Growing an optometry practice by obtaining certifications

For optometrists looking to further their treatment plans and gain additional skills, there are additional vision care certifications which can be obtained. This can be a great opportunity for new optometrists starting a private practice to differentiate themselves from the competition. Established optometrists can also benefit from these certifications and sharpen their skills. In California for example, a glaucoma certification is available which allows optometrists to treat these conditions in patients over 18 years old. While the requirements can be cumbersome, the certification it is an excellent way to improve skills and treat more patients.  Ultimately, the more patients treated and the wider scope of care you can offer will help to improve practice revenues.  Among the requirements for the certification (§ 1571 Requirements for Glaucoma Certification) as adopted by the California Board of Optometry are the following:

• Maintaining an active optometry license in good standing
• Be certified to use Therapeutic Pharmaceutical Agents (TPA)
• Complete a course of at least 24 hours in diagnosis, pharmacological, treatment and management of glaucoma
• Complete a required case management involving at least 25 patients treated for 12 or more consecutive months. This involves patient evaluation, necessary testing, diagnosis, recognizing glaucoma type, and creating treatment plans, and making referrals to an ophthalmologists as needed. There are a variety of case management treatment options. Among these are:
• Case Management Course
• Grand Rounds Program
• Preceptorship Program

For optometrists who achieve the glaucoma certification, each renewal period will involve 10 hours of glaucoma specific continuing education.

Dental Practice Valuations

Dental practice valuations can be a challenging task with many complexities. A professional valuation company can charge thousands of dollars to determine the fair market value of a practice. Before spending that money, it is important to do your homework and choose an appropriate valuation expert, and to properly understand the benefits and limitations of the valuation report.

Unfortunately, there is no standardized universally accepted formula or “rule of thumb” that a valuation company may use to establish the value of a dental practice. There are many objective factors that should be considered to determine the value, and there are as many subjective factors unique to the dental industry (and to each specialty within the dental industry) that are just as important.

In reality, a valuation of a dental practice is closer to providing a subjective opinion rather than using complex formulas or “industry standards”. Be sure to work with someone that understands the dental industry to develop a reasonable and useful dental practice valuation. This valuation should be discussed in further detail with your financial advisors to prepare for the transition process.

Naturally, the valuation will incorporate much of the financial data to analyze the “numbers” of the dental practice. Perhaps more helpful, will be analysis of the key factors of profitability and growth that are unique to the specific practice being evaluated. Each dental specialty has its own attributes that must be considered, such as different standards for reimbursements, payor mix, percentage of patients by referrals, etc.

Charles Kim is a dental practice broker at Transition Consultants, a practice merger and acquisition firm. Mr. Kim provides transaction advisory and dental practice valuation services to dentists and dental groups nationwide. He can be contacted at 800-416-2055 (x224).

Westchester New York - Selling Dermatology Practice

Transition Consultants had been retained to assist in the sale of a general clinical dermatology practice in Westchester County, New York. Established for 34 years, this practice has primarily focused on the diagnosis and treatment of dermatologic pathology. Presently all MOHS and dermatologic surgeries, pathology, patch testing, and cosmetic procedures are being referred out, but could be retained in house to increase revenues by a qualified physician buyer. The practice payer mix consists mainly of Medicare and PPO, offering desirable fee for service reimbursement rates. Currently the seller works 30 hours a week, with very little hospital and skilled nursing facility visits, generating consistent gross revenues of $650k and discretionary earning of $450k. Seller is open to an extended transition and willing to remain part time for up to 2 years.

Optometric Loans Funded this Week

We funded two optometric loans this week. One was as startup practice in Phoenix Arizona. Project total of $180,000 included office build-out, leasehold improvement, lanes, display cabinetry, frame inventory, and working capital.

The second project entailed the refinancing and debt consolidation of a optometry practice in San Diego California. The orginal term loan was a practice startup loan which was wrapped with additional business debts into a lower fixed rate term loan. The resulting monthly debt service improved the practice cashflow greatly. Our streamlined finance processing and optometry practice appraisal services make these projects headache-free for our clients.

Just Sold: ENT Otolaryngology Practice in Los Angeles California

We just completed the sale of an Ear Nose and Throat medical practice in San Fernando Valley California. This is a medical and surgical otolaryngology practice established for over 35 years in the West Valley near a major hospital. Servcies provided include Allergy, Hearing Testing, Hearing Aid dispensing, VNG Diagnostics, as well as some Facial Plastic Reconstructive and Cosmetic Surgery. Average Gross Collections approximatley $700,000 annually with High Net income. Diverse Payer Mix Including IPA Capitation. Trained Staff & Fully Equipped Office. We are also offering a cosmetic practice for sale and surgery center.

Practice for Sale Dermatology Southern California

Acquisition opportunity in Southern California. Well established dermatology practice for sale with excellent revenue stream ($3.7 million+ annually), providing full scope of medical dermatology, surgical procedures including mohs, and some amount of cosmetic procedures. High volume clinic with great reputation and growth potential. The office is a large facility with approximately 5,000 square feet, including 11 exam rooms, 3 doctor's offices, 2 business offices, a lab, and staff area. Seller will assisting buyer with clincial and operational transition to ownership. Financing for dermatology practice purchase is available to qualified buyers. For details contact medical practice broker at 800-416-2055 (x225)

Medical group mergers and acquisitions

Many smaller physicians looking to integrate with hospitals may have a better option by selling their practices to health groups. Recent article about the dynamics of medical groups buying practices. This could also affect the medical home model and accountable care organizaitons in the way health care is delivered and how services are reimbursed.