BILLIE JOE ARMSTRONG of Green Day sang, “I walk a lonely road. The only one that I have ever known.” It seems to us that the sentiment is the same for most eyecare practitioners—they go about their careers alone. Should strategic partnerships become a new normal for specialty lens practitioners?

Strategic partnerships can take many forms. What a partnership brings to an individual or a practice may vary dramatically, but the importance of partnership is to share common ground and build each other up for the betterment of the practitioner, practice, and patient.

Here are a few partnerships that some specialty lens practitioners have found beneficial. There are certainly positives and negatives that a practitioner should navigate in the process.

SOCIAL MEDIA GROUPS

ODs on Facebook is a large, private social media group where practitioners can go to develop strategic partners. What was built with this group is a place for practitioners to explore their practices to a greater extent. Since the group’s success, other social media groups have broken out that focus on specialties. Myopia management, scleral lens, and dry eye groups, although smaller, are destinations for likeminded practitioners from all around the world to chat and share their experiences.

PRIVATE EQUITY PRACTICE

Some practitioners have started to look for private equity as a retirement plan, while others have seen it as a group that can help them achieve the practice they desire. While there are many private equity groups, certain ones have interest in more specialty practices. These groups can help with administration and management of the office, while allowing clinicians to spend more time with patients and grow the specialty sides of their practices.

Some may consider the transfer of ownership of the practice to be a deal breaker, while others see the upside of practice freedom. Of course, seller beware, as you may need to speak to other practitioners to ensure that the new partner is a good fit, because you cannot go back. Consider working with a consultant who has navigated this process before and can coach you on pitfalls to avoid.

SPECIALTY-SPECIFIC CONSULTING

Groups have risen in eye care that focus on specialty care. This has seen its most prominent rise in the myopia management side of specialty lenses. However, individual practitioners and smaller groups also offer consulting in other specialty eyecare areas.

While private equity takes over the ownership of the practice, these strategic partners assist in team training, marketing, and process operations around the specialty. Even though they coach on what to do, it’s still the responsibility of the practice to make it happen. A partnership like this allows ownership of the practice to stay intact but offers best practices for how to grow and excel in a particular specialty.

THE VERDICT

As the eyecare practice becomes more complicated and busy, clinicians are looking for relief, and strategic partnerships can provide some. Whether through a colleague on social media, a practice consultant, or someone taking over operations, there are avenues to reduce the load that clinicians may experience. We believe that strategic partnerships should become the new normal for specialty care. CLS