The Ball’s in Your Court: How Will You Play the Game?

Dr. O’Brien is a 2013 graduate of Michigan State.

Vernon is the VSP University & Student Relations Manager.

Boards:

In regards to boards, don’t forget there are many famous failures. Dr. O’Brien herself failed boards part one 3 times, by one point each time. She shared that the time between getting her scores felt like the loneliest years of her life. Celebrate, but don’t forget to ask people around you how they are doing. You have supported each other throughout your time at school and should continue to do so throughout the boards process as well. Befriend and ask upper years what they did, especially if they passed.

$$$:

In regards to money, there are different ways to obtain it once you become a doctor. There are different jobs, such as part-time or full-time. Ask what hours you’re working and be clear on all terms. The daily rate of pay in Colorado is $400 a day. Independent contractors are doctors who pay to rent space in practices and the equipment, pays taxes out of their own money generated. The W-2 employee is on payroll with taxes already taken out. Rates tend to vary by geographic location so be sure to understand where you are. Also consider other types of payment such as bonuses (based on your production, exam, optical, all revenue or other forms). Ask for bonuses each year or renegotiate the terms of your contract. Look for retirement plans, vacation days, AOA and state dues, malpractice coverage, and continuing education. For your personal finances, known your credit score well and don’t “live as a doctor” immediate. Be frugal and continue to live like a college student for a little while longer after graduation. Living at home or with roommates can be a great way to reduce or cut out rent payments—even though it may not be the most fabulous.

When you interview, consider having a conversation about packages and what they are able to offer. Additionally, be sure to dress sharply to make a good first impression. When asked a question, answer directly and honestly. Know how much you are worth and be confident. Being confident in the interview reflects your confidence in the exam room to interviewers. Confidence is also important to be clear as a doctor and communicating with patients.

In six months of loan deferment, save every penny to get 2-3 months of livable savings built up. Consider life insurance when considering refinancing loans.

Fourth Year Checklist:

In this year, clean up your personal brand, including your social medial, email, and attire. Begin portraying yourself in a more professional manner. Determine how much and where you want to practice, then send your CV via snail mail to all doctors in the area. Follow up with email—a new professional email address, not your school email address which can expire. Follow up in-office for a visit or meeting. Be confident in what you want and also realistic about what you deserve. For example, you don’t deserve $150k just because you’re $200k in debt. In fact, $78k is enough to survive with while being $200k in debt.

Consider what the patients in a certain area or an established practice are looking for. If the practice isn’t modern or high tech, maybe patients don’t want that. Know the type of person you are. You can take the Myers Brigg Personality Test to find out.

Opening Cold:

Develop your team: have a consultant or guild, lawyer, realtor, and whatever else you may need. Examples of consultants include: iCare, which solely works to help you with cold starts; Acquios, which has many resources including help with HIPPA forms and more; and Williams Group, which is great for acquisition of existing practices. Vision Source has a “heat map” of where good specific areas are to open and more. Pro-optometry loan leaders include Bank of America and Wells Fargo, both of which have an actual optometry sector, as well as Vision One, which works closely with VSP. Bankers do not look at student loans as bad debt. There is good and bad debts. Student loans are not held against you. Be sure to have good advisors.

For equipment, consider an in-house edger and hire a solid team. Don’t “spiff” or give small bonuses for selling an extra pair of frames. This creates a poor environment and sets team oriented on goals for rewards. Hire for personality and train for skill. You can’t train people to be good people but you can train them to be good at what they do.

In the optical, consider putting frames and fragile items higher up. In a vision therapy practice, probably a smaller optical is needed.

Consider hard systems versus soft systems. Hard systems include electronic health records, patient management systems, and others. Soft systems include office manual, protocol lists, etcetera.

For marketing, primary care provider communication is key—it can make or break your practice. It is important to foster these relationships. What form of marketing will you use? Magnets, business cards, community events? Try interacting with local organizations in your free time.

Kristin’s total estimated cost to open cold: $275k. She started with 500 pairs of glasses; now she has 900. She had two exam lanes, new Optos Daytona ($2k), a used Marco autorefractor, iCare tonometer, Revolution EHR (couple hundred a month per provider). She added a brand new edger at one month. Three years in, she added OCT and a used topographer.

Mentors:

Vision Source has a mentor program locatable at http://vspmentorod.com

For questions, you can email Dr. O'Brien at kobrienod@gmail.com or add Vernon on Facebook!