Building an Ophthalmology Practice: What No One Tells You (But Should)

You're prepared for surgery clinically and can do so with your eyes shut. However, starting an ophthalmology practice is a completely different endeavour. To begin, you would need to be educated in a field that was not taught in the medical school that teaches you medicine.

With this blog, you'll learn what some other eye doctors have already figured out through trial and error.

At Optirova, we guide physicians through what follows the white coat; therefore, it’s important to discuss what actually occurs when you start your practice.

1. Equipment Costs More Than You Think

Add 40% to your equipment budget. This is an old trick. The slit lamp requires regular maintenance contracts, calibrations, and backups. Starting an ophthalmology practice is equipment-driven, and the purchase price is just the beginning. Where you can, buy certified pre-owned. Service packages are also subject to negotiation. Be sure to seek different suppliers. Avoid one vendor for all your needs. The originally underestimated cost of Optical Coherence Tomography (OCT) equipment becomes more realistic when including the cost of annual maintenance, software updates, and repair. Do not get caught up in the hype of salespeople. Make a wise choice to be more careful when purchasing this type of equipment.

2. Hire Staff Earlier Than Feels Right

It’s important to get your first employee three months before you expect it. You will not be able to work the front desk while treating patients at the same time. In addition to treating patients, when you are starting an ophthalmology practice, there is a need for someone to answer the phone, take calls, make appointments for patients, submit claims, etc., in addition to seeing patients; hire for personality and train for skills - you would be better off hiring a friendly person who learns quickly than to hire a person with defined skills but no personality. The way that your patients feel about their visit is far more important to them than whether their intake paperwork took them an additional two minutes.

3. Insurance Credentialing Takes Quite a While

Commence this journey six months earlier. A few insurance companies can be extremely slow-moving. Starting an ophthalmology practice with a lack of credentialing means that you will be unable to bill the major payers. If you have a credentialing specialist at your disposal, that’s the best thing. If this is not possible, then clear off the entire day to get the paperwork done. Check on everything weekly and keep notes of it in a spreadsheet. Even if it’s not a clinical task, this is critical work. If you don’t manage to meet the timeframe, you will end up seeing patients without charging.

4. Build Referral Networks Before You Need Them

Optometrists refer patients to you. They possess no competition with you - they are your partners. Starting an ophthalmology practice will not be possible without contacts with local ODs beforehand. Take them for lunch. Listen to their problems genuinely. Suggest co-managing care that respects their patient relationships. Send back the detailed notes quickly. Be the kind of surgeon they would trust with their own eyes. These relationships will be your patient pipeline. Treat them the right way.

5. Plan for Cash Flow Gaps

You will have to cover expenses for 60 to 90 days even before you get your first cheque from insurance. Rent, salaries, and equipment leases—all these are immediate dues. Reimbursements? Those take their sweet time. Medical practices have to keep six months’ worth of expenses in the bank while starting an ophthalmology practice. Get a line of credit even before you hit rock bottom. Stress from financial matters translates into stress in your clinical work. Your patients perceive it when you are not focused. Problems with finances become issues with patient care quicker than you can imagine.

6. Purchase Technology That Is Beneficial to Your Patients

Don’t chase after the latest trends. That superfluous diagnostic machine is all the rage right now, but is it really essential for you? Starting an ophthalmology practice also deals with the matching of the same gears to your patient base. Is your average patient mostly cataracts? You need different tools than those used by a retina specialist. Speak with other ophthalmologists about the instruments they actually use versus those that are not deployed. That’s the way to be, not the way to impulse. Profit will come from solving the needs of the patients and not by merely owning the high-tech devices.

7. Shield Your Personal Time

The clinic will devour your whole personal space if you offer it. This is the starting point that entails the long hours, but starting an ophthalmology practice need not last forever and lead to inevitable burnout. Block personal time just like you do with operating time. Your health is important. Your relationships are important. Overworked doctors make errors and detest their jobs. You have spent so many years in training to be miserable at the end of it. Establish boundaries early on. It is much easier to hold onto them than it is to draw them later on when you are overwhelmed.

Work with People Who Get It

At Optirova, we fully understand how difficult it is to go from being a brilliant surgeon to operating a profitable practice. Starting an ophthalmology practice involves far more than just technical skills; careful planning, processes, and getting advice from those who’ve walked the path are essential, too.

We deal with ophthalmologists all the time and help them turn into flourishing businesses from their medical expertise. Your surgical skills are worthy of a practice that operates as well as you do. Let’s create a long-lasting partnership.

Are you ready to set this on the right course? Connect with Optirova.