Comments for Dr. Mai's Optometry Blog http://blog.drmai.info Blogging blindly in Southern California =) Wed, 25 Jan 2012 07:21:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Failing NBEO Part I by Thanh http://blog.drmai.info/2011/05/06/failing-nbeo-part-i/comment-page-1/#comment-6956 Thanh Wed, 25 Jan 2012 07:21:00 +0000 http://blog.drmai.info/?p=478#comment-6956 GREAT great post Dr. Vernon. Sounds like the out of the big city is where it is at! GREAT great post Dr. Vernon. Sounds like the out of the big city is where it is at!

]]> Comment on Failing NBEO Part I by MJ Vernon http://blog.drmai.info/2011/05/06/failing-nbeo-part-i/comment-page-1/#comment-6946 MJ Vernon Tue, 24 Jan 2012 09:21:43 +0000 http://blog.drmai.info/?p=478#comment-6946 No money in optometry? There's plenty. PLENTY! Have to go to work for someone else right out of school? No way. Not if you don't want to. Choose a commercial location where you can lease the space and make it your own. Learn business. Learn to incorporate. Learn the value of more exams = more money and happy patients = more business. Have your corporation employ a staff of one or two (learn to deal with a staff). Learn to submit vision claims. Learn to code and bill medically. Buy and use a anterior seg/posterior seg camera. A leased commercial space gets you acclimated to these activities. It's a baby step. But don't put the golden handcuffs on as you learn. Pay down debt; and don't take more on. Make a plan to leave after a few years. Just a few. And make money while you do it. The money? I netted $205K at a commercially leased space my third year in it. These commercial opportunities are out there. There's quite a few. But for heaven's sake, you have to get out of the big city. Why . . . WHY my classmates are content to live in Southern California and get paid $80K when they could leave and make more than double elsewhere is beyond me. It was said in an earlier post: Choose a small to medium town. It's in the country where the ODs are killing it! I've looked. I know. I've been searching to buy an existing private practice for several months, requesting Profit & Loss Statements from Sellers, etc. Some ODs are positively raking it in: i.e., solo practicing ODs doing $800,000+ gross revenue (and some ODs are positively struggling in private practice. It's all over the map). I put in an offer on a practice in this week; I cannot wait to cash in my baby step to full-fledged, I'm fully in control, I'm practicing at the full scope of my privileges, I decide what days to work and when my vacations occur and how much I get paid, I own the business AND the real estate, PRIVATE PRACTICE! No money in optometry? There’s plenty. PLENTY! Have to go to work for someone else right out of school? No way. Not if you don’t want to. Choose a commercial location where you can lease the space and make it your own. Learn business. Learn to incorporate. Learn the value of more exams = more money and happy patients = more business. Have your corporation employ a staff of one or two (learn to deal with a staff). Learn to submit vision claims. Learn to code and bill medically. Buy and use a anterior seg/posterior seg camera.

A leased commercial space gets you acclimated to these activities. It’s a baby step. But don’t put the golden handcuffs on as you learn. Pay down debt; and don’t take more on. Make a plan to leave after a few years. Just a few. And make money while you do it. The money? I netted $205K at a commercially leased space my third year in it. These commercial opportunities are out there. There’s quite a few. But for heaven’s sake, you have to get out of the big city. Why . . . WHY my classmates are content to live in Southern California and get paid $80K when they could leave and make more than double elsewhere is beyond me.

It was said in an earlier post: Choose a small to medium town. It’s in the country where the ODs are killing it! I’ve looked. I know. I’ve been searching to buy an existing private practice for several months, requesting Profit & Loss Statements from Sellers, etc. Some ODs are positively raking it in: i.e., solo practicing ODs doing $800,000+ gross revenue (and some ODs are positively struggling in private practice. It’s all over the map).

I put in an offer on a practice in this week; I cannot wait to cash in my baby step to full-fledged, I’m fully in control, I’m practicing at the full scope of my privileges, I decide what days to work and when my vacations occur and how much I get paid, I own the business AND the real estate, PRIVATE PRACTICE!

]]> Comment on Refracting like an OD and not a student by Tim http://blog.drmai.info/2011/10/27/refracting-like-an-od-and-not-a-student/comment-page-1/#comment-5660 Tim Thu, 08 Dec 2011 00:34:33 +0000 http://blog.drmai.info/?p=523#comment-5660 Nice! This was actually very useful for me! Nice! This was actually very useful for me!

]]> Comment on Failing NBEO Part I by Thanh http://blog.drmai.info/2011/05/06/failing-nbeo-part-i/comment-page-1/#comment-5636 Thanh Wed, 07 Dec 2011 05:03:05 +0000 http://blog.drmai.info/?p=478#comment-5636 Dr. CJM, I love your insights and am very impressed how far a $5,000.00 loan could be transformed into a million dollar practice. $40,000 a year for cards and envelopes blows my mind, but obviously they have a good ROI as I have no doubt your patients appreciate the little things your office does so well! Dr. CJM, I love your insights and am very impressed how far a $5,000.00 loan could be transformed into a million dollar practice.

$40,000 a year for cards and envelopes blows my mind, but obviously they have a good ROI as I have no doubt your patients appreciate the little things your office does so well!

]]> Comment on Failing NBEO Part I by CJM http://blog.drmai.info/2011/05/06/failing-nbeo-part-i/comment-page-1/#comment-5629 CJM Tue, 06 Dec 2011 21:27:24 +0000 http://blog.drmai.info/?p=478#comment-5629 Don't forget that before you start - choose the right location - the correct area of the state for you, the correct town, the correct location in town. It is imperative that you do your research before you start. If you do the prep work up front everything else will fall into place. Your student loan will be partially forgiven if you go to an area considered "undermanned by health care" [that is not the right term for that, but ask your student loan office for the state to give you a list of "deprived" areas]. I cannot stress enough how important it is to go to a place, no matter how small, that is in need of your services. When I came to my town the bankers laughed me out of the bank because they said I could never make it here. Finally a banker loaned me $5,000.00. I never needed it because I saw 8 patients before lunch the first day. Go to the country-it can be close to your dream city-drive in to the fancy restaurants and come back to be a big fish in a small pond. it's my most important piece of advice. Secondly, do these three things from day one: 1]send thank you notes top every patient for coming to you. 2] send thank you notes to every referrer of patients 3] send hand addressed birthday cards to every patient from now until one of you dies -my birthday card expense exceeds $40,000 per year with stamps, cards, envelopes. That does not include labor. it has been one of my most important practice builders. Send every doctor a brief report and explain to him that you are going to keep in the loop about his patient's health care [especially diabetes]. Don’t forget that before you start – choose the right location – the correct area of the state for you, the correct town, the correct location in town. It is imperative that you do your research before you start. If you do the prep work up front everything else will fall into place. Your student loan will be partially forgiven if you go to an area considered “undermanned by health care” [that is not the right term for that, but ask your student loan office for the state to give you a list of "deprived" areas]. I cannot stress enough how important it is to go to a place, no matter how small, that is in need of your services. When I came to my town the bankers laughed me out of the bank because they said I could never make it here. Finally a banker loaned me $5,000.00. I never needed it because I saw 8 patients before lunch the first day. Go to the country-it can be close to your dream city-drive in to the fancy restaurants and come back to be a big fish in a small pond. it’s my most important piece of advice.
Secondly, do these three things from day one: 1]send thank you notes top every patient for coming to you.
2] send thank you notes to every referrer of patients 3] send hand addressed birthday cards to every patient from now until one of you dies -my birthday card expense exceeds $40,000 per year with stamps, cards, envelopes. That does not include labor. it has been one of my most important practice builders.
Send every doctor a brief report and explain to him that you are going to keep in the loop about his patient’s health care [especially diabetes].

]]> Comment on Failing NBEO Part I by Thanh http://blog.drmai.info/2011/05/06/failing-nbeo-part-i/comment-page-1/#comment-5596 Thanh Mon, 05 Dec 2011 23:57:25 +0000 http://blog.drmai.info/?p=478#comment-5596 Great insights CJM, I particularly love your passion for the profession of optometry!! It is very impressive how you worked those hard hours grinding your own lenses and building up your practice into the multi-doctor group practice it is today. Personally, as a 4th year optometry student, I am just beginning the early stages of my career and am very excited for the future despite the numerous challenges I expect to face. I hope to emulate your success in California if possible in my own private practice. Let me know if you want me to link to your practice website through my blog to help your website ranking or "like" you on facebook! Great insights CJM, I particularly love your passion for the profession of optometry!!
It is very impressive how you worked those hard hours grinding your own lenses and building up your practice into the multi-doctor group practice it is today.

Personally, as a 4th year optometry student, I am just beginning the early stages of my career and am very excited for the future despite the numerous challenges I expect to face. I hope to emulate your success in California if possible in my own private practice.

Let me know if you want me to link to your practice website through my blog to help your website ranking or “like” you on facebook!

]]> Comment on Failing NBEO Part I by CJM http://blog.drmai.info/2011/05/06/failing-nbeo-part-i/comment-page-1/#comment-5594 CJM Mon, 05 Dec 2011 23:28:26 +0000 http://blog.drmai.info/?p=478#comment-5594 Comments to JK: I just discovered this blog site so i am late in responding. I find it interesting that young OD's are sometimes disappointed in Optometry. I have been at it for 38 years. We now have four young doctors besides me and they all make six figures plus all benefits, including health care, malpractice coverage, retirement benefits, AOA dues - all paid for by me. They all came to work at 75-80K and went to work with the promise of a great future if they worked hard [and they do]. I am sorry that you have such a great big student loan. It sounds to me that you didn't work through school, paying some of your expenses as you went along.. You just borrowed it all and now it's time to pay back. There are still plenty of opportunities out there for young OD's. I am seeing that many of the commercial groups in NC are losing their foothold and private practice OD's are looking for young people to join them. There is no conspiracy by private practice OD's to lure young kids into optometry school so we can use them as slave labor after they graduate. I have a very strong pulse on what is happening in this profession and it just ain't so. Your comment about talking to 10 OD's in any city was a key statement. Forget the city! Go to work in the country that is less than 50 miles from the one of your favorite cities [then you can go have fun when you want to but come back to where the greatest income is enjoyed by OD's [and that is in rural America]. I live in a town of population of 2,000 or so]. We have five OD's with our group of 25 employees and two offices, but five or six other OD's in the area to compete with us and a Walmart! You need to get out of the current setting and get into a private one ASAP. Take the pay cut and grind it out until you pop to the surface. Sure you are going to be an employee of some old ogre like me for a few years, but if you show him how much you care about patients and the welfare of the practice you may be given the opportunity to buy some or all of the practice someday. it has taken me 38 years to arrive at where I am with a 7 figure practice. i worked 7 days per week for the first 20, making all of my own glasses at night. i took my first vacation at year 20 when my wife said she was going to take a week off, with me or without me. The point is that younger OD's think they are just going to step out of school and into the driver's seat at 6 figures and the rest is gravy. it is not going to happen. You got to pay the man with hard work - 40 hours was a half week for me until I got to where I wanted to be. Now i am down to 40. I will bet you that Joe M. is about 60+ and did the same thing i did to get where he was successful. Finally, JK, professional Optometry is not going away. We are stronger than ever. You have the degree. You need to sit down and talk to someone like me to get an attitude adjustment about the best profession in the world. If I could go back to 1968 when I entered SCO and start all over again I would choose OPTOMETRY!! Comments to JK: I just discovered this blog site so i am late in responding. I find it interesting that young OD’s are sometimes disappointed in Optometry. I have been at it for 38 years. We now have four young doctors besides me and they all make six figures plus all benefits, including health care, malpractice coverage, retirement benefits, AOA dues – all paid for by me. They all came to work at 75-80K and went to work with the promise of a great future if they worked hard [and they do]. I am sorry that you have such a great big student loan. It sounds to me that you didn’t work through school, paying some of your expenses as you went along.. You just borrowed it all and now it’s time to pay back. There are still plenty of opportunities out there for young OD’s. I am seeing that many of the commercial groups in NC are losing their foothold and private practice OD’s are looking for young people to join them. There is no conspiracy by private practice OD’s to lure young kids into optometry school so we can use them as slave labor after they graduate. I have a very strong pulse on what is happening in this profession and it just ain’t so. Your comment about talking to 10 OD’s in any city was a key statement. Forget the city! Go to work in the country that is less than 50 miles from the one of your favorite cities [then you can go have fun when you want to but come back to where the greatest income is enjoyed by OD's [and that is in rural America]. I live in a town of population of 2,000 or so]. We have five OD’s with our group of 25 employees and two offices, but five or six other OD’s in the area to compete with us and a Walmart! You need to get out of the current setting and get into a private one ASAP. Take the pay cut and grind it out until you pop to the surface. Sure you are going to be an employee of some old ogre like me for a few years, but if you show him how much you care about patients and the welfare of the practice you may be given the opportunity to buy some or all of the practice someday. it has taken me 38 years to arrive at where I am with a 7 figure practice. i worked 7 days per week for the first 20, making all of my own glasses at night. i took my first vacation at year 20 when my wife said she was going to take a week off, with me or without me. The point is that younger OD’s think they are just going to step out of school and into the driver’s seat at 6 figures and the rest is gravy. it is not going to happen. You got to pay the man with hard work – 40 hours was a half week for me until I got to where I wanted to be. Now i am down to 40. I will bet you that Joe M. is about 60+ and did the same thing i did to get where he was successful. Finally, JK, professional Optometry is not going away. We are stronger than ever. You have the degree. You need to sit down and talk to someone like me to get an attitude adjustment about the best profession in the world. If I could go back to 1968 when I entered SCO and start all over again I would choose OPTOMETRY!!

]]> Comment on Best states to practice optometry by may khoan http://blog.drmai.info/2010/02/28/best-states-to-practice-optometry/comment-page-1/#comment-4472 may khoan Wed, 09 Nov 2011 12:35:58 +0000 http://blog.drmai.info/?p=180#comment-4472 <strong>may khoan...</strong> [...]Best states to practice optometry | Dr. Mai's Optometry Blog[...]... may khoan…

[...]Best states to practice optometry | Dr. Mai's Optometry Blog[...]…

]]> Comment on The Value of an Optometry Degree according to my readers by Ted http://blog.drmai.info/2011/09/14/some-outside-perspective-from-my-readers/comment-page-1/#comment-4174 Ted Sun, 30 Oct 2011 22:29:54 +0000 http://blog.drmai.info/?p=493#comment-4174 If you think a degree entitles you to easy money, think again. You still have to work hard. If you think a degree entitles you to easy money, think again. You still have to work hard.

]]> Comment on Refracting like an OD and not a student by Janice http://blog.drmai.info/2011/10/27/refracting-like-an-od-and-not-a-student/comment-page-1/#comment-4173 Janice Sun, 30 Oct 2011 22:27:06 +0000 http://blog.drmai.info/?p=523#comment-4173 nice tips, I'll have to put some to use... nice tips, I’ll have to put some to use…

]]> Comment on Failing NBEO Part I by Aaron R http://blog.drmai.info/2011/05/06/failing-nbeo-part-i/comment-page-1/#comment-4142 Aaron R Fri, 28 Oct 2011 15:32:40 +0000 http://blog.drmai.info/?p=478#comment-4142 amen! amen!

]]> Comment on Kentucky expands optometric scope of practice by ????? http://blog.drmai.info/2011/02/27/kentucky-expands-optometric-scope-of-practice/comment-page-1/#comment-3957 ????? Tue, 18 Oct 2011 04:42:28 +0000 http://blog.drmai.info/?p=458#comment-3957 Thank you once again for this content, Im very happy that I get a chance to read it. Thank you once again for this content, Im very happy that I get a chance to read it.

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