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A friend of mine said you could make between 200-300K a year as an optometrist at WalMart.
What do you guys think?
What do you guys think?
A friend of mine said you could make between 200-300K a year as an optometrist at WalMart.
What do you guys think?
Incredibly rare. The only way to pull that off is to be the lease holding doctor and almost certainly with multiple leases.
If you're working for the lease holding doctor, no chance at all.
KHE hit the nail squarely on the head. The situations are rare, and you have to get out of a state with an OD school most likely.
I have three leases, and netted $249,000 last year from Walmart leases. I'm planning on cutting down to two offices after August. I used to work seven days a week, and now down to six days. Maybe in three years I might go down to five days a week. Taking Sunday and Mondays off.
The owner always will make more than associate OD's.
Congratulations on your high NET. Thanks for your contribution to the demise of optometry.
There would be no demise IF private practices would actually pony up and pay new grads something reasonable. Commercial optometry has its place with pro's and con's just as private practice does.
My long term goals are to still open a practice and see patients on my own terms. IMHO, Walmart has been a much more enjoyable experience than Luxottica ever was....
Ryan,
I am curious what you think would be "something reasonable" to pay new grads.
What do you pay your ODs that work at the walmarts that you have the leases on?
Congratulations on your high NET. Thanks for your contribution to the demise of optometry.
If you want, set up shop across from his WMs, sell your services for a dollar less and take all his business away. It's perfectly ethical.
A fair salary is hard to quote exactly. Student loans are ballooning for new grads. When I interviewed with doctors most just wanted an associate (3-4 days a week as an Independent contractor). A buy in to partnership would have to be offered, and 90k plus benefits.
I've heard some awful things about working for commercial type optometry settings (lenscrafters and the like). Is walmart set up differently? you (ryan eye) sound like you operate fairly independently like a private practice. Hopefully this is not off topic, but i have been curious as to how a "walmart optometrist" operates (...i dont have a walmart nearby...can't visit to ask myself....=\)
Anyone want to offer up a guess or a discussion as to how much new business a new grad would have to bring into a practice to cover $90k a year plus benefits?
About 2.5 times the $90k or $225,000 given that fixed overhead remains the same before the new associate came on board. This is where new grads have not a clue as to what it costs to run their own show. It is easy to walk into an already established practice and see existing patients, very few want to take the effort to actually help build their own patient base.
I don't think it would be as high as 2.5 times but you've sort of made the point for me. It costs a LOT more than just salary to bring someone on. Benefits, cost of goods, etc. etc.
Its not easy to just up and start a new practice either. 50 years ago, there was plenty of opportunity to go into a community and start without competition. Now there is much more competition that start ups are becoming fewer and fewer.
The best thing Optometry could do for itself: close 2-4 schools. I believe it would be easier to find opportunities in private practices if the number of OD's was less.
I don't think it would be as high as 2.5 times but you've sort of made the point for me. It costs a LOT more than just salary to bring someone on. Benefits, cost of goods, etc. etc.
I could not agree more. The only problem is that the exact opposite is happening. Three new schools opened last year with more states wanting to open additional schools. Proposals will site that there are a lack of ODs. However, the majority of studies find a need in rural communities only, which is where the majority of young people do NOT want to live. Over saturation is a huge problem for our profession today and only goint to get worse in the future.
A legitimate (non-biased) workforce study is desperately needed. The tools in the AOA won't get one done because they benefit from desperate new grads.
Oversupply is the BIGGEST issue we currently face. Stupid money hungry osteopathic schools just keep opening up new MD schools.
Technically we're not in the same boat you guys are, but at the rate this is going we'll soon have more American grads than residency spots for them. Imagine trying to find a job if you're not even licensed.
I've got nothing against osteopaths personally, I just don't like their schools' philosophies these days.
KHE hit the nail squarely on the head. The situations are rare, and you have to get out of a state with an OD school most likely.
I have three leases, and netted $249,000 last year from Walmart leases. I'm planning on cutting down to two offices after August. I used to work seven days a week, and now down to six days. Maybe in three years I might go down to five days a week. Taking Sunday and Mondays off.
The owner always will make more than associate OD's.
1: Does the current lease holder have the authority to transfer the lease?
+ Are there minimum requirements such as experience and credit score
2: How long does a lease agreement last?
Can Walmart choose to transfer the lease to someone else without your consent?
3: How often is the lease renewed? Meaning how often can the terms of the cost be changed and if so, how does Walmart determine if the lease should go up?
4: Are there any basic Walmart employee requirements?
+ Maximum hours of work
+ Employee medical insurance ect...
+ Staff size
Hours of operation.
5: Is there a standard set of Walmart Optometry Practice documents one can find on the net to review?
6: Is there a need for a separate business cash account for managing employee payment and other practice related costs?
Mike
1: Does the current lease holder have the authority to transfer the lease?
1) no
2) varies, but my guess is most new ones will be 1 year. Wally can term the lease anytime and for any reason. Typically your contract will have a 30 day out clause.
3) as long as wally wants to renew. If anything changes in the contract on renewal it wont be in your favor
4) technically in 2 door states they cant dictate any of those IC terms.......but they do anyway. Hours, vacation, days, holidays, etc.
PS you do realize this threads is an old one
separate from what? your personal account? lol Typically you will incorporate and yes the business will have a "separate" account.
5) Sigh, not really directed at you, but it is very disturbing to me that an OD would feel compelled to scramble and learn how wally expects its ODs to practice. Godam fing lemmings