By Chris Hobson, OD
Feb. 5, 2020
Deciding to sell your practice is a huge decision. Deciding on the right buyer for your practice is an equally big, important choice to make. The continuity of care for your patients is at stake, as well as the quality of your work life and your family’s financial well-being.
When my practice partner and I made the decision to sell two years ago, we did our research and met with competing practice groups. During this process, we were fortunate to find a partner, MyEyeDr., that has exceeded our expectations.
The Importance of an OD-Focused Company
As my partner and I did our diligence researching different practice management groups, we couldn’t help but notice that many organizations leaned heavily toward the needs of ophthalmologists rather than the specific needs of optometrists. We have observed the tendency of those practices to focus less on ODs, and we knew we did not want the same for ourselves or for our patients. We liked that MyEyeDr. was OD-centered, and focused on providing resources and experience specific to full-scope optometry practices.
Established Organization with Strong Infrastructure
Some of the companies we considered selling to were fairly new, established in recent years, and lacking capabilities and in-house services like insurance credentialing and filing, accounts receivable, optical labs and IT.
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MyEyeDr. offered us a comprehensive solution for all our operational needs, including those we had been outsourcing, such as IT. When we made our decision in 2018, our practice was quite sizeable from both a revenue and staffing standpoint. Notably, we had five full-time ODs and 35 support-staff employees. As strong as we were, we were not strong enough to take care of all of our operational needs ourselves. MyEyeDr. changed that, with nearly all those operational necessities now handled by our support team at the MyEyeDr. home office.
Equally impressive was the well-organized and start-to-finish support we got in the transition to a new electronic health record system following the sale. MyEyeDr. sent ODs to our office to help train our doctors and staff in the new system. They did this so well that we had a seamless transition when the final change to the new EHR occurred.
Greater Benefits & Opportunity for Staff
The quality of work life for the OD-owner is always a concern for sellers who plan to continue to work after the sale. Similarly, an owner with many employees who have been with the practice for years will want assurance that employees will have the ability to stay with the practice, and that they will even do better after the sale.
These concerns were alleviated when we partnered with MyEyeDr. We lost none of our associates, and in fact, we added an another optometrist to our staff. Some of our associates took advantage of opportunities at other MyEyeDr. locations. And even more impressive has been the enhanced health benefits and vacation time that our staff now enjoy.
It says something that in addition to my practice partner and I, who were under contract to continue working in the practice after the sale, not one of our employees, who were not under a similar obligation, decided to leave. Overwhelmingly, they told us that they were at least as happy, if not happier, at work after we joined MyEyeDr.
Patient Care Taken to the Next Level
A well-cared-for staff means well-cared-for patients. We have maintained the same high level of care we always had provided and have improved the patient experience by becoming more efficient.
MyEyeDr. helped us develop a new, smoother system for the optical transfer and check-out. These changes strengthen our ability to provide each patient with care and solutions that help them live their best life.
The improvements instituted with MyEyeDr. also enhance the doctor’s time with patients. MyEyeDr. provided our doctors with tablets that enable us to never have our backs turned to a patient while we input data into the patient’s record. We can now focus on patient care even more than before.
Free From Worry About the Office
Prior to partnering with MyEyeDr., my partner and I spent countless hours and resources running the business – time that could have been devoted to patient care. Now we’re able to dedicate ourselves fully to focusing on patient care, knowing that MyEyeDr. is taking care of the needs of the business.
Being part of MyEyeDr. offers great peace of mind knowing that both the business and patient care aspects of the practice are being managed so well. That’s what the right partner can do for you and your patients.