Bigger not always better for ophthalmologists starting a practice
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Finding success in a smaller practice can be tough, but according to Steven Silverstein, MD, bigger is not always better.
In his presentation at Real World Ophthalmology, Silverstein gave 11 pearls for ophthalmologists looking to start solo or smaller practices.
“No matter what you do, the single most important element of success is work ethic,” he said. “If you are a sleeves-rolled-up person and are willing to see the patients until the last patient leaves, you are going to be successful.”
However, before the daily work comes all of the steps needed to get the practice off the ground. Silverstein said that starts with an average initial investment of about $400,000, which covers everything from construction and equipment to hiring staff.
Next comes hiring a lawyer with expertise in medical contract law.
“You don’t want to hire a family friend or a relative who wants to help you out and save you money,” Silverstein said. He advised beginners to work with consultants and call references on any potential hires.
Once a new practice is up and running, Silverstein said physicians need to do whatever they can to improve their standing. That could include giving talks at local nursing homes, joining societies and getting on every insurance provider they can.
“There’s nothing in the world worse than having the capacity to see patients and not having access to them,” he said. He also said practices should regularly audit their charts, including getting audits from outside groups every 2 years.
Silverstein warned about possible scammers and embezzlement. He urged physicians to keep an eye on their retail and billing and ensure their practice has checks and balances to avoid fraud.
Finally, Silverstein said to appropriate a budget, especially for things such as marketing.
“Don’t be afraid to market yourself and your practice,” he said. “Marketing your services is completely appropriate in today’s world and really necessary in most demographics.”
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Silverstein S. David vs. Goliath: Making it as a small/solo practice. Presented at: Real World Ophthalmology; April 2, 2022 (virtual meeting).
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