Practice Transitions

The Practice Sale that Will Help You Thrive in a Managed-Care Environment

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By Catherine M. Ferentini, OD

Oct. 16, 2019

Managed care, along with other pressures, like online retail and competition from optical chains, makes thriving as an OD challenging. When I sold my practice in April 2018 to MyEyeDr., I found the support I needed to be the best–and most fulfilled–doctor I could be.

The Many Reasons to Sell–to the Right Buyer
There were many reasons to sell. The first was that I had three locations with staff that had been with me for many years. They were advancing in their skill-sets, but did not have more opportunity for progression in my company. MyEyeDr. offered them more opportunities and better benefits. As a single owner of three large practices, I was fearful that if something happened to me, they would not be OK.

I had 60 employees, which meant 60 families, all depending on me to be there and make good decisions. If I was not there I was afraid they would leave and the practice that I built alongside of them would die with me. I also wanted to ensure my retirement. Lastly, I looked down the road at the future landscape of optometry, and saw the need for additional support.

With insurance reimbursements getting lower, cost of goods getting higher, payroll expenses increasing, and employee challenges requiring an outside human resources expert, I was getting tired of fighting for every penny to make sure that my net profits could continue to grow.

With all of that pressure, and so much to be gained, selling to MyEyeDr. was an easy decision.

A Buyer Who Provides a Boost to ODs

Managed vision care initially started out as something to help private practitioners attract new patients by increasing health and vision care access. Reimbursements for services and materials were very similar to those of private-pay patients. As time went on, however, changes in reimbursements, fees for service, material benefits, and the priorities of employer groups shifted the focus from access and accessibility to cost control and margin.

MyEyeDr. helps practices grow by taking on these plans and negotiating better rates with them. MyEyeDr. also has maximum buying volume, which lowers the cost of goods significantly.

The Ability to Continue Providing High-Level Care
I practice much the same as I did before the sale. I still get involved, and speak up to help MyEyeDr. ensure my patients receive the most optimal care. I practice 30 hours per week, and am highly involved in management discussions.

My practices came with more advanced technology than what many private practices have. When MyEyeDr. bought my practices, they knew that we have to go forward with technology, not backwards.

MyEyeDr. continually explores the ever-changing technology breakthroughs so that each OD can practice according to the latest advancements in optometric care. It’s challenging to do this with over 500 practices, but MyEyeDr. is dedicated to being the best leader it can be in optometric medical care.

I have proudly been serving my patients utilizing my privileges as an advanced therapeutic doctor of optometry. In the State of Connecticut, where I practice, our therapeutic laws are among the best. I hope to continue to push forward with new technologies that allow for better patient care by screening for early detection of disease like glaucoma and macular degeneration.

My efforts are helped greatly by MyEyeDr., which is synonymous with eye health care, and not just optical shops. This makes being the greatest doctor I can be much easier for both me and my patients.

 

 

Catherine M. Ferentini, OD, is based in Rocky Hill, Conn., practicing in three MyEyeDr. practices in the area. To contact her: catherine.ferentini@myeyedr.com 

 

 

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