Finances

Five Practice Pearls from a Community of ODs

By Lisa Shin, OD

June 22, 2016

Networking, online or in person, with fellow optometrists, can give you practical advice on how to better run your practice and better serve your patients.

With numerous challenges facing independent optometry, communication and networking are important. Wouldn’t you want to learn from other ODs, who are also working in the trenches?

In addition to Review of Optometric Business, I have discovered ODWire, an online community, to be my go-to place for optometric networking and guidance. It has over18,000 members andis the longest-running social forum in optometry.

Here are five key points I gathered from my recent participation in this online community, after one member asked what he needed to know to successfully open a practice cold, and these points are essential for every practice.

EHR is Absolutely Essential

This was the advice of several ODs, and I wholeheartedly agree! Paper is expensive, and storage becomes an issue with limited space. Missing patient files has caused many a headache, and there’s nothing worse than an illegible, poorly documented exam form. Don’t forget that your records will become one of your most valuable assets. Besides, it’s the year 2016. ?

Market Aggressively Locally

You should shop local and take your business cards wherever you go. That means the YMCA, school, church, grocery store, restaurants and the medical community. Recently, I distributed an article explaining “pinkeye” to pediatricians and school nurses, which generated many referrals.

Purchase Used Equipment and Furniture

Used equipment that has been refurbished is just as good as new equipment, but at a much lower cost. A retinal camera is a must-have. An anterior segment camera was one of my first and most important upgrades. These are important for documentation, consultation and patient education. Always buy from a reputable company. eBay is always a risk. Look at warranties, and pay extra for shipping and handling. I purchased frame display boards from an ophthalmologist who was closing a satellite office. Even with the cost of shipping and a carpenter for minor repairs, I paid a fraction of what new furniture would have cost.

Do Due Diligence as an Employer

One of the biggest challenges independents face is staff management. How do you cultivate a positive and encouraging work environment with loyal and committed employees? Craig Steinberg, OD, JD, noted the many legal cases ODs have faced involving employees, and he strongly recommended the following for all OD-employers:

  • Written employee contracts with all employees. You must include class action waivers, arbitration clauses, confidentiality and ownership of records.
  • A written policy on sexual harassment.
  • A written policy/procedure manual for HIPAA.
  • An employee handbook. Have a written handbook that establishes rules and procedures for vacation, pay schedules and overtime. Be sure you are in compliance with state laws governing labor.
  • An employee file for each employee. Be sure to get written acknowledgment of receipt of a copy of the employee handbook and policy on sexual harassment and a signed copy of the employee contract, the employee’s I-9 and W-4, the employment application and employee resume. Be sure to include complete documentation of all counseling sessions.
Pursue Outside Interests

A frustrated OD posted: “After becoming depressed reading how our profession is doomed on this board, a thought occurred to me. Would I have any worth in the workforce if I wasn’t practicing optometry?”
While some ODs mentioned other careers, such as a dollar store, a liquor store and car washes, others urged this OD to consider volunteer work and hobbies. Indeed, it is important to find activities that are fulfilling, outside of work, to avoid burn-out. Another OD advised him to focus less on doom, and more on finding opportunities, as success and happiness in life is largely driven by ourselves, not our circumstances.

It’s important to note that an OD degree doesn’t necessarily mean clinical practice, but could open doors with pharmaceutical companies, contact lens manufactures, research and teaching and the insurance industry. Another OD is contemplating a HVAC business, which nets $250,000 annually.

Don’t listen to the naysayers and complainers, but reflect on why you chose optometry, and remember the hard work it took to get your degree. Paul Farkas, OD, the founder of ODWire, warned of the dangers of early retirement. “Beware of going outside of optometry. It is a cruel, competitive world out there. You have the greatest income potential and career future in that valuable piece of paper called your optometry license. The further you move away from your area of expertise, the greater the risk.”

As an optometrist, Cosmo Salibello, OD, had a passion for creativity and innovation. His engineering skills helped him to develop technology for an instrument to prescribe computer lenses. He sold his practice and took his love for cooking to start Cosmo Celebration Sauces. He attributes his service in the U.S. Navy for many of the skills necessary for risk-taking entrepreneurship. He says, “Curiosity, discipline, confidence, compassion, patience, passion and creativity are the qualities which have supported me, as Cosmo Celebration Sauces became a part of my life.”

Do you participate in an online–or offline–community of ODs? What have you learned that has helped you build your practice, and develop professionally?

Lisa Shin, OD, is the owner of Los Alamos Family Eyecare, P.C. in Los Alamos, N.M. To contact: lshinrecall@gmail.com

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