Consolidation, consolidation, consolidation
Consolidation and vertical integration will be another big factor in 2017, according to our experts.
These two things create opportunities for ODs looking to sell their practices and transition out of practice, says Dr. Spear.
Consolidation is also good for practitioners who are trying to maintain relationships and build upon them.
“For those not looking to transition, consolidation provides an opportunity to deliver a high-end customer service experience that maintains a loyal and profitable patient base,” says Dr. Spear.
Related: 6 steps to open a practice
As companies continue to consolidate and merge in other industries, Dr. Rogoff says the same is happening in optometry.
“Consolidation is becoming more prominent in eye care,” Dr. Rogoff says. “If we look at other industries like pharmacy, we can understand how the industry is converging regarding optical, vision insurance, and ophthalmic care.”
He believes that attractiveness of optometry to private equity firms has fueled the uptick in consolidation across the industry.
“There is tremendous interest from private equity, both in the U.S. and overseas, to capture market
-share,” says Dr. Rogoff. “It is especially important for private ODs to distinguish their practices as a destination, continue the highest quality of customer service, and differentiate with specialty services and products.”