Optometry is more saturated in urban areas and in most towns that have 30-50,000 people. Smaller than 30,000 people in a very isolated location, you'll find less saturation. It can also vary state-to-state. You also have to consider proximity to big box locations, most especially Costco.
I've already been associated with one private practice that went bankrupt and now, I'm associated with a second private practice that's on the verge of going under. I'm independently contracted in this second situation and I'm fairly certain the practice isn't even making payroll. And this is a practice that's been around for 25+ years. Reasons are low reimbursement from Obamacare-type plans.
I think the ROI is too low for optometry. If one graduated with say ... 85K student loan debt, then it's do-able. Personally, I wouldn't go into 200K plus student loan debt unless the starting annual salary is 70% of that total debt. That makes 140K starting? I've NEVER made that. Not in 15+ years of practice.
You might make 120K starting if you've done a residency, or if you prick your finger with a needle and sign a Faustian Contract in blood with National Vision.
If you worked for the prison system, Correctional Eyecare, and examined prisoners, you could make 600 per day. But those jobs are hard. Lots of patients. Mostly just refracting. You also have to commute between prison locations. And you're examining hard criminals. That would be a good way to pay off student loans, but not a job anyone would want permanently. I'd be concerned about my personal safety in that situation.
In a private practice, you could make 115K per year starting salary with benefits (MAX) on the West Coast of the US. And that's assuming 5 days per week. That salary does not meet the criteria of 70% estimated student loan debt.
Back in the day, I graduated optometry school with 75K debt and my first year, I made 80K. I worked 5 days per week on average. I paid off the loan within 5 years. So, back when I graduated, optometry certainly was worth it!
I'd never in a million years do it knowing I'd graduate 225K in student loan debt ... especially given the fact that you can't claim student loan debt in a Chapter 7 bankruptcy. (Well, you can, but only a small percentage like 30% of the total student loan debt, and that's if you get a good bankruptcy attorney). I mean, you graduate with a "mortgage!!"
A much better ROI would be a technical program such as Medical Imaging. You can go into Nuclear Imaging, or Ultrasound, or echocardiography. You usually graduate with a 5-6 year BS degree. Sometimes a Masters? Not sure. And they make starting out around 70K per year. If you went to an in-state and state-sponsored school, you'd pay undergraduate tuition of around 15K per year tuition and fees. So that makes 90K per year. You'd be 150K in debt if you didn't work and didn't get any sort of grants or scholarships. According to my formula you'd have to make 105K starting to justify it ... but that's a high estimate of debt in that sort of program. More reasonable would be 125K debt for a technical BS degree, or even a PA program. In that case you'd need to make 88K to justify the debt according to my formula and that's pretty close.
Advantages to not being a doctor: lower malpractice, less responsibility, less CE requirements, lower student loan debt, less time in school, and no call coverage! So why on earth would you want to become a doctor in this climate when being a tech is so much better???
To justify 225K in debt you'd need to make a little over 150K gross annual starting salary to justify the debt and you won't do that with optometry. For example, in the VA system, the highest paid level of OD would make 156K. Starting salary in VA for an optometrist (new grad) would be around 65K. You could work up to 156K but after many, many years of practice combined with a residency. Like 15 years plus residency.
In a saturated city in the US you might make 75K as an optometrist your first year. That's a realistic number for most OD's.
I'm also hearing "through the grapevine" that optometry schools are lying to students, telling them they can make 225K per year starting salary. That's not true! I recently came across an advertisement for a glaucoma specialist (ophthalmologist) that was 225K per year starting salary. Not for an OD! I mean, seriously??? Are they talking Euros? Or pesos? So if you've heard someone from your optometry school telling you this, it's a bunch of bologna -- As is in total BS.
Sorry. This profession kinda su*ks. It used to be awesome 20 years ago! I mean, really promising and awesome.
