Here are some important things to consider before signing a corporate optometry lease.
1. Questions to consider when interviewing with a corporate optometry lease manager or employer OD
Scheduling:
- Who is responsible for scheduling your appointments in a corporate optometry lease? Is the scheduling system in real time? (Real time means actively updated as patients schedule, important to ensure no double booking)
- Do you have the ability to set your appointment schedule?
- How many hours a week are you committing to your specific corporate optometry lease?
- How many patients are typically on the books per week currently?
- Are hours extended for the end of year rush?
- What are their policies on RX checks?
Payments:
- If a 1-Door State, are you paid retroactively after insurance payments come in?
- Will you collect exam fees only in your particular corporate optometry lease?
- Percentage of non-insured patients vs. insured patients?
Staff:
- How many employees do they provide you with?
- How are their roles defined?
Equipment:
- What equipment is provided for you when you arrive day one in your corporate optometry lease?
- Are you provided with computers? Capable of EMR use?
Marketing:
- Are you responsible for marketing your practice? (i.e., Dr. Dryer interviewed once with Sears, and they wanted her to create her website)
- If you are, will your corporate optometry lease provide you with any money?
2. Things to consider before signing a corporate optometry lease
- Does it have a non-compete clause? (Note: This is important in both private/corporate optometry)
- If it does contain a non-compete clause, is it reasonable? Some contracts can be >5 miles which can be more limiting in small town vs. city
- What are the conditions for contract release if you want out? If they want, you out? Some days? Penalties?
- Will you have enough patients to produce enough income?
- What holidays will you be obligated to work?
- Can you negotiate to receive contact lens materials benefits?
- Will you need to find a fill-in doctor if you are unable to work? The amount paid to fill-in doctor?
- Does it further your career goals?
Have you reviewed your contract with a lawyer?
3. Documentation to have in place for a corporate optometry lease
- Do you need to form an organization i.e.,. sole proprietorship, PLLC?
- Have you registered for a Tax ID number?
- Have you credentialed for insurance panels? If not, how long until you can file insurance claims?
Have you acquired malpractice, disability, and health insurance?