Million Dollar Solo ODs Speak Out

Can One OD Really Produce $1 Million Per Year?

Dear Jerry,

I opened cold last year in a small town with two big companies and nearly all my patients are on vision plans.

Although I am working very hard, I don't see how it is possible to have that much revenue given an ordinary mix of blue and white collar patients.

Are these Million Dollar ODs practicing in the Hamptons or Beverly Hills? Do they have competition and have to deal with Davis, VSP, Spectera and other vision plans?

In short, can one OD really produce and collect $1 Million per year in small town America?

Looking for answers,
Larry

Dear Jerry,

I won’t lie; I had no idea that single optometrist practices are grossing $1 Million per year. I never hear this discussed at meetings.

I think that your blog attracts a very successful group of doctors (possibly not representative of the general practicing OD). But, these successful optometrists are the doctors I want to think like.

I would love the opportunity to speak with some of the doctors above. Does the blog prohibit direct contact between the doctors or can you give me any contact information?

Thank you for facilitating this discussion.
Conway

Dear Larry and Conway,

The question of “Can a solo OD really gross $1 Million?”, reminds me of Sir Roger Bannister’s quest to be the first person to run a sub four-minute mile.

The world’s record was set at 4:01.3 in 1945 and then stood for nine years. Many athletes, as well as medical experts, thought the four-minute mile mark to be truly unbreakable by mortal man.

That thinking changed on May 6, 1954, when Roger Bannister, then a young British medical student, ran the mile in a record-breaking time of 3:59.4.

Suddenly, the four-minute threshold, a barrier which had stood for nine years, was broken numerous times over the next few months by a variety of runners.

Once You Know It Can Be Done, You Can Do It

The Million Dollar solo practice is a lot like the four-minute mile for ODs. Once you know in your heart it can be done, it makes it so much easier to do it yourself.

To be fair, not every athlete can run a four-minute mile. And not every solo OD has the mindset to produce $1 Million per year in solo practice.

But for anyone who wants to know, “Can it be done?”, I invite you to read these comments below…

Best wishes for continued success,
Jerry Hayes, OD

Million Dollar Gross, No Vision Plans!

Dear Jerry,

I’m a solo practitioner who has collected over $1.1 Million per year, for the past 3 years.

My practice is very medically oriented and in fact, I do NOT participate in any vision plans (No VSP or EyeMed).

I currently see patients 3 full and 2 half days assisted by an excellent staff of 8.5 FTEs which allows me to provide a high level of care through delegation.

About 70% of my revenue is from professional fees and 30% from products. Most of the eyewear products I dispense would be considered high-end.

I really think a solo OD can produce $2 Million given adequate patient demand and a well managed, highly delegated practice.

I know there are ODs doing this and much more, and I believe they have a lot more to teach all of us!

I want to hear suggestions/approaches from those that are achieving these numbers.

Kara Easterly, OD, FAAO

$3 Million Practice Owner Advises: Join A Peer Study Group

Dear Jerry,

I have two practices with completely different demographics. One is urban with 3 full-time doctor equivalents that had gross collected revenues in 2008 of $3.3 Million.

The other practice is a new practice in a rural setting with only 1 doctor with 3 staff members working 3 1/2 days per week and should produce nearly $500,000 during the first full year.

My goals are for this new practice to reach the $1 Million mark within 5 years.

I have some colleagues in a two-doctor practice with a collected gross of over $2 Million and they only work 3 1/2 days per week for each doctor.

They do not foresee themselves ever getting burned out with this type of schedule.

For those of you who are having trouble, I encourage you to join a peer group with high performance practices to learn how to achieve this very attainable goal.

Michael Bond, OD

Find Out How Other Practice Owners Do It

Dear Dr. Hayes,

I think the obvious answer to this question is in the eyes of the beholder.

Those that don’t think it’s possible are correct… for them. Those that do think it’s possible are correct… for them.

Building a large practice is not rocket science. All one has to do is find ODs across the country who are achieving these kinds of results (I bet there are plenty of them), learn their methods, and then apply those techniques to your own practice.

True, this goal does take time and effort, with the right people on board at your practice to make it happen. But it’s certainly possible and attainable.

Rich Barnstein

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Disclaimer: The information and opinions contained on this site are for discussion purposes only and are NOT intended to serve as legal, accounting or investment advice. ©2009 Jerry Hayes, OD. Not to be reproduced without written permission of the author.