Exit Strategy: Retail to Private

[WMHandCTI]

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Need some advice from current docs that have transitioned from being employed at a retail practice to running their own private practice (anyone out there?) or anyone that wants to chime in. Basically, I may have an opp for a full-time position at a retail practice where I see patients, but don't really handle much of the business/overhead/insurance part. Being a new doc, seeing patients is challenging enough, but I am worried that I will not grow very much as a clinician once I do get the flow of things. Also worried about gaining the experience needed to run a private practice.

If offered an employed spot, I am looking to maybe stay on for 2 years to pay off some bills and save cash for my own practice. Is this a good exit strategy? Should I stay on longer or shorter? Other than seeing patients, what are some things I can do in the retail practice that could help me for my own practice? Should I hold out for being employed at a private practice?

Any advice would be much appreciated.

Thanks.

 

[KHE]

Need some advice from current docs that have transitioned from being employed at a retail practice to running their own private practice (anyone out there?) or anyone that wants to chime in. Basically, I may have an opp for a full-time position at a retail practice where I see patients, but don't really handle much of the business/overhead/insurance part. Being a new doc, seeing patients is challenging enough, but I am worried that I will not grow very much as a clinician once I do get the flow of things. Also worried about gaining the experience needed to run a private practice.

If offered an employed spot, I am looking to maybe stay on for 2 years to pay off some bills and save cash for my own practice. Is this a good exit strategy? Should I stay on longer or shorter? Other than seeing patients, what are some things I can do in the retail practice that could help me for my own practice? Should I hold out for being employed at a private practice?

Any advice would be much appreciated.

Thanks.

The best exit strategy is probably to not even enter in the first place. I would continue to pursue a private practice position. If you can not, then try to find a part time gig private and do the rest of the part time commercial.

 

[eyestrain]

Yeah, I agree with KHE. I think your proposal sounds like the perfect setup for the proverbial "golden shackles".

 

[WMHandCTI]

I was thinking about the "Golden Shackles" thing, but I feel that my financial discipline is pretty good. With that said, even with the best discipline in the world, would you still advise against working retail to earn some cash to save for my own practice?

What do you guys think about this article below?

"What we learned about corporate optometry"
http://findarticles.com/p/articles/mi_qa3921/is_200508/ai_n14905207/

Thanks for your responses.

 

[NCiDOC]

I was thinking about the "Golden Shackles" thing, but I feel that my financial discipline is pretty good. With that said, even with the best discipline in the world, would you still advise against working retail to earn some cash to save for my own practice?

What do you guys think about this article below?

"What we learned about corporate optometry"
http://findarticles.com/p/articles/mi_qa3921/is_200508/ai_n14905207/

Thanks for your responses.

If you are truly being honest with yourself and you do have the financial discipline to continue living maybe better than you did as a student but not extravagantly, then I think your plan has legs.

I would tell you to write it up just like a business plan. How much can you earn in retail versus private? If it is significant, then take the extra dollars and pay down your debt as fast as you can. (Assuming you have either student loans or credit cards). Then start putting away 3-6 months worth of pay in some type of interest earning account for a cushion that you can perpetuate long term.

Once you have that money in the bank, start saving for the practice. When you go to a bank to ask for a loan to open your practice, you will need to show them how fiscally responsible you are. It is a tough time to get a loan. However, from my sources, Optometry practices are just about to be on the list with dentists that banks are more favorable towards. Meaning, presently, dentists can pretty much get a 100% loan with nothing down to open a practice because they cash flow so well.

Be specific on your goals - short, intermediate and long term - about how you are going to transition. Revisit the plan every 6 months to a year to make sure you are staying on task and not getting "shackled".

If you are unsure of how you will be able to run the business side of the practice, you are not alone. However, there are a ton of resources to be had these days to help with that. PM me if you want me to list some of those avenues.

Private is another way to go but it just depends on what your goal is and how the numbers work more in your favor. Look closely at any non-compete that you sign with either retail or private practice.