Founded in 2000, Eyecare Plus has evolved in lockstep with the independent optometry landscape. Optometrists who are part of the next generation of business owners discuss how the network helps them focus on what matters most.
With North American backgrounds, business partners Dr Lauren Kimmel and Ms Katy Gabriel come from a region where high quality clinical care is the centrepiece of most optometry businesses. Ocular therapeutics prescribing, advanced technology, a special interest in dry eye and contact lenses, along with a boutique ambience, are ways in which they believe independent practices can also succeed in the Australian market. And if appointments run over time to explain an important diagnosis to a patient, then so be it.
So, in 2020 when the opportunity arose to acquire a practice owned by Mr Stephen Chapman in Warners Bay, 15km from Newcastle’s CBD in NSW, it provided the ideal opportunity for them to bring their shared optometric philosophy to life through practice ownership, something the pair had no previous experience in.
The practice had been part of the Eyecare Plus independent optometry network for over a decade already, and the pair thought it wise to continue this, assisting with key business functions such as marketing, benchmarking and optional buying power of frames, lenses and other products. The decision to remain part of Eyecare Plus also paid dividends when the practice was forced into extensive COVID-19 lockdowns, just weeks after they were handed the keys.
“I would love to say that I know a lot about business, but that would be a lie,” Kimmel says. “So much of my education was focused on optometry, biology, chemistry and the sciences. I’m trying to learn the business side and experience has been a good teacher, but day-to-day we still need to be focused on patients. We wouldn’t be optometrists if that wasn’t our first passion.
“Being part of Eyecare Plus gives us the confidence to feel we’ve got somebody to turn to for things like marketing advice and performance metrics. We have access to some aggregate information about how other practices are performing within the network – information that allows us to see how we compare for turnover, billings per consult, stock levels, booking, etc – things that we wouldn’t have a lot of data about otherwise. It doesn’t necessarily tell you what you need to do, although you can ask for advice, but it turns a light on in the dark for new practice owners, like us.”
How the worlds of Gabriel, originally from Canada, and Kimmel, from the US, collided to own a practice on the edge of the picturesque Lake Macquarie is an interesting tale.
Gabriel, who studied optometry at The University of Melbourne and who has an Australian husband, had worked under Chapman at Eyecare Plus Warners Bay for around 10 years. Before working there, she saw a sign on the door for an optometrist position; it was her dream job but her visa status, among other things, meant she didn’t put her name forward. She met Chapman soon after at a CPD evening who agreed to sponsor her. When she turned up for her first day, she was shocked to find it was the practice she saw that day – and has never left since.
Kimmel studied optometry in the US where she met her now Australian husband who was on a tennis scholarship. She moved Down Under with him, initially to Tasmania, before moving to Newcastle where she enjoyed her role working as an employee at an Eyecare Plus practice. She knew Chapman from around the traps, and when he decided to transition away from ownership Kimmel was introduced to Gabriel.
Lauren Kimmel believes independents can be successful if the practice is built on excellent clinical care.
Kimmel and Gabriel both weren’t in a position to acquire a practice individually, so a partnership suited them nicely (the practice also has a third, silent partner). The duo’s complementary skills were a win for the business as a whole: Kimmel came in with a fresh perspective of how the practice could innovate in certain areas, while Gabriel provided the continuity with staff, patients and operations.
“When Stephen decided he wanted to wind down, I quickly put my hand up for it, this is my dream practice, and I was ready to take on the next challenge in my career,” Gabriel says. “Lauren and I complement each other well and have supported each other through the many challenges we have faced in the last two years. It is reassuring to know that we have a similar vision for how the practice should run.
“With Eyecare Plus, I like that we have ongoing support, we can ask for advice, but we don’t feel pressured from head office to do things a certain way. We have the freedom to do what we like, and this includes what products and suppliers we use. Eyecare Plus have always been helpful and supportive – it’s never hard to get hold of someone for advice.”
Another feature of Warners Bay Eyecare Plus is the fact it’s a branded practice. While not all practices opt for this within the network, Eyecare Plus positions itself as Australia’s largest branded group of independent optometrists, which means branded and co-branded businesses can choose to participate in regional and national advertising campaigns, while sharing the costs.
Another point-of-difference is exclusive territories, allowing members to discuss their business and share ideas, without concern that competing practice owners or staff are in the room.
When it came to acquiring ownership of the practice, Kimmel says Eyecare Plus also helped coach them through the process, without overstepping.
“Stephen Chapman built a fantastic business and Katy and I saw some opportunities to put our own mark on it. During the acquisition process, Eyecare Plus provided some support to ensure that both parties came to an arrangement that we all felt great about,” Kimmel says.
“When you first acquire a practice there’s a mountain of things to be done, and they helped us to prioritise the most important tasks. Unique to our situation was that shortly after becoming owners, we went into a hard lockdown. It was so incredibly stressful. Having some access to information about how other Eyecare Plus practices were handling it and performing (benchmarking) let us know where we sat comparably, and reassured us not hit the panic button.”
A worthwhile arrangement
Further north, Mr Peter McKay’s affiliation with Eyecare Plus dates back to the early 2000s when he joined Eyecare Plus Optometrist Taree, in NSW, as an optometry graduate, working under Mr Ted O’Neill. It wasn’t long until he acquired a share in the business – one of the first to join Eyecare Plus.
Peter McKay.
“Eyecare Plus offer a good balance between offering business support, while leaving you very much free to run your own business.”
McKay says the network continues to offer significant value almost two decades later, while allowing him to maintain his clinical independence. Around six years ago, he bought out O’Neill and became the sole practice owner, with the head office offering valuable support during this time.
“They were able to provide some formal advice at the time of acquiring the final share, offering some market insights and comparative practice evaluations so that I had confidence I was getting a fair price,” he recalls.
“That strategic input from someone that’s able to see what’s happening in a broader market context and then being able to disseminate that down to an individual practitioner like me was helpful.”
Today, McKay also operates another practice three days a week, 80km away, Eyecare Plus Optometrist Gloucester.
“Eyecare Plus is a great fit for me and there are several advantages when it comes to running my business,” he says.
“I see it has been a fairly cost-neutral arrangement. I do pay a license fee, but I think the time it saves means it pays for itself – not only in supplier rates, but in the time it would take me to brand my own practice and build and manage a website etc. They also help my practice offer better arrangements with customer service and after-sales support – and the work they do around staff training has been beneficial as well.”
McKay also says being able to advertise and leverage a common brand significantly helps his business, boosted by the fact that he is not competing with other Eyecare Plus members within his area.
“Eyecare Plus offer a good balance between offering business support, while leaving you very much free to run your own business. There’s a lot of support in regard to setting up quality marketing and advertising campaigns, and we’ve got an online portal where we can order stock quickly from suppliers. All up, it’s an arrangement that balances nicely with my practices.”
