Is it time to make the move to a fully private optical practice?

Private optical practices have ALWAYS existed.  However, we appear to have reached a watershed moment, with the number of practices moving to a private only (or hybrid model) increasing massively over the last couple of years.  

Private optical practices have ALWAYS existed.  However, we appear to have reached a watershed moment, with the number of practices moving to a private only (or hybrid model) increasing massively over the last couple of years. As well as increasing volumes, there has also been a shift in the type of businesses converting. The pioneering early adopters were very much niche outliers; whereas practices making the move more recently are much more mainstream; indeed, many of them probably share a significant degree of commonality with YOUR practice.  

                                                                                    
The recent wave of migration to private only optometry appears to have been a huge success story.  Almost all of the practices that went private since 2020 have reported good patient retention levels, strong profitability and a more enjoyable working environment.  

For a practice owner currently weighing up their options, the evidence appears pretty compelling and it is very easy to see why so many are now tempted to jump on the bandwagon.  What is not to like about: 
 

• Working smarter, rather than harder
• Eliminating the hassle and bureaucracy of the GOS contract and improving your practice’s long-term cash flow
• Working exclusively with patients predisposed to value quality over price

Yet despite the positive feedback and results from the recent wave of converts, the long-term prognosis for many practices is actually far from certain; the jury is still well and truly out on the long-term sustainability of a private model only for many operators over the full economic cycle.  

People spend freely on premium services when the economy is rosy, but this frequently changes when we enter a downturn or recession.  Furthermore, practices that made the transition during the height of the pandemic benefitted from something of a perfect storm of favourable conditions; whereas those looking to make the move now (with the cost-of-living crisis well and truly upon us) are likely to fare rather differently unless they get everything right. 



The Going Private Roadmap has been created by Myers La Roche to be used as a reference manual and a highly practical work book and tool kit for independent practice owners.   

The resource is divided into 2 main sections

SECTION ONE is designed to:

• Help practice owners understand the pros and cons of the THREE possible business models open to them (we will also shine a light on a ‘3rd way’ hybrid model that is a potential stepping stone towards going fully private (or a viable alternative. )
• Help practice owners to understand the true cost of their chair time and which patients they can afford to look after and which ones lose them money 
• Help practice owners to understand the key features of an independent optical practice that indicates whether it is predisposed to be successful or unsuccessful as a private only operation. 
• Help practice owners to understand where their current operation sits in the local market and to risk profile a possible move 

SECTION TWO is designed for owners who have successfully completed section one and have:

• Stress tested the likelihood of their existing practice’s chances of successfully converting to a private only model

  And; 

• Satisfied themselves of the risk profile of going fully private and have made the decision to proceed (either now or at a future date) from a fully informed viewpoint.   

Section 2 contains a huge amount of valuable information that will save considerable time and money by:

• Ensuring that owners are aware, from the ‘get go’ of the time, human resources, skill set and leadership needed to project manage and drive through a successful move to private 
• Saving days and days of research by providing you with the fundamental knowledge you require in one place. 
• Avoid the need to reinvent the wheel and save you considerable time by providing examples of how other owners have already successfully made the transition, allowing you to simply modify and tailor their approach to suit your specific set up including key areas such as:

                           * Pricing 
                           * Payment options : pay as you go or monthly eyecare schemes
                           * Getting your communication right with patients, staff and other stakeholders
                           * Compliance

• Inform you of what to expect when you make the move and highlight the key potential mistakes and pitfalls to ensure you avoid making any of the most common costly mistakes in your design and implementation. 
• Providing an easy to follow and highly practical 3 stage process (roadmap) to help owners successfully take their practices private.

What to do next?

To find out more about our Going Private Roadmap, please give us a call or send us an email via:

0161 929 8389 or lcalcutt@myerslaroche.co.uk