Aspects to Consider When Recruiting a Partner in Your Optometry Practice

Running a private practice as an optometrist allows for practice autonomy, specialisation and high earning potential. Business might start slow, but there is a greater job responsibility which can be overwhelming. If you have been running your private practice for some months, then it is good to consider partnering with another optometrist. Partnerships in optometry have several benefits including, but not limited to, shared responsibilities, shared resources and an improved clientele base. However, it is vital not to go into a partnership blindly. You must keep in mind a few things if you want the partnership to work out for both parties. 

Include a Non-Compete Agreement

When looking for a potential optometrist partner, you have to prepare a contract. Most importantly, make sure that you include a non-compete agreement. The part of the deal is meant to protect your practice when you decide to part ways with your partner. While it might sound strange to think about this from the onset, it prepares you for any eventualities. A non-compete agreement stipulates that upon termination of the partnership, your partner will not open a rival practice within a specified area. It offers you security against financial losses that might come about if your partner sets up shop next to your practice.

Avoid 50/50 Partnerships

An optometrist partnership requires that the parties involved take care of their responsibilities as stipulated in the agreement. For instance, if you are meant to handle the financial part of the partnership, then you are required to do your best. If your partner's role is patient management, then they should play their role accordingly. The problem, however, comes when one partner does not perform their function, which can trigger an end to the partnership. With a 50/50 partnership, it is challenging to make any termination decisions because both optometrists own an equal share of the corporation. You can take care of this by giving at most 2% to a third party then share the remaining stake equally with your potential optometry partner. If for one reason or another you want to terminate your partnership, then you can buy the third party's ownership, thereby increasing the amount of stock in the partnership.

The Scope of Shared Responsibilities

While optometrist partners assign specific responsibilities to each party, there are times when the responsibilities overlap. The optometrist you are looking to partner with must understand the fact from the onset. For example, if you will be away from the clinic for a couple of days, your partner should attend to all patients to help in the smooth running of the practice. However, if you make the system so rigid that neither partner can overlap their responsibilities, then the practice will suffer.