Eyeworld

September 2017 • Ophthalmology Business 25 Specifically, in order to have 20% growth year to year, a practice must significantly invest in market- ing and outreach. Such investments can include sophisticated websites, affiliations with well-known compa- nies and personnel, and physicians taking time outside of practice hours to manage the marketing campaigns and growth of their business. Mergers and acquisitions The size and internal capacity of the practice can determine whether it should consider adding other offices or merging with other practices to achieve market share goals. for business if patients have long waits for appointments. "Patients in this day and age want quick turnaround from schedul- ing of the appointment to seeing the physician," Mr. Gurman said. Practices need to decide whether an annual market share growth rate is a goal. Some of Mr. Gurman's oph- thalmology practice clients aim for 20% annual growth in both revenue and new patients. However, other practices are focused on maintaining patients and a consistent stream of revenue. "The former is much better for security and creating a large prac- tice," Mr. Gurman said. "However, the old adage applies here: You need to spend money to make money." I s there an optimal market share for ophthalmology practices and, if so, are there best ways to determine it? Michael Gurman, partner in the Health Law Practice Group, Abrams, Fensterman, Fensterman, Eisman, Formato, Ferrara & Wolf, Lake Success, New York, is not sure there is an optimal market share. "Each market is different based on city, county, etc.," Mr. Gurman said. "An analysis of the market would likely also depend on the size of the practice. Ultimately, it is about having enough patients to fill a phy- sician's schedule." Mr. Gurman noted that having a large share of the market without ad- equate coverage would not be good by Rich Daly, Contributing Writer Determining a practice's optimal market share continued on page 26

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