Optometry is over. Really. 12 years into it and I'm more convinced than ever that a successful career in optometry is getting more and more impossible. The heyday of optometry was in the 1970's with us having a monoply on eyeglass and contact lens sales. Today, you are competing with everyone and their brother. We are on the downside of the bell curve as a profession. Our entire profession is bought and paid for by politicians. OMDs and opticians could do everything we do.
Let's see. Who are we competing with: Other ODs (one on every corner), OMDs (one on every other corner), pediatricians, family docs, PA/NPs, Lenscrafters, Pearle, JCPennys, Sears, America's Best, 1-800 contacts (and 100 other online CLs sellers)....etc.......AND WALMART. What mom-n-pop place can compete with Walmart? Very few! All of these groups are actively competing with us for every little red eye and EVERY pair of glasses and CLs sold.
There are so many optometrists today that we are only 40% booked. ODs are seeing 10-12 pts per day when they could easily see 20+ (based on all the technology we have). 10 pts per day was fine in 1975 when every pt HAD to buy glasses from their OD or buy $400 conventional contact lenses. I have old records from an OD back then and my numbers are true. The exam was $40 but the average optical sale was $350!
Today you will be lucky to get $60 for an eye exam with Walmart advertising $40 eye exams in their parking lot 'shopping cart corral signs'. For the priviledge of getting your $40 reimbursment you will have to hire a full-time insurance person to file, re-file and then re-re-file the claims. Then she will have to spend 45 minutes in the phone trying to track down why you weren't paid your $40. Then, if you are lucky, your $40 (or $16....whatever the insurance company feels like paying you) will arrive 65 days after you have seen the patient. In the meantime, you patient will have purchased their contact lenses on-line, for less then you can purchase them wholesale. They will find the exact same glasses you sell for 50% off at the ever-present 50% off sale at Lenscrafters (except all they do is boost the price up 75% and then have the sale but your patients don't realize this).
And you can't blame your patients for trying to save money. It's what any normal person would do. But as an OD you will nickle and dime every vendor you have to give you the best price on equipment and optical goods.......but then you will be pissed when a patient wants to walk with their Rx because they can get their contact lenses $5 cheaper elsewhere. Then you will be a hypocrite.
Now with a new school opening every few years, the oversupply will get much, much worse. And the only solution your national association has is to make every OD spend thousands of dollar to become 'board certified' which is a joke to every real board certified specialist in the world. It will mean ZERO! to you, your knowledge and your bottom line. No one cares!
You will have incredible staff turnover because you will not be able to pay them enough or offer them enough benefits. If your really good at training, you will be graciously providing your local OMD center with some really well trained staff. And make no mistake, as back stabbing as most of the OMDs will be, your fellow ODs will do ANYTHING they can go take a patient from you. Why? Because there are not enough patients to go around.
Saying all this, I have done well in optometry so far. Well, financially well that is (while focusing primarily on the medical side of things). And that's certainly not a bad thing. Otherwise, it's mind-numbing work. Unfortunately I see the writing on the wall. Optometry is losing our optical lifeline and we CAN NOT (with a few exceptions here and there) make a living on services alone (without being a OMD refractionist I mean).
Finally, the nail in the coffin-- It's only a matter of time before the all- mighty WALMART realizes they can make MUCH more money having opticians do all their eyeglass and CLs refractions (while sending a retinal image to India for interpretation). I mean, wouldn't you do that if you were them?
If I had to do it again, I'd run away from optometry. It's greatly oversaturated practing by 1975 standards. By 2011 standards we have 70% more ODs then we currently need.
But good luck. Many ODs out there will agree with me (except the brand new ones and the ones living off daddy's trust fund and refracting for pleasure). The student will ignore me. More power to you. You will find out soon enough. Paying off $250,000 school loans no fun.
Let's see. Who are we competing with: Other ODs (one on every corner), OMDs (one on every other corner), pediatricians, family docs, PA/NPs, Lenscrafters, Pearle, JCPennys, Sears, America's Best, 1-800 contacts (and 100 other online CLs sellers)....etc.......AND WALMART. What mom-n-pop place can compete with Walmart? Very few! All of these groups are actively competing with us for every little red eye and EVERY pair of glasses and CLs sold.
There are so many optometrists today that we are only 40% booked. ODs are seeing 10-12 pts per day when they could easily see 20+ (based on all the technology we have). 10 pts per day was fine in 1975 when every pt HAD to buy glasses from their OD or buy $400 conventional contact lenses. I have old records from an OD back then and my numbers are true. The exam was $40 but the average optical sale was $350!
Today you will be lucky to get $60 for an eye exam with Walmart advertising $40 eye exams in their parking lot 'shopping cart corral signs'. For the priviledge of getting your $40 reimbursment you will have to hire a full-time insurance person to file, re-file and then re-re-file the claims. Then she will have to spend 45 minutes in the phone trying to track down why you weren't paid your $40. Then, if you are lucky, your $40 (or $16....whatever the insurance company feels like paying you) will arrive 65 days after you have seen the patient. In the meantime, you patient will have purchased their contact lenses on-line, for less then you can purchase them wholesale. They will find the exact same glasses you sell for 50% off at the ever-present 50% off sale at Lenscrafters (except all they do is boost the price up 75% and then have the sale but your patients don't realize this).
And you can't blame your patients for trying to save money. It's what any normal person would do. But as an OD you will nickle and dime every vendor you have to give you the best price on equipment and optical goods.......but then you will be pissed when a patient wants to walk with their Rx because they can get their contact lenses $5 cheaper elsewhere. Then you will be a hypocrite.
Now with a new school opening every few years, the oversupply will get much, much worse. And the only solution your national association has is to make every OD spend thousands of dollar to become 'board certified' which is a joke to every real board certified specialist in the world. It will mean ZERO! to you, your knowledge and your bottom line. No one cares!
You will have incredible staff turnover because you will not be able to pay them enough or offer them enough benefits. If your really good at training, you will be graciously providing your local OMD center with some really well trained staff. And make no mistake, as back stabbing as most of the OMDs will be, your fellow ODs will do ANYTHING they can go take a patient from you. Why? Because there are not enough patients to go around.
Saying all this, I have done well in optometry so far. Well, financially well that is (while focusing primarily on the medical side of things). And that's certainly not a bad thing. Otherwise, it's mind-numbing work. Unfortunately I see the writing on the wall. Optometry is losing our optical lifeline and we CAN NOT (with a few exceptions here and there) make a living on services alone (without being a OMD refractionist I mean).
Finally, the nail in the coffin-- It's only a matter of time before the all- mighty WALMART realizes they can make MUCH more money having opticians do all their eyeglass and CLs refractions (while sending a retinal image to India for interpretation). I mean, wouldn't you do that if you were them?
If I had to do it again, I'd run away from optometry. It's greatly oversaturated practing by 1975 standards. By 2011 standards we have 70% more ODs then we currently need.
But good luck. Many ODs out there will agree with me (except the brand new ones and the ones living off daddy's trust fund and refracting for pleasure). The student will ignore me. More power to you. You will find out soon enough. Paying off $250,000 school loans no fun.
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