About five years ago, I met this optometrist, Harue Marsden, an associate professor at SCCO (Southern California College of Optometry). The first thing that strikes you about Harue, she carries a huge presence. If you have met Harue, I am sure you will agree, she’s smart, eloquent, out-spoken and dynamic and always on the go!
One of the things I admire about Harue, is she never stops learning and her last major learning curve was to include private practice into her career. Huge leap, from relatively ‘safe’ educational environment to private practice pitfalls, and business savvy. We asked her to share some of her tips with those considering opening an eyecare office.
What made you decide to become a business owner?
Opportunity. I had always wanted to be an educator so when the opportunity arose I didn’t think it was in the cards for me. Then I learned about financing, positive cash flow, working capital, etc. and realized you don’t have to be independently wealthy to be a practice owner. I am fortunate to have business partners who allowed me this opportunity and we each bring strengths to the partnership.
What is the biggest challenge of becoming a business owner?
Confidence. I think we are all confident of our skills as doctors but we have the “imposter syndrome” when it comes to being a business person.
What new skills did you have to learn?
Understanding P&L and the accounting lingo and accounting principles.
What is the same?
As a clinic service chief at the college I understood revenue and expenses but as a business owner I learned new dimensions of cost of goods, marketing, etc. which you don’t realize that you may not have complete control over even when you are in charge of it all.
What is the fun part of the job?
Dealing with people (patients, staff, vendors) from a business stand point it’s tracking statistics. It’s always amazing to me when I hear a colleague complain that things are bad but they don’t track practice performance indicators so by the time it gets bad enough to notice a significant time has passed that often makes it much more difficult to recover.
What is the hardest part?
Dealing with people (patients, staff, vendors). When you buy an established practice there are “bad habits” that everyone has. You have to change the culture and we have been very fortunate to be able to create a working culture that benefits everyone. If you are lucky you can also buy an existing practice where they already have a similar philosophy to your own but if not be prepared to work at it. It may even require shifting of the workforce (e.g. firing some folks) to create a more productive team.
What advice would you give to budding entrepreneurs?
Take advantage of available resources. After I had spent weeks filling out forms for tax numbers, and forms for the Employment Development Department, etc. I realized that the COA publishes a New OD Resource Guide which has the “how to” for a lot of these as well as getting on insurance panels. Don’t be afraid to ask an established OD for some help. If private practice is to succeed we need to help each other where we can and there are many groups available to help. Buying groups and practice management groups are great resources as well
More about Harue Marsden: Assistant dean, Clinical Education. ( O.D. degree from SCCO) M.S. in Physiological Optics from the University of Houston College of Optometry (where she met her practice partners) in the combined Masters/Residency. She is a Fellow of the American Academy of Optometry and Diplomate in the Cornea and Contact Lens Section. Dr. Marsden has primary clinical responsibilities in the Cornea and Contact Lens Service. She is a partner/owner in an optometric corporation. Dr. Marsden served as president of the California Optometric Association, 2010-11.
Similar Posts:
- Building a Successful Optical Practice – Benchmarking
- Interview with Anh Nguyen, O.D. – FirstSight Vision Services, Inc.
- Grow Your Practice With The Vision Council
- See Inside the Box! The OD Next to Walmart Talks to OVS
- Health Care Reform Update
Recent Comments