If you are getting ready to finish optometry school, or if you have recently graduated at are starting as a young associate optometrist, you are probably considering your career options. For a long time, your career path has been put in front of you. You graduated high school, went to college, and went to optometry school. Now, you have options, so what do you do next?
Even though you might be more comfortable as a salaried optometrist, you must consider the benefits of buying or building around practice as well. What are some of the top benefits of optometry practice ownership? Take a look at a few of the biggest benefits below, and work with a team that can help you put yourself in a position to be successful.
If you decide to own your own optometry practice, there are several benefits you will enjoy. They include:
You Get To Make the Decisions
The first benefit of owning your own practice is that you are in charge of all of the decisions. You get to decide whether you want to operate on your own, take on partners, or hire salaried optometrists to help you. You might even decide to hire professionals with different sets of skills so that you can offer specialty treatment options.
You get to decide what type of optometric assistant you work with, what equipment you purchase, and where you put your building. If you are someone who enjoys making all of the decisions, then you may want to take control of optometry practice management by buying, building, and owning your own practice.
Another major benefit of owning your own optometry practice is that your earning power will increase significantly. If you are a salaried optometrist, your pay is dictated by the owner. You make as much as your contract says, and you might have opportunities for bonuses here and there.
If you own your own practice, your pay is dictated by your work hours and the patients you see. You can generate multiple income streams. Some of the ways you can generate money as a practice owner include:
It is up to you to decide how hard you want to work and how much money you want to make. When you own your own practice, your earning potential is almost limitless.
When you own your own optometry practice, you also make your own schedule. If you want to work on the weekends, you can do so. If you decide to take the weekends off, you can do so!
If you want to go on vacation, you don't have to worry about getting it approved by anybody else. You can simply take the day off, tell the practice manager not to schedule any appointments, and enjoy your free time. If you decide that you want to work during the holidays, you can certainly do that.
You can also make other people's schedules. If you decide to take on a few partners, you can ensure that you have coverage for the practice at all times. Optometric practice management software makes it easy for people to see everyone else's schedules, which can streamline your practice management processes.
There are a lot of responsibilities that come with owning your own optometry practice, but there are also lots of tax benefits you can claim. This can help you save a significant amount of money. You can take advantage of asset depreciation to offset tax liabilities, and you might be able to deduct certain business expenses.
Some of the most common tax deductions you might be able to claim include:
Even though there are a lot of tax deductions you might be able to claim, it is always important for you to work with a tax professional to make sure you claim the right deductions without leaving money on the table.
As an independent practice owner, you will also develop stronger relationships with your patients. When you own your practice, you know that your patients are the lifeblood. Without your patients, there is no business. This will incentivize you to get to know your patients better, which will help you foster patient loyalty. This will convince them to come back to schedule future appointments.
Furthermore, when you own an independent practice, you can avoid the anonymity of a large corporate structure. Your patients will know that they are working with you, not a large conglomerate, and they will appreciate your efforts just a bit more. If you want to get to know your patients better, you should consider owning your own practice.
Even though you should certainly save money for retirement, you also have a built-in retirement plan in the form of your practice. When it is time for you to retire, you can sell a successful optometry practice for a significant amount of money, giving you a nice Nest Egg you can live off of for the rest of your life.
You may decide to sell the optometry practice to somebody else, such as one of your partners. Then, you may decide to sell the building as well, which is just like selling your house. The building could also be worth a significant amount of money, which can help you fund your retirement.
If you decide to open your own optometry practice, or if you decide to buy one, you can design your practice in a way that reflects you and your values. You can practice optometry the way you want, which should bring you a greater degree of job satisfaction.
When you own your practice, you are in control of your hours, the number of patients you see, your hiring practices, and the equipment you use. You can customize your practice to strike a work-life balance that is right for you. If you decide to switch to a part-time schedule down the road, you can do so. If you want to change the way the office is laid out, you can make these changes. If you want to open your practice in a specific location, you can do so.
If you want to maximize your job satisfaction, you should consider owning your own optometry practice.
The Options Available for Owning Your Own Optometry Practice
If you want to own your own optometry practice, there are several options available to you. They include:
These are a few of the top options available if you want to own your own optometry practice. There are benefits and drawbacks to every choice, and it would be our pleasure to help you work through them.
Work With Dental and Medical Counsel if You Want To Own Your Own Optometry Practice
Regardless of whether you are already practicing or still in school, you need to work with professionals who can help you on your ownership journey. At Dental and Medical Counsel, we are a professional law firm that focuses on helping optometrists with all ownership needs. Contact us today to talk more about what optometry practice ownership looks like for you.
About Ali Oromchian, Esq.
In addition to practicing law for almost 20 years, Ali is also a renowned speaker, throughout North America, on topics such as practice transitions, employment law, negotiation strategies, estate planning, and more! Ali has helped hundreds of optometrists realize their professional goals and looks forward to aiding you in navigating the legal landscape.
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