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Starting an optometry practice is a significant and impactful decision. You need to think about many things. Being prepared and doing your research before diving in is essential. To ensure your optometry practice startup is successful, you must know the steps to take for the best odds.
We are here to help you learn what you need to set up your optometry practice. We will guide you in the right direction for success.
We will give you the steps to take next. We will share insights to help you understand starting an optometry practice. We will also provide our best tips for a successful optometry practice startup.
Understanding the Optometry Industry
No doubt exists that after nearly a decade of training, you know your optometry inside and out. However, opening an optometry practice startup requires more than just optometry knowledge. Also, a business exists in a complex industry. That means you’ll need to understand basic business principles.
You can utilize free resources from expert sources like Google and Forbes. Google provides many free business content to help you get started and stay on the right track, including financial and marketing courses. Forbes knows their business finances. Use their articles and video content to learn from other experts in your industry.
Thinking about who can gain the most from starting an optometry practice is essential. Decide if this includes you. Three basic categories of people would benefit most from an optometry practice startup.
- New Optometrists: This is an excellent opportunity if you have just finished medical school and can afford to start your practice.
- Experienced Practitioners: If you’ve been practicing for quite a while and working at a hospital, clinic, or someone else’s practice and want more independence, this might be the right move for you.
- Investors: Many don’t consider optometry practice startups when looking for an investment opportunity. However, they’re a great choice and exceptionally lucrative one. Many optometrists start with med-school debt, and all their money goes to that for years.
They need money to begin once they are ready to start their practice. Specialized equipment, office furnishings and supplies, and overhead costs are available for purchase. Optometry offers substantial financial rewards, so you can also make plenty of profit.
If you fall into any of these categories, you might be the perfect fit for an optometry practice startup.
Developing a Solid Business Plan
Unless you have a few hundred thousand dollars in cash, you’ll need some financing for your business. Many different options exist for you to explore. Business loans, personal loans, grant opportunities, investor partnerships, and more exist.
To secure funding, you’ll need a detailed business plan. Creating a business plan lets you think about key parts of starting your optometry practice. This includes market research and management practices. You might not have thought about these yet, but they are essential to plan.
Your business plan will help show investors or lenders that you have a solid idea. It will also serve as a roadmap to guide you through each step of the process.
A traditional business plan is much longer and more detailed, but it’s worth the extra effort. It includes things investors want, which a lean startup plan does not. It also gives you a clear blueprint to follow. As your business grows, you’ll have a guide to follow rather than figuring it out on the spot while running your business.
Before starting an optometry practice, you mustn’t skip this step, even if you don’t need funding. You don’t want to lose all your investments. This can happen if you don’t think ahead or forget key factors.
Legal and Regulatory Considerations
You must follow federal, state, and local regulations. The federal government says you need a Doctor of Optometry (O.D.) degree. You must also obtain a license to practice in your state. They also have a code of commercial fair practice rules for optometrists that lays out the rules you must follow to run your practice.
Each state also has its requirements. For example, Florida requires a named optometrist.
This person will be legally responsible for following all federal and state rules. That person must be the signatory on all business documents and prescriptions. Florida also requires obtaining a permit from the Department of Health.
You must keep your license to practice in your state and keep it up to date in compliance with state regulations. For example, Pennsylvania requires 30 minimum hours of continuing education every two years. The types of education you need depend on the procedures, treatments, or medications you plan to provide.
The types of services, procedures, treatments, and medications you plan to provide define your scope of practice. The requirements vary by state, so check your state requirements.
Permits required to open a clinic may also vary by state. The federal government and individual states have regulations regarding Medicare and Medicaid, such as a national provider identifier. States also provide insurance rules that you must have to operate a clinic or optometry practice startup.
Check your state’s requirements and rules. Make sure you follow all the laws that apply to your practice. You may want to seek expert legal counsel to help you do this.
Selecting the Right Location
There is a reason “location, location, location” is a real estate mantra. Choosing the right location can be a complex process. Many factors need consideration, and you must balance them all to find the right place.
You can open your optometry practice startup in a small town without one to avoid competition. However, this will also limit the number of potential patients as well. Opening it in a busy city street will attract more potential patients. However, it will also raise competition.
You want to find somewhere that has little competition but high visibility. You should think about whether your optometry practice will focus on a specialty. This could be treating glaucoma or selling luxury eyeglasses. This can help you find a place with more of your target group, like people over 65 or those with high incomes.
Having a niche can also help differentiate your practice. Many other optometry clinics may be nearby, but they may target different demographics based on their specialty services. Starting an optometry practice in the right location gives you the best chances of success.
Setting Up Your Practice
Once you have a location, you must turn it into an optometry practice startup. This means designating a waiting area, a reception area, exam rooms, and an office. Then, you’ll have to get the right furniture, office supplies, diagnostic tools, equipment, and technology.
The optometry supplies you need will depend on the services you plan to offer and your available space. You will need an exam chair in each examination room. You also need the proper imaging and diagnostic equipment to diagnose the conditions you want to treat.
You’ll require the right equipment if you plan to provide Lasik procedures. You’ll also need other optometry products to fit your needs. It is essential to review all the conditions and procedures you plan to treat and offer.
Be detailed and consider every step of a normal visit and every step of the diagnostic process. Then, consider every step of the treatment plans for the conditions you work on. Write down all the equipment you’ll need for each. Then, find a reputable supplier to provide what you need.
It’s essential to stay on the cutting edge of optometry technology. Patients want the best care and the most advanced treatment options, and having the most up-to-date equipment allows you to remain competitive.
Building Your Team
Once your office has all the furniture you need for your optometry practice, you must fill the necessary roles. Like it or not, you can’t do everything yourself. Starting an optometry practice means having two full-time jobs: Optometrist and business owner. You can’t also do the books, answer the phones, and organize the files.
Since it’s impossible to do it all yourself, you’ll need the right team of people to help you. Before starting the hiring process, you must know what positions you must fill.
Specific Roles
Every optometry practice startup will have unique staffing needs depending on their size and services.
Some Roles to Consider:
- Optometrists: First, consider if you plan to hire other optometrists to work at your practice. Are there any areas of optometry that you don’t practice? It might be helpful to hire someone who does. As your business grows, you may need to add more optometrists to keep up with demand.
- Technicians: The specialized diagnostic and treatment equipment you purchase may require a specialized technician. Ensure you have enough technicians available whenever you need them.
- Receptionist: You’ll need someone to answer the phone, make the appointments, and keep your calendar.
- Office Management: Do you need someone to help organize the office, file documents, and manage office supplies? Is your practice still small enough that your receptionist can do it? Do you need someone else to ensure that these administrative tasks get done?
- Bookkeeper: You don’t want to DIY your finances. Hire a professional to ensure that your books are in order.
- Custodial Personnel: As an optometry practice startup, you’ll need a sterile environment and equipment. You’ll also need someone to mop the floors, empty the trash, and clean the bathrooms. You can hire a janitor or a cleaning service. Cleaning services that specialize in medical environments also exist.
The Importance of a Quality Team
Starting an optometry practice is not an easy task. Having the right team of people by your side can make all the difference.
You’ll need them to be experts in their areas of responsibility. You also want to consider the friendliness of patient-facing personnel. You want to create a pleasant environment with welcoming people.
Your receptionist is your business’s first point of contact with patients. They will take the phone calls and check in the patients. If they aren’t pleasant to interact with, patients may not return.
Marketing and Growing Your Practice
Social media marketing is a must in today’s business landscape. Younger audiences use social media to research doctors before making any calls. You can also work with other businesses to start a referral network. You may want to take out Google Search, social media, print, and traditional marketing ads.
Learning about marketing and handling it yourself is possible. However, you will be extremely busy.
You may want to hire a marketing expert or firm to handle it. They’ll know the best methods for the broadest reach and best ROI. Even medical clinic marketing specialists exist.
Start Moving Forward
It’s time to take action. Too many people dream of starting an optometry practice but never do anything about it. They put it off until tomorrow or when they have more time. Then they wake up one day, and years have passed without any forward momentum.
No matter what your next step is, take it today. Whether you need to research, make a business plan, find a location, or start an optometry clinic, do it now. Even a tiny step is a significant achievement if it’s a step in the right direction.
Matthew Strachovsky, M.D.
Dr. Strachovsky's undergraduate training began in Boston, Massachusetts at Boston University and was completed at Stony Brook University in Long Island, NY. There he graduated Summa Cum Laude, obtaining a Bachelor of Science degree in Biology with special recognition for academic achievement.
He continued his education at Stony Brook School of Medicine and graduated with the additional designation of the "MD with Recognition" program. He worked as an intern in Internal Medicine at Winthrop University Hospital in NY and pursued a residency at Stony Brook University Hospital in Ophthalmology acting as Chief Resident in his final year. He completed his fellowship training in Vitreoretinal disease with a major emphasis on the diagnosis and management of retinal vascular diseases under the direction of Dr. Michael O'Brien at Koch Eye Associates in Rhode Island.
Dr. Strachovsky has presented research at the annual Association for Vision and Research in Ophthalmology meeting and published articles in journals including, Investigative Ophthalmology and Visual Science and The Journal of Neuro-ophthalmology.
Dr. Strachovsky's professional interests include the management of Age-Related Macular Degeneration and diabetic eye disease. He is Board Certified in Ophthalmology and a member of the American Academy of Ophthalmology, American Society of Retina Specialists, Young Ophthalmologist Network, and Leading Physicians of the World.
" I believe that the physician/patient relationship is more important than ever. Being an Ophthalmologist allows me to help patients and build a foundation of trust, knowledge, and professionalism when it comes to eye care".