Optometric Management

FEB 2017

Issue link: http://optometricmanagement.epubxp.com/i/781116

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27 FEATURE ANNUAL MEDICAL SERVICES ISSUE F E B R U A R Y 2 0 1 7 • O P T O M E T R I C M A N A G E M E N T . C O M & EHR IMAGE EXPORT FUNCTION WITH COLOR CAMERA CONTACT LENS FITTING GUIDE MEASUREMENT FUNCTION TEAR FILM BREAK UP TIME ANALYSIS FUNCTION MEIBOMIAN GLAND DISCOVER INTERACTIVE CONTENT SCAN THIS PAGE DOWNLOAD THE FREE LAYAR APP 321 | BOOTH set up the business name and check availability on the name I liked. Also, he went over the differences of business types, so I could choose whether an S Corporation or Limited Liability Company (LLC) was the best for me for tax purposes. He then sub- mitted all the documentation for me to get a tax ID number and set the bylaws for the corporation. NOT FOR EVERYONE Practice acquisition is not for everyone, but for me, it's been a great experience. Not only has it been more financially rewarding than being an employee, it, more importantly, gives me a greater sense of ac- complishment. I urge you to ponder what you want to accomplish in your career. If ownership is a goal, assess the opportunities in the area where you would like your practice, and consider the steps above to see what prospects await you. OM Identifying Practices A few ways to identify where opportunities exist for practice acquisition include: • Drive around the neighborhood in which you are interested in practicing. Then, do some research online of the practices you saw to discern more information about the owner O.D. Schedule time to meet with him or her to learn more and to see whether he or she has any interest in selling. • Talk with other doctors at local optometry meet- ings and events to see whether they, or someone they know, is looking to sell in the near future. Simi- larly to patients being our best referrals, our col- leagues can be our biggest source of knowledge about opportunities in the area where you'd like to own a practice. • Look in classified sections of local or industry publications for practices for sale. • Contact the closest optometry school in your area to see whether it has a list of practices for sale. • If you are in optometry school, join a private prac- tice club, if one is available. DR. MILLER, O.D., is the owner at Visual Eyes Inc. in Lima, Ohio. She is a member of the Ohio Optometric Association where she has served as the zone governor and membership coordinator. She can be reached at drmiller@ wcoil.com. Visit tinyurl.com/OMcomment to comment.

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