TAKE SIX STEPS TO ACHIEVE A MULTIPLE-OFFICE CORPORATE PRACTICE

IN ADDITION to offering greater medical services to expand your practice and better meet your community’s eye care needs, only one other way exists to increase the number of patients served by your practice — multiple practice locations.

You may have just felt a moment of hesitation, but you are not alone. Here are six actions to take:

1 GET A MENTOR

This may be the single most important step. A mentor, who has already operated multiple locations, will save you time, money and headaches. Consult your corporate recruiter, who will likely be able to put you in touch with a few prospects. Also, network with corporate practitioners at national meetings.

2 EVALUATE YOUR READINESS

Assess the short-term impact this new opportunity will have on you and your family. Find the answers for questions, such as: Is your spouse supportive of the idea? Can you withstand a loss at the new location for 12 months? Surviving the short-term will determine whether you arrive at long-term success.

3 KNOW YOUR BRAND

The way your brand does business or its offerings may have changed since you originally signed on. Make sure its values are still aligned with your values before moving forward.

The best way to understand your brand is to write your vision, mission and value statements for your practice. Doing so does not require a big investment of time, but it is important when developing your policies (below) and when conveying your brand to your new staff members and associate O.D.s.

4 WRITE A BUSINESS PLAN

Write a business plan (painful, I know) as if you are writing from the perspective of having never opened an optometry practice. Specifically, build a pro forma or financial projection, and use this as your initial budget. Have as many people as you can tolerate, read and examine both. A little time invested here pays off many times over down the road.

Major areas that your business plan should cover are staffing and equipment costs, which can vary depending on the corporate affiliation, either sublease or franchise. A sublease often has some, or all, staff needs provided and includes standard equipment packages. A franchise is your own business, and every equipment and staff need is the owner’s responsibility. Your existing business experience, such as ability to share staff and existing vendor contacts, may help lower your cost of operation in that second location and allow you to have more precise values in key areas of your business plan.

5 HAVE AN ATTORNEY EXAMINE YOUR LEASE

This shouldn’t take long — or be expensive — because most corporate entities will not negotiate most aspects of their leases. You, however, should have your attorney help you to understand those aspects of your lease that put you at risk. You may be in a better negotiating position than you think. Don’t sign an agreement with which you are not happy. You will have other opportunities in the future.

6 BECOME A MANAGER

When you open a second or third location, you move from being the optometrist in the practice to being the manager of the practice. This change takes consistency and strong, clear communication. Examples of strong, clear communication: detailed policies and procedures that are reviewed regularly and consistently scheduled staff meetings. OM

DR. FACCHIANO is a multi-location leaseholder with both LensCrafters and Pearle Vision in the greater Chicago area and is the Multi-Location Training Committee Chairman for the Energeyes Association for Corporate-Affiliated Optometrists.