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Vision Source Next: The pathway to optometry practice ownership
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By Adam Reichert, OD
August 28, 2024
The owners of new independent practices need all the support they can get. For me, that invaluable support comes from Vision Source®. From participating in the Vision Source Next program to my ongoing optimization of Vision Source’s industry partnerships and educational resources, I have been given an incredible tool in my drive toward practice success.
In a span of less than five years, I went from a first-year optometry student who had never heard of Vision Source to acquiring a Vision Source office.
In my first fall at Southern College of Optometry, my fellow students and I joined a Memphis, Tenn., practice crawl organized by Vision Source Next. These fun evenings take students to several Vision Source practices where they learn more about the Vision Source network.
After that positive experience seeing examples of successful independent practices, I began searching for my own first practice to purchase. I soon found Winchester Family Eye Care, which I purchased only a year after graduating in May of 2023.
Multifaceted Benefits
Vision Source Next and Vision Source continue to help me as a new practice owner by providing the resources needed to thrive. They offer reduced costs on goods, have equipment vendors with great deals, and overall, they look out for their members.
One of the vital things I learned through Vision Source before becoming a business owner is that opportunities in optometry are abundant across the country if you set your mind to it. No matter how long you’ve been practicing, the opportunity exists for ownership. You don’t have to wait until you’re four or five years out of school to become a business owner—I did it in a little over a year.
The annual Vision Source Exchange conference and ongoing Vision Source events are fantastic to attend because they bring together like-minded doctors who are all willing to help each other succeed. The learning opportunities at these events are great, as they encourage you to return with an open mind and a readiness for change.
For example, at the Exchange, I attended a staffing webinar about virtual assistants, which would be great to implement in my practice as it continues to grow. I also attended breakout sessions about implementing different technologies into the practice to enhance the patient experience and bring additional revenue.
Pathway to Practice Ownership
Vision Source Next serves as a pathway for transitioning from an existing owner to a new owner from the very beginning. There are many practices listed for sale across the country by current Vision Source practicing doctors. This allows buyers to find a practice that suits their needs in their desired location.
The program also provides support from Vision Source professionals like Mick Kling, OD, and Craig Moritz, who assist with evaluating financials and other aspects of the purchase. Now that I am finally a business owner, Vision Source offers many opportunities for continued growth. Their programs are designed to help expand and enhance the eyecare practice.
Career-Long Resources: Matching Potential New Owners with ODs Nearing Retirement
Vision Source Next has a practice profile page that allows doctors who seek to retire in the near future to post information about their practice. Interested buyers can then look into these practices and be connected directly to them through Vision Source. This allows the opportunity to keep the practice private, rather than selling to different companies across the country, such as private equity firms.
Reaching Out to the Next Generation
As a new private practice owner, I haven’t yet had the chance to engage with students across the country, as I’ve only owned my practice for a few months. However, I do want to help students understand the opportunities that lie ahead of them, especially in rural America, where there are great practices for them to work in and thrive.
I would advise young OD students or new-grad ODs: If you are just starting out, don’t be afraid to jump into an opportunity if it feels right. Don’t worry too much about student loans; they won’t affect your ability to purchase a practice. If being a practice owner is one of your goals, you should chase it as soon as possible. Private practice is the heart of optometry, and there’s no better way to practice.
What’s Next?
The next steps for my practice at Winchester Family Eye Care are to continue growing the number of exams and practice overall. I walked into a fantastic opportunity, but there was a slowdown by the selling doctor prior to my purchase. It’s important to let the community know that the office has transitioned and is accepting patients again.
In the next few months and the upcoming year, Vision Source will help me achieve this by providing affordable solutions and allowing me to explore an array of opportunities to grow the practice.
Dedicated Team that Has Your Back
The dedicated team with the Vision Source Next program are exceptional in helping students, young doctors and retiring doctors develop a transition plan. This is truly beneficial not only for private practice, but for optometry as a whole.
Vision Source is the best network of doctors in this country, and I cannot wait to continue working alongside these amazing people for the rest of my career.
Watch Dr. Reichert share more information about his positive experience with Vision Source NEXT.
Adam Reichert, OD, is the owner of Winchester Family Eye Care. To reach him: areichert.od@winfameyecare.com
This article was created using several editorial tools, including AI, as part of the process. Human editors reviewed this content before publication.
