This could be a fantastic opportunity for anyone, from recent graduate to experienced ophthalmologist, to be their own boss and make a great income in the Washington, D.C. metro area. Alternatively, this practice could also work well as a satellite in the expansion of a local group or organization.
This is a pathology-based practice specializing in medical retina, glaucoma, and cataract surgery. No refractions or general ophthalmology services. The bulk of in-office procedures include intravitreal injections, retina lasers, and SLT lasers.
Our practice did not close during COVID-19 due to the significant number of medical retina patients we follow.
Inbound referrals come from optometry, primary care, medical subspecialties, and general ophthalmology, in addition to many self-referrals from insurance directory searches. Patients without pathology are referred to general ophthalmology; the result is a challenging and rewarding patient mix.
Our in-office equipment includes an updated SD-OCTA, FA/color fundus camera, B-scan, 2 green photocoagulators (SLA and indirect), YAG laser, and SLT laser. We maintain an onsite network with EMR and practice management software.
The office includes 3 equipped lanes, a tech room, 2 procedure rooms, 3 business offices, and a separate waiting and dilating area.
Gross income has ranged from 941k (2017) to 918k (2018) to 1.1M (2019). YTD collections for 2020 is over 327k (as of 5/1/2020 without any government assistance) and should be viewed in light of the current COVID-19 pandemic effects and the typical slow start for the beginning of the calendar year. Solo owner compensation, including salary, distributions, retirement contributions, and health benefits, is a comfortable percentage of gross. The current gross income is with a relatively low fee schedule (in need of re-negotiation for higher reimbursements), a billing collection system with a moderate amount of claims loss, very conservative coding (in the setting of ethical and conservative management of the patients), and no marketing effort.
Typically, the clinic is open 4 days per week and the OR surgical volume is 4-5 cataracts per OR day (2 OR days per month). The average clinic day will involve typical pathology-focused visits, intravitreal injections, and 1 or 2 lasers. The owner takes two or three 3-day weekends per month.
Call covers the practice’s own patients which is very light.
We have a great mix of friendly, loyal patients and staff. This is a rewarding practice where you will make a difference.
All equipment leases will be paid off prior to the sale; this will be the assumption of a debt-free business.
If interested, please submit only reasonable offers based on typical practice valuation calculations (please consult your accountant or counsel). Books will be available for review if a true and committed interest in the practice has been shown. The owner is willing to help transition the practice over a 3 to 6-month time period. A lump sum payment via bank financing is preferred. Owner financing of the practice may be available for a reasonable interest rate and a term of up to 10 years.
The office space is owned by the practice owner, and will be rented at $5,000 per month with COLA added annually. Condo fees and property taxes will be paid by the owner. An option to purchase the real estate will be available.
Only an ethical and committed physician or a well-established, reputable institution will be considered for this sale. The primary goal is to ensure top-notch continuity of care for our patients. Therefore, the highest offer may not necessarily assume the practice.
This practice opportunity is available due to the unplanned decision for the owner-physician to move closer to aging family.