Optometry's Bleak Future

[optsuker]

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Never thought I would be saying this, but I'm officially on-board with those who will no longer advise anyone to go into optometry.

I still love being an optometrist and made $300k+ in my multi-site private practice last year, but I've talked to many successful OD's who agree & actively discourage students from pursuing optometry. For the last few years I've stated that it would be difficult to get to where I am, now I think it would be nearly impossible.



Multiple factors why, but almost all of them center on the oversupply of OD's that will be graduating soon, and opening of new programs that see optometry education as a profit center. A few observations:

• The baby-boomer demand spike is for the most part, a myth. Many boomers are already presbyopes and the currently practicing OD's could easily see 20-25% more patients. Technology and delegation will further increase my ability to see more patients per day.
• Health care reform will probably decrease reimbursement rates. Example: This year, the fee for an OCT (rapidly becoming a standard of care test. Cost: ~$60K) was cut in half.
• Good jobs are scarce already. I hired an associate this year & had 17 applicants in 1 week. I can foresee hiring 2 OD's @ $60K instead of 1 @ $120K. Try paying $150K loan back on that!
• Having 5-6 new programs will mean there will be several hundred accepted that previously would have been rejected. There's a good chance that several of these new schools will not be accredited and their grads will be unable to bet licensed anywhere.
• The best & brightest are going realize what's going on & will chase other fields. The whole profession will be "dumbed down" & students never passing boards will become a common occurrence.
• If opticians are ever allowed to refract independently, there will be 10,000 Walmart/EyeMart OD's kicked to the curb the next day. It would hurt me too, but it will devastate my commercial brothers.

Sorry to be a downer, but this is stuff Western's cheerleader admission staff isn't going to bring up.

 

[physicslover]

dosen't every other health profession have downsides as well? I mean obviously optometry is a bit different but I'm sure everyone could come up with a list like that for every profession.

There are many cons to optometry as noted above but there as also many benefits. Hopefully the people pursuing the career understand the risks and benefits that come along with it and have weighed their options before dedicating their, time, money and effort into it.

 

[blackhole2]

Do you think there are other health professions that do not face such a bleak future?

 

[socal2014]

 

[Shnurek]

• Good jobs are scarce already. I hired an associate this year & had 17 applicants in 1 week. I can foresee hiring 2 OD's @ $60K instead of 1 @ $120K. Try paying $150K loan back on that!
• Having 5-6 new programs will mean there will be several hundred accepted that previously would have been rejected. There's a good chance that several of these new schools will not be accredited and their grads will be unable to bet licensed anywhere.
• The best & brightest are going realize what's going on & will chase other fields. The whole profession will be "dumbed down" & students never passing boards will become a common occurrence.

Can you please provide more details such as your general practice locations? You might be near an optometry school or a bigger city therefore more applicants. Also remember the economy is still not up to the norm yet.

I work as an ophthalmic technician/medical technician for an ophthalmologist and a vascular surgeon during my gap year and they told me they hope their kids do not pursue medical school. The father's exact words were, "being a doctor is not what it used to be."

So I feel that all fields are experiencing their issues and honestly I don't really care how much profit I make when I graduate. Once you get above 75k and are able to pay off all your bills the curve for salary vs happiness begins to level out. I am getting this from some psychological articles I read.

 

[dee39]

Yikes! Way to get a rookie like myself worried..

 

[IndianaOD]

[/LIST]
Can you please provide more details such as your general practice locations? You might be near an optometry school or a bigger city therefore more applicants. Also remember the economy is still not up to the norm yet.

I work as an ophthalmic technician/medical technician for an ophthalmologist and a vascular surgeon during my gap year and they told me they hope their kids do not pursue medical school. The father's exact words were, "being a doctor is not what it used to be."

So I feel that all fields are experiencing their issues and honestly I don't really care how much profit I make when I graduate. Once you get above 75k and are able to pay off all your bills the curve for salary vs happiness begins to level out. I am getting this from some psychological articles I read.

How are you going to pay off your bills at 75k? Have you really done the math? You do realize you have to pay for your own insurance and retirement right? No pensions for optometrists, this is not a government gig!

 

[blazenmadison]

Never thought I would be saying this, but I'm officially on-board with those who will no longer advise anyone to go into optometry.

I still love being an optometrist and made $300k+ in my multi-site private practice last year, but I've talked to many successful OD's who agree & actively discourage students from pursuing optometry. For the last few years I've stated that it would be difficult to get to where I am, now I think it would be nearly impossible.

You forgot online eyeglasses.

 

[ABaverage]

Yikes! Way to get a rookie like myself worried..

lol then it worked.

 

[optsuker]

dosen't every other health profession have downsides as well? I mean obviously optometry is a bit different but I'm sure everyone could come up with a list like that for every profession.

There are many cons to optometry as noted above but there as also many benefits. Hopefully the people pursuing the career understand the risks and benefits that come along with it and have weighed their options before dedicating their, time, money and effort into it.

Do you think there are other health professions that do not face such a bleak future?

Being a physician extender is where the most promising future lies. NP, PA, CRNA are the degrees if encourage students to pursue instead now.

Physicians, especially specialists, don't have near the risk OD's have because they're not in a legislated license situation.

We're already seeing a RN fallout. About 5 years ago there was a true nursing shortage. A whole lot of schools quickly developed a nursing program, and now there are lot of new RN's who cannot find a job.
This is what's going to happen to OD's in about 5-10 years. the big difference is an RN can come out with a $200/m student loan payment. It might be 10X that for an OD.

 

[optsuker]

[/LIST] Can you please provide more details such as your general practice locations? You might be near an optometry school or a bigger city therefore more applicants. Also remember the economy is still not up to the norm yet.

I work as an ophthalmic technician/medical technician for an ophthalmologist and a vascular surgeon during my gap year and they told me they hope their kids do not pursue medical school. The father's exact words were, "being a doctor is not what it used to be."

So I feel that all fields are experiencing their issues and honestly I don't really care how much profit I make when I graduate. Once you get above 75k and are able to pay off all your bills the curve for salary vs happiness begins to level out. I am getting this from some psychological articles I read.

I'm nowhere near an opt. schoo and 100 miles from the nearest big city.

Many specialists have regrets about the huge time demand that kept them away from their family, so they don't wish that for their kids, but they still love what they do. The multiple layers of bureaucracy is what they don't like.

The $75K happiness study seen in Time & elsewhere doesn't account for huge educational loans. It usually reflects that $75K will probably let you live slightly better than your neighbors, thus the feeling of security/accomplishment. A $150-200K anchor around your neck will take this away.

 

[physicslover]

I think it depends on what you are expecting out of it. I can understand how I may grow more and more bitter towards what little benefits I reap out of this degree I am paying so and so for, not being able to find a job I like, etc. But, in the end, optometrists are given the lifestyle they want, have independence, a respectable position in society and make a decent living. Physicians may have a more profitable future but I already knew that when I was going into optometry anyway, I chose to pursue optometry because it was something I was interested in.


Although it may not be the smartest decision on a financial viewpoint, I still believe I will get what I expect out of the degree. Maybe I am too naive at this point, and when I have graduated I will have a different viewpoint but at this point, that is how I feel.

I can understand why you are advising students to go into another more profitable profession but the reason I am choosing to go into optometry is because of personal preference and of life style.

 

[optsuker]

I think it depends on what you are expecting out of it.....Although it may not be the smartest decision on a financial viewpoint, I still believe I will get what I expect out of the degree. Maybe I am too naive at this point, and when I have graduated I will have a different viewpoint but at this point, that is how I feel.

I can understand why you are advising students to go into another more profitable profession but the reason I am choosing to go into optometry is because of personal preference and of life style.

Agree with most of what you are saying, but I fear what you're expecting will be far from your reality.

I should be optometry's biggest promoter! & until a few years ago I was.
I love going to work each day, make a very comfortable living and have a great, flexible lifestyle. Adding ~400 extra bodies into the OD workforce every year is going to make it nearly impossible to mimic my career.

Commercial OD's (more than 50% of you will fall into this category whether you like it or not) will go the way of pharmacy. Flat payscale and your hours will be dictated by a bean-counter.
I'm already seeing what the OD glut is doing to practices like mine. Instead of adding partners and selling/retiring @ 60, we'll, just hire a string of employee OD's for bottom dollar that will have no chance for ownership. Owners will retire from practicing & just profit from an abundance of cheap labor.

It's not the future I want for me or you, thus my efforts here.

 

[IndianaOD]

Agree with most of what you are saying, but I fear what you're expecting will be far from your reality.

I should be optometry's biggest promoter! & until a few years ago I was.
I love going to work each day, make a very comfortable living and have a great, flexible lifestyle. Adding ~400 extra bodies into the OD workforce every year is going to make it nearly impossible to mimic my career.

Commercial OD's (more than 50% of you will fall into this category whether you like it or not) will go the way of pharmacy. Flat payscale and your hours will be dictated by a bean-counter.
I'm already seeing what the OD glut is doing to practices like mine. Instead of adding partners and selling/retiring @ 60, we'll, just hire a string of employee OD's for bottom dollar that will have no chance for ownership. Owners will retire from practicing & just profit from an abundance of cheap labor.

It's not the future I want for me or you, thus my efforts here.

Well stated. I honestly have no motivation for discussing these realities on here other than to help a younger generation make a more informed decision.

I feel it is far too easy to get caught up in the OD school and AOA propaganda.

Back when I was shadowing ODs (a little over 11 years now) I shadowed a successful private OD in my hometown. He liked what he was doing and made a good living. At 65 years old he just opened up a satellite office in a small nearby town. I asked him why and he said his primary practice has completely stagnated because so many ODs are practicing in the area.

This rural area (a town of 18,000 with no attractions besides a failing economy and farmland) has 8 or 9 optometrists and 3 ophthalmologists! This is an hour drive from my current practice. It is usually accepted that 1 O.D. per 10,000 population is about right.