Follow these three steps to come out on top

Working with vendors can strengthen the new OD’s position and maximize benefits for their patients and the practice for which they work or own. Work with vendors who aren’t the right fit, and it can be argued that patient care and the practice could suffer.

Here, I discuss how to determine which vendors to work with, and how to evaluate established vendor relationships.

1 DETERMINE VENDORS

Some items to consider when choosing vendors with whom to form partnerships include quality of the product, profitability, accessibility, and exclusivity. I recommend making a list of the vendors who have these, among other attributes, relative to your specific needs, under these pertinent categories:

• Frame vendors
• Lens vendors
• Contact lens vendors
• Equipment vendors
• Ocular nutraceutical vendors
• Miscellaneous saleables

Once you have made your list, you can contact these vendors regarding partnership opportunities that will benefit both patients and the practice. An example: added benefits, such as volume rebates or additional discounts.

2 EVALUATE ESTABLISHED RELATIONSHIPS

It’s important for you to, at least annually, evaluate the relationships you have with vendors to determine whether steps are needed to improve the alliance or to end the relationship. Some items to take into consideration when making this decision:

• Product relevance. Is it working for/aligning with practice needs? Are there new products in the vendor’s portfolio that the OD should consider?
• Product support. From a broken frame to equipment malfunction, how responsive is the vendor? Additionally, if you had problems in the past, were they handled properly?
• Competitor analysis. Should you consider replacing your current vendor with one who provides a similar product that has added benefits?
• Market analysis. Certain companies (such as luxury frame lines and doctor alliance groups) have territories for exclusivity. When it comes to companies that do not offer exclusivity, you should assess local competitors to make sure they’re not offering the same products.

3 MAKE SOME CUTS

Now, you can determine which vendors no longer serve your patients and practice needs. Some relationships can be ended easily by simply not placing an additional order. Others (example: doctor alliance), however, may require a more formal termination. Next, you can return to the first step, “Determine Vendors” to decide what vendor is going to take the place of the “fired” vendor, and, essentially, follow every other step covered here all over again. OM

DR. O’BRIEN is the owner and optometrist at Denver Eye Care & Eyewear Gallery in Denver, N.C. She is heavily involved with student programming through the private practice clubs and Vision Source NEXT program, and works with iCare Advisors as a consultant to help others pursue their cold-start private practice dreams.