By Michael Jerkins MD, M.Ed., President of Panacea Financial
Are you considering practice ownership? Practice ownership comes with many financial and professional benefits. Sole ownership and partnership are two of the most common ways to become a practice owner.
While sole ownership has many benefits, partnership can provide many of the same benefits without the stress of the entire business resting solely on your shoulders. Based on the expertise of the team at Panacea Financial who have assisted hundreds of doctors in achieving their practice ownership goals, here are five reasons to consider practice partnership.
1. Collaborative Decision-Making & Autonomy
One of the key benefits of partnership is the ability to participate in collaborative decision-making. Rather than working as an employee under someone else's direction, partners have the authority to influence the direction of the practice.
Partnerships create a collaborative environment where every optometrist-partner has a voice in critical decisions, such as hiring new staff, integrating new technologies, and setting practice policies. This shared decision-making process not only boosts job satisfaction but also ensures that the practice reflects the shared vision and values of all partners involved.
2. Financial Security & Potential
Becoming a partner can lead to increased financial stability and growth. As a partner, you are entitled to a share of the practice’s profits, which can be significant depending on the success of the practice.
Partners also have the opportunity to invest in the practice, allowing them to benefit from long-term financial gains as the practice grows. The financial security that comes with partnership can offer peace of mind and create opportunities for personal and professional growth that might be harder to achieve as an employed optometrist.
3. Building a Reputation & Patient Loyalty
Partnership offers optometrists the chance to build their reputation and nurture patient loyalty—a valuable asset for any practice. As a partner, you can establish long-term relationships with patients, providing continuity of care and personalized attention. This continuity builds trust, an important element of patient satisfaction and loyalty.
By delivering exceptional care and building strong patient relationships, partners can elevate their professional reputation and establish themselves as trusted healthcare providers in their community.
4. Flexibility & Work-Life Balance
Another significant advantage of becoming a partner in an optometric practice is the potential for increased flexibility and a better work-life balance. While starting a practice requires dedication and effort, once it is up and running, partnerships can offer the flexibility to create a schedule that fits individual needs.
Partners have more control over their time, enabling them to balance their professional duties with personal commitments. This flexibility not only contributes to overall job satisfaction but also supports physical and emotional well-being, reducing burnout and enhancing quality of life.
5. Professional Growth & Continued Learning
Partnerships in practices often cultivate an environment that supports professional growth and continuous learning. Working closely with other optometrists who share a commitment to high-quality care can open doors to knowledge exchange and mentorship.
Partnerships also offer access to a wide range of cases and opportunities for specialization, allowing optometrists to broaden their clinical expertise. Continuous professional development not only enhances job satisfaction but also ensures that partners remain current with advancements in the field and deliver the best possible care to their patients.
Deciding To Become A Partner
Becoming a partner in an optometric practice comes with numerous benefits and rewards. Collaborative decision making, financial security, reputation building, work-life balance, and professional development are just a few of the persuasive reasons to consider this career path.
It is essential to evaluate the specific opportunities and challenges of each partnership before making a commitment. However, for those seeking a fulfilling and prosperous career, the role of a partner is one pathway to both personal and professional achievement.
If finances are a roadblock on the way to partnership, Panacea Financial is here to help. Their partner buy-in loan can provide up to $400,000. And if you need more than that, they can help there too! Chat, email, or submit your info to start the process.
Panacea Financial is a division of Primis. Member FDIC.
About Michael Jerkins, MD, M.Ed
Michael is the President and Co-founder of Panacea Financial and is also a practicing physician in Little Rock, AR. After earning his BBA in Economics he deferred his medical school acceptance to teach middle school science in the Phoenix, AZ area while also earning his Masters in Education from Arizona State University. He then completed medical school at the University of Tennessee Health Science Center before finishing his residency at University of Cincinnati Medical Center and Cincinnati Children’s Hospital. With a faculty position and board certifications in both Internal Medicine and Pediatrics, Michael is able to treat patients of all ages and teach medical trainees in both inpatient and outpatient settings.
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