Small practices have traditionally been difficult to sell, yet they represent a significant number of independent optometric practices in the U.S. Without a reliable means of transition, these practices can end in closure. The small practice used to be defined as $300,000 or less in collected revenues when I first joined Vision One Credit Union 20 years ago. Today it is upwards of $500,000, perhaps more. As there is no formal definition of a small practice, it is more appropriately defined by its characteristics:
• Requiring less than five OD days per week to staff the clinic.
• No revenue growth.
• Inability to compete effectively in the market.
• Less than full scope exams with minimal to no medical.
• Inability to provide an owner OD a full wage based on an associate OD pay scale. Read More