergies. Combine medical and vision insurance billing, purchasing, lab work and send staff between locations.
Be the practice leader. The OD-owner should have a presence at the second office, but don’t stretch yourself thin. Know what’s going on, don’t hide in exam rooms.
Integrate systems. Connect systems for billing, EHR and phones to create one whole practice.
Opening a Second Office: Practical Tips to Make It Work
Penn Moody, OD, owner of Moody Eyes in Indianapolis, Ind., details opportunities and challenges in marketing two practices and forging a common marketing message.
Key action points
Send out clear, common message. Design marketing from the beginning and outsource SEO. Patients may be confused by two locations—or they may wish to migrate to the more convenient location.
Capture economies of scale. Combine purchasing, request volume discounts and preferred customer status from vendors
Manage finances closely. Stay on top of finances with regular reviews. Examine staffing costs and adjust, if needed.
Penn Moody, OD, is owner of Moody Eyes, a two-location practice in Indianapolis, Ind. To reach him: penn@moodyeyes.com
