Business Managment Question

[girlscallmepogi]

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How much business managment skills would you need in order to have your own successful practice in optometry? It's not so difficult where someone who doesn't have a vast understanding of financial/business would just decide to work for a salaried place, is it?

Thanks.

 

[Richard_Hom]

How much business managment skills would you need in order to have your own successful practice in optometry? It's not so difficult where someone who doesn't have a vast understanding of financial/business would just decide to work for a salaried place, is it?

Thanks.

Much about private practice hinges on your likability and the 3 "A's": ability, affability and availability. Without the above three, I don't believe that any amount of business courses can completely rectrify these deficits.

Most optometrists who enter solo private practice or private practice or any type of practice where all of the energies will result in all of the rewards require business skill.

In this regard, optometry schools are overwhelemed by the usual course studies and can only start your business management education. Some students can learn much from doing an externship or clinical rotation at a private office or may have worked in a private office in their pre-doctoral years. This actually is one of the most ideal ways to get some practical knowledge and skills.

For other students, taking additional business courses from a junior college or even pursuing an MBA might be advantageous although it may seem far fetched at the present time with huge student debts.

And finally,there are consultants that you can hire that can certainly simplify and ease the path to successful private practice.

In summary, business skill and the 3 "A's" will help you to success, but the eventual result is still in the student's hands.

IMHO of course,
Richard Hom, OD,FAAO
San Mateo, CA

 

[cdh86]

Up here in Canada, there are a few options that I've seen OD's go into...

Some doctors start from scratch, with a dollar store appointment book, and end up building up a practice (I know many doctors who still see their first patient they ever had -- 25 years ago). Others enter into a partnership with a company (IRIS Optical), where the company handles the 'business' side, but it's a 50/50 partnership.

I think it also depends on your community....I would think that it would be harder to start your own practice in the middle of a big city, where the 'in-and-out' places might be used more, than if you were the only OD for a rural area...

IMO.

 

[stompy]

For other students, taking additional business courses from a junior college or even pursuing an MBA might be advantageous although it may seem far fetched at the present time with huge student debts.

Dr Hom,

I'm hoping you wouldn't mind going into this topic a little further. I'm seriously considering doing a joint OD/MBA program as I'm actually preparing for my GMATs. While I expect to come out of optometry school with roughtly $100k in debt (and an additional $30k if I do this program), I would like to know what your thoughts are on this particular scenario.

I was told that this joint program is available for the first time, so there's no way I could find people who went through it. However, I think you mentioned you have a MBA before? How has it helped you in your practice and/or what kind of opportunities would one with both an OD and MBA have in the future?

Any light is appreciated. Thanks.

 

[HOLLYWOOD]

Dr Hom,

I'm hoping you wouldn't mind going into this topic a little further. I'm seriously considering doing a joint OD/MBA program as I'm actually preparing for my GMATs. While I expect to come out of optometry school with roughtly $100k in debt (and an additional $30k if I do this program), I would like to know what your thoughts are on this particular scenario.

I was told that this joint program is available for the first time, so there's no way I could find people who went through it. However, I think you mentioned you have a MBA before? How has it helped you in your practice and/or what kind of opportunities would one with both an OD and MBA have in the future?

Any light is appreciated. Thanks.

You do not need an MBA to run a practice. What you need is some experience and some business courses/books.

 

[HOLLYWOOD]

How much business managment skills would you need in order to have your own successful practice in optometry? It's not so difficult where someone who doesn't have a vast understanding of financial/business would just decide to work for a salaried place, is it?

Thanks.

No. Just remember think like a businessman not an optometrist.

 

[Richard_Hom]

(..) However, I think you mentioned you have a MBA before? How has it helped you in your practice and/or what kind of opportunities would one with both an OD and MBA have in the future? (...)

The opportunities will mainly accrue outside the conduct of your own private practice. I am not in private practice n ow but have parlayed the business background and education to obtain a non-optometry job. Of course, such a circumstance isn't usually designed from the beginning but occurse by chance or design after many years of practice.

I qualified for an SBA loan for my first office because of a requirement to take some "business classes" at the local JC. I thought why not go for a degree. It was rough for 7 years (part time). But it has been helpful for my business consulting and job opportunities.