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From factors that impact value to tried and tested valuation methodologies used by experts, this guide covers everything you need to know to make informed decisions when buying or selling an optometry practice. These categories are generally defined by the practices general ledger categories. [Its a] great profession to make a substantial living, but not sacrifice time away from your family, says Brandon Mayes, OD, of Kids Eye Site in Oklahoma City, Okla. Job satisfaction. It is the American Optometric Association which closely monitors the facts regarding salary for optometrists. All rights reserved by OptometryCEO, L.L.C. That means men in optometry earned about 59% more than women in optometry! Seemingly the cheaper route, but the downside is that if you get it wrong, your practice could be worth less than you think, and you could lose out on a sale. Knowing your true practice net is paramount to running a successful optometry practice. }. In light of all the challenges with COVID mandates and hiring, I am happy to have a solid income, said one optometrist. Fill out the short form below to get started. With everything out in the open, both parties can arrive at a fair optometry practice valuation and make informed decisions. . Surveys by Topic According to the latest AOA income survey results, the average net income for a self-employed optometrist is $148,900. Based on cost of living/inflation, all of the concessions to insurance company fees and the continued expansion of managed care, it effectively has been like taking a gradual pay cut over the last 24 years of practice, while we continue to have more forced expenditures placed on us for things like EMR, says Tom Tritschler, OD, of Eye Health Partners in Murfreesboro, Tenn. Many optometry practices probably started without a formal business plan, but that doesn't mean you should try to do the same. The Benefits of Short, Scheduled Breaks in a Practice Setting, How To Expand Your Practice With Specialty Contact Lenses, Negotiate COGs to Boost Optometry Practice Profitability, Johnson & Johnson Vision Expands Access to Myopia Management, How to Support Your Partner Struggling with Mental Illness While Also Managing the Business, How to Build Relationships to Establish Lifelong Patients in Your Practice, The Importance of Designing Your Eye Care Website To Be Compliant With the American Disabilities Act.