Finances

Independent vs. Corporate Optometry: Which Is Right For You?

By Diane Palombi, OD

I spent my optometric career almost equally split between being an employee of a major commercial optical and owning a solo independent practice. There were advantages and disadvantages to each mode of practice. Here is what I liked and disliked about each of these career paths.

My first position after getting my optometric license was working for a doctor who leased space within a Lenscrafters. Who knew when I started there in late 1985 that Lenscrafters would be the optical giant that it is now?  “Glasses in about an hour” was a new concept. I think that contributed to my initial excitement about being employed there. We were pioneers in the optical industry. Lenscrafters spared no expense. Our location was spacious and luxurious. The doctor’s office had all the newest technology of the time. Lenscrafters wanted to wow the consumer, and they accomplished that feat. I really liked most of the Lenscrafters employees and our own office staff, some of whom worked with me for around a decade. We would socialize after hours, and I still am in contact with a couple of them to this day.

As an employee, I enjoyed benefits like paid vacation, sick days and personal days. We had dental, medical and life insurance, and a flex-spending account was available for medical and childcare expenses. It also was nice to have backup help. The owner would fill in for you if you were sick or had a sick child. Your time was your own when you were not seeing patients. I had time to read or socialize with my fellow employees when the patient load was slow. In addition, when I went home at the end of the day I had no job requirements. I was free to devote 100 percent of that time to my family. I also knew I would get a paycheck every two weeks and that amount would not fluctuate.

However, being an employee is not all roses. A commercial establishment like Lenscrafters is open seven days a week, which includes most holidays. The hours are not the most desirable. Many open late morning and close late evening. That can make things difficult, especially when you have school-age children. I had to make special arrangements to attend their sporting events and school programs. Your boss in corporate optometry dictates your patient schedule. He may expect you to examine more patients than you feel comfortable. The commercial establishment may also pressure you to squeeze in their walk-in patients.This can lead to both stress and fatigue. Your employer also dictates your salary. His and your estimate of your value can be different. Job security can be an issue. There is always the chance that you could lose your position. For example, the Lenscrafters that I worked at no longer exists.

Owning your practice has its own set of benefits. The first is a sense of accomplishment. It is like giving birth to a child. You basically made this practice. It is the fruit of your efforts. Flexibility in scheduling is another perk. You are the master of your schedule. If you need a day off, you just take it. This was great for me because I had two busy daughters. I managed to attend all of their activities once I left Lenscrafters. You decide on your own practice load. This, in turn, ultimately decides your salary. You may be the type who likes to see a lot of patients to generate a lot of revenue or you may be the type who is content making less money in order to have more free time. It is nice to be the one who calls all the shots. No one is going to make a management decision that you don’t like. You will not get downsized or terminated.

On the downside, you could fail. You could lose everything that you invested into starting your practice. Although this is rare, I do know of doctors who could not make a go of independent practice. Your income can fluctuate. You are the last one to get paid after all your expenses. A bad economy will directly affect your earning potential.  Dealing with the drama of employees can be a headache. Like it or not, their personal baggage can interfere with work. You may like your management decisions, but they may not. Work often does not end after the “closed” sign goes up. I often took accounting home or stayed late to finish the day up because I did not like to let work pile up. In addition, if I was not seeing patients, I was usually busy with the business aspect of the practice. I wore multiple hats–not just the optometrist one–but the variety was nice. I actually liked the business aspects of the practice. On the downside, there are no paid benefits. Well, there could be, but you are the one who is paying for them. A sick or vacation day means no revenue that day.

Overall, I enjoyed both modes of practice. Each one worked well for me at the time. I have warm memories of each.

The key is understanding who you are in your personal and professional preferences. Think carefully about your career and lifestyle goals before you set a career path in independent or corporate optometry. Or, like me, maybe you’ll find yourself with a fulfilling career that spans both paths.

How did you make your decision to go into independent or corporate optometry? What pros and cons did you consider, and what advice can you offer new optometry school graduates grappling with this decision?

Diane Palombi, OD, now-retired, was owner of Palombi Vision Center in Wentzville, Mo. To contact her: dlpod1@hotmail.com

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