Buying a Practice vs Starting a Practice

[qwopty99]

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What is the best bet way to become a successful PP owner in a saturated city in the current optometric environment?

 

[KHE]

For those of you PP owners, is it better to buy a practice (at an elevated cost presumably) or start cold? Though there are aesthetic advantages to it, I don't know if I have the nerve to start cold. That said, established practices cost money, and good practices cost a lot of money.


What is the best bet way to become a successful PP owner in a saturated city in the current optometric environment?

There are obvious pros and cons of each. I do not work in a saturated urban environment so I can't speak for that other than to say I believe it is a mistake to try to practice there.

However, if you insist....you are likely better off buying a practice than starting one cold in that environment unless you really offer something incredibly different or unique than any of the other hundreds of practitioners out there.

 

[qwopty99]

There are obvious pros and cons of each. I do not work in a saturated urban environment so I can't speak for that other than to say I believe it is a mistake to try to practice there.

Ouch...

However, if you insist....you are likely better off buying a practice than starting one cold in that environment unless you really offer something incredibly different or unique than any of the other hundreds of practitioners out there.

sigh.

 

[drbizzaro]

Hi folks

I'm starting a lot of threads this weekend for some reason. Anyhoos, a question for the graduates and PP owners out there...

It dawned on me recently that I think I want to be a private practice owner in the long run. Since graduation, I've dabbled in private practice as an associate, worked in ophthalmology, taught and done academics, and even did two terms of grad school. That said, it seems the only self-sustaining business model in optometry is to actually be an owner (with ODs working under you as associates). Otherwise, in all other job models, you only make money when you do the exams YOURSELF. I'd like to be in a situation where others make money for me


That said, I'm as pessimistic as anyone about the prospects of starting a private practice in a saturated urban center, which is where I will always chose to live. I've seen two classmates of mine open up together, and three years later, it's still struggling to get off the ground.


For those of you PP owners, is it better to buy a practice (at an elevated cost presumably) or start cold? Though there are aesthetic advantages to it, I don't know if I have the nerve to start cold. That said, established practices cost money, and good practices cost a lot of money.


What is the best bet way to become a successful PP owner in a saturated city in the current optometric environment?

A few things to consider. First of all, where are you located? In which state?

If you are not situated in the United States, things are very different.

 

[jefguth]

Hi folks

I'm starting a lot of threads this weekend for some reason. Anyhoos, a question for the graduates and PP owners out there...

It dawned on me recently that I think I want to be a private practice owner in the long run. Since graduation, I've dabbled in private practice as an associate, worked in ophthalmology, taught and done academics, and even did two terms of grad school. That said, it seems the only self-sustaining business model in optometry is to actually be an owner (with ODs working under you as associates). Otherwise, in all other job models, you only make money when you do the exams YOURSELF. I'd like to be in a situation where others make money for me


That said, I'm as pessimistic as anyone about the prospects of starting a private practice in a saturated urban center, which is where I will always chose to live. I've seen two classmates of mine open up together, and three years later, it's still struggling to get off the ground.


For those of you PP owners, is it better to buy a practice (at an elevated cost presumably) or start cold? Though there are aesthetic advantages to it, I don't know if I have the nerve to start cold. That said, established practices cost money, and good practices cost a lot of money.


What is the best bet way to become a successful PP owner in a saturated city in the current optometric environment?

It's very much possible to make a go of it anywhere, even in the over saturated cities. A number of my attending's have in the past couple of years opened very successful private practices in urban Chicago... which is notoriously over saturated.

Now I have to assume that you're talking about doing this in Toronto? I think there are quite a number of competitive advantages to be had by doing things MUCH different from all the other OD's in Ontario. I think if you take a listen to anything Dr. Angle at IRIS has to say you'll know what I mean. Furthermore, in Canada you have the added advantage of targeting your practice to those patients that are private pay - not covered by OHIP or any managed care.

 

[qwopty99]

I guess you've listened to an IRIS talk.

I have no serious doubts that the IRIS model will work well in Toronto. That said, that isn't really a "private practice". Yes, it isn't 100% commercial, but to call it a "private practice"' is a stretch as well. Keep in mind, I didn't talk about "making money" - I started the thread asking about having a successful private practice.

 

[AwesomeSauce]

Seek out Dr. Richard Kattouff. He can give you the best advice (you'll pay for it, but It will be worth it.)

 

[KHE]

Seek out Dr. Richard Kattouff. He can give you the best advice (you'll pay for it, but It will be worth it.)

I have spoken to about a dozen (former) clients of his and not a single solitary one would recommend him as a consultant. My experience was brief but also negative.

You have obviously had a more positive experience. What happened in your situation?

 

[jefguth]

I guess you've listened to an IRIS talk.

I have no serious doubts that the IRIS model will work well in Toronto. That said, that isn't really a "private practice". Yes, it isn't 100% commercial, but to call it a "private practice"' is a stretch as well. Keep in mind, I didn't talk about "making money" - I started the thread asking about having a successful private practice.

I'm not advocating that you go and start an IRIS franchise, but certainly you've seen how OD's in Ontario shoot themselves in the foot? If your goal is to have a tired office at the end of a hallway in a professional building or in a basement in chinatown with staff dressed in wrinkled scrubs then by all means, but that would not be my idea of a successful private practice - that's mediocre.

 

[stonegoat]

I realize that some people love large urban centres...in fact most, obviously . However, I would consider looking for a great location to practice first. That may be in a smaller centre. In the end, you will make more $$ and be able to travel to Toronto and have a glorious holiday.