“The definition of insanity is repeating the same mistakes over and over again and expecting different results.”
— Albert Einstein
After completing residency in 2008, I was excited to dive head first into private practice. But to my dismay, I found myself re-entering the job market a year or two later … and then again, a year or two after that.
After my second failed attempt at partnering with a solo practitioner, I sought out the help of a practice management consultant to help advise me with my career choices. As we all know, sometimes it takes the eye of a professional observer to point out our own shortcomings in a constructive and objective manner.
I needed help finding a good practice match. With the help of my practice management consultant, I realized that my practice personality was better suited to a collaborative group practice organization rather than a competitive, "eat-what-you-kill" environment.
But that’s not the only area where a practice management consultant can help you retool your approach, identify problems and get you out of a rut.
Experienced management consultants can help with any and all aspects of an ophthalmic practice — including strategic growth planning, practice valuations, contract negotiations, practice mergers and increasing practice efficiency.
Because most of these issues are not unique to your practice situation, a consultant can be very helpful in providing proven, successful solutions. By helping you not reinvent the wheel, expert advice can save you a great deal of time and frustration.
Think of your consultant as a repository of practice pearls. Many colleagues are reluctant to share and compare practice patterns due to the competitive marketplace. A consultant, however, has access to and experience with many different practices across the country. As a result, you can obtain information about what’s working well for others with similar demographics.
So how much will it cost you? The cost of career and contract negotiation consultants runs the gamut from a free curbstone consult or pro-bono assistance to a retainer of $10,000 or more.
My practice management consultant, who has been doing this kind of work nationally longer than any other consultant in the country, charges $295 per hour against a minimum retainer that ranges from $1,500 to $5,000, depending on the assignment and number and size of prospective employing practices under consideration.
He predicts that in the future, ophthalmologists and other surgical specialists are going to be like baseball players, and rather than an hourly fee, clients will be signed up for a percentage of their earnings for comprehensive career management.
The price for this sound practice management advice, however, is pennies on the dollar relative to the return on investment — money well spent on enhancing your bottom line!
Visit the American Academy of Ophthalmic Executives' Consultant Directory for a searchable database of prescreened practice management consultants.