Optometry practice loans help optometrists buy an existing practice or to start a brand new practice. There are several things to consider when you are purchasing an optometry practice that will ensure that you make the most of the optometry practice loans you are eligible for.
Most optometrists will look at the balance sheets when they are buying a practice with optometry practice loans. While you should certainly do this, there is also more to consider. When you are considering a practice, you should also consider whether the practice philosophy is in line with your own.
Are you a proponent of more conservative treatment? Are you able to offer services like cataract surgery? Cataract surgery is expected to expand to about 25 million cases by 2025. If the practice that you are considering has a reputation for performing cataract surgery and it is something that you will not offer, it may not be the right practice for you.
Patients do not like change and they do not like interruptions in the services they are used to. It is important that you consider the type of care that the practice you are considering has to offer.
Fee schedules are another consideration. Does the practice undercharge or overcharge? Either way, it can impact the business end of the practice. Keeping the transition as smooth as possible can get a little tricky when you have a different vision for the fee structure. Primarily, it can mean losing patients.
How has the practice that you are planning on buying with optometry practice loans handled things like collections? How is the office managed? Will the staff stay on or will you have to deal with hiring new staff?
You need to ensure that you are fully evaluating how business is done in practice. Asking pointed questions about staffing, compensation for staffing, and typical day-to-day business practices is essential to ensuring this practice is a good fit.
The devil is in the details, and a lot of information can be gathered by digging a little deeper into the business of the practice. It can help you make informed decisions about which practice is right for you.
If you are uncertain about which practice to buy with your optometry practice loans, consider connecting with a consulting firm that can help. Get the support you need today by contacting our team.