The 2 biggest topics in eye care, and possibly in all of medicine, over the past few years have been corporate roll-ups and artificial intelligence (AI). At every meeting I attend, the discussion in the hallways, and sometimes in the classroom, comes back to 1 question: How will private practice survive in an era dominated by private equity (PE) and AI?

I am grateful for what PE has provided for many of my friends and colleagues, and many patients would say the same. However, I want to take a moment to encourage my colleagues in private practice: Your future has the potential to be outstanding. Here are some of my favorite pieces of advice from experts and authors that we can use in the next phases of our businesses.

"Size hurts you at times of stress; it is not a good idea to be large during difficult times." —Nassim Nicholas Taleb in Antifragile (Random House, 2012)

When a PE firm or management services organization acquires a practice, it immediately gains purchasing power, but it often loses agility. Decisions that once took an afternoon now require layers of approval, and the ability to adapt slows dramatically.

Independent practices have the opposite advantage. We can change course quickly, try new ideas, and learn from failure without waiting for a board meeting. The real question is: Do we? 

Ask yourself honestly: Are your frame boards stocked with the products your patients actually want? Are you using cutting-edge lens manufacturing and digital measurement technologies? Does your team understand that their end goal is to provide highly personalized care that patients cannot find anywhere else?

Focus on the "smallest viable market" —Seth Godin in This Is Marketing (Portfolio, 2018)

Stop trying to serve everyone and instead focus on the people you can serve better than anyone else. For an independent practice, that means being more personal, more specific, and more responsive than a large organization can afford to be.

Start by focusing your team on these 4 priorities:

1. Perfect the handoffs. Make each transition in your workflow seamless, from technician to doctor and from doctor to optical. Aim for 5-star reviews that praise your support team as much as your doctors.
2. Use digital tools in the optical. Make the styling experience fast, fun, and accurate.
3. Empower your team. Invite staff to brainstorm ways to keep elevating the patient experience. They often see opportunities the doctor misses.
4. Recognize great work. Reward your team for a job well done, publicly and often.

"People don't buy what you do; they buy why you do it." —Simon Sinek in Start With Why (Portfolio, 2009)

A private practice cannot outspend a corporate group, but it can out-care one. Patients who know your story, trust your team, and feel known by your staff will return and refer their families.

"The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday's logic." —Peter Drucker in Managing in Turbulent Times (Harper & Row, 1980)

The practices that struggle will be the ones still doing what worked a decade ago. The ones that thrive will treat change, including AI, as a tool rather than a threat

April Jasper, OD, FAAO practices in West Palm Beach, Florida. She is an American Academy of Optometry fellow, chief optometric editor of Optometric Management, and author of “Creating Your Business of Distinction,” which can be purchased here: amzn.to/3LM8JmR.

Email: dr@apriljasper.com
X: @DrAprilJasper
Facebook: @OptometricManagement