Practice Transitions

Right Buyer = Flexible, Accommodating Work Life

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By Hal Frankel, OD

May 22, 2019

The independence of private practice is rewarding; particularly as it relates to how to best serve patients. But it also can be incredibly time-consuming and exhausting, leaving little time for family and interests outside of the office.

Last year I decided to sell my practice to MyEyeDr., and I discovered through the process, how important it was to find that right partner. With MyEyeDr., I am now concentrating solely on patient care. Seeing patients without the additional headache of practice management concerns like staffing and billing has been a welcome relief.

Say Goodbye to One Person Doing It All
As practice owner you have to wear so many hats that it can feel like a one-person show. You are managing staff training and payroll, while also staying on top of practice instrumentation needs and maintenance, and ensuring that patient flow processes are as efficient as possible.
The beauty of finding a partner like MyEyeDr. is you are able to be the doctor you always wanted to be, improving patients’ lives, without having to be distracted by management concerns.

Reduce Your Administrative Work Load
Before I sold my practice to MyEyeDr. I was working six days a week in office and putting in long hours on the weekend. That added up to about 70 hours a week of work, with around 30 percent of that time devoted to administrative tasks like payroll and financial management.
I now am working around 32 hours per week. That means I can still provide patient care, but in a more focused way, in which I have the time to devote myself to having thorough, in-depth conversations with each patient, to really understand and meet their needs.

Better Doctor Focus Means Better Patient Care
I can talk in a more relaxed way with patients in which I’m not always watching the clock. I chat with them enough to discover their weekend boating hobby, for which they could benefit from polarized prescription sunwear, or I can learn that they haven’t been able to spend as much time outside gardening because of ocular allergies.

I might also hear about their difficulty driving at night due to diminished vision, or that they had to give up a needlepoint hobby because their near vision is no longer sharp enough.

When your only concern is patient care, and your schedule has been freed from administrative tasks, you have the time and focus to get to know your patients. It is at that point, where having a true understanding of the patient and their needs, is when I can really be that trusted clinical provider, and provide the best patient experience.

Sell to a Company That Wants to Be Your Partner
Many buyers are not concerned with the needs and preferences of the seller. In the case of MyEyeDr., there is a process by which the expectations of the seller are thoroughly explored.

For example, I was asked, and was able to fully explain, the amount of involvement in the practice I wanted to have after the sale, including the number of hours I wanted to continue working, and the relationship I wanted to maintain with my patients.

I also was able to express concerns about how my staff would be treated after the sale, and the kind of work life they could expect. At every step of the way, I found that my desires and needs were readily understood and matched by MyEyeDr. I never felt that I was just a seller. It seemed that they wanted to partner with me in growing the practice and sustaining a high level of patient care.

More Time for Family & Community Involvement
The freed up personal time from the sale of my practice has given me the chance to spend more time having fun with my family and giving back to my community. I was gratified to find MyEyeDr. enthusiastic about continuing the charitable endeavors my practice had been involved with for years. And with my more flexible schedule, I am able to participate even more fully than I had before in these good works.

For instance, we had provided free vision exams at eye shelters and schools and offer special-consideration vouchers for the needy to get eye exams and glasses at reduced prices; and I am happy to say we are continuing that practice at MyEyeDr.

My own life has become more enjoyable and fulfilling, and my doctoring has become more focused and even more capable of delivering superior care.

There has been no down side to the sale of my practice to MyEyeDr. Both my patients and myself are better off because of it.

 

>>Click HERE to learn more about MyEyeDr.>>

 

Hal Frankel, OD, practices at Family Eyecare of Bolingbrook, a practice he sold to MyEyeDr. last year. To contact him: hal.frankel@myeyedr.com 

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