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The 2019 Optometrist ReportEyecare

TABLE OF CONTENTS

Analytics www.covalentcareers.com 2019 Optometrist Report | 2

Introduction 3

Survey Methods 7

Survey Demographics 5–7

Settings and Practice Models 7–9

Optometry Students and Life After Grad School 10–11

Optometrists and Practice Owners: 5-Year Goals 12–14

Optometry and The AOA 15–16

Optometry and Recruitment Marketing 17–18

Current vs. Starting Salaries in Optometry 19–23

Salary Satisfaction 23

Optometry and Student Loan Debt 24–26

Confidence in Repaying Student Loan Debt 26

Practice Management 27–28

Vision Plans 28

Prescriptions 28

Wellness Exams 28

Number of Optometrists in Office 28

What Does Your Practice Spend on Marketing Each Month? 28

Favorite Optometric Brands and Practice Tech 29–32

The Future of Optometry 33–35

Optometry and Private Equity 34

The 2019 Optometrist Report

INTRODUCTION


Hi friends and colleagues,

Thank you for taking the time to read our 2019 Optometrist Report. When I graduated optometry school back in 2013, it was very difficult to find accurate, free, and well-organized data about our wonderful profession. For that reason, my team and I set out on a journey to provide you—the student, the optometrist, the business professional—with accurate, free, and high-quality data. We now produce around five reports like this each year on a variety of topics—so please, stay subscribed to our email list to ensure you continue to receive updates.

This year we captured a segmented respondent size of 798 optometrists and 202 students, as well as 91 practice owners. When we slice up this data, some very interesting trends emerge. I’ve highlighted some of the most interesting trends that are noteworthy and worth a larger discussion.

When we asked optometry students, “Do you feel your optometry school is adequately preparing you?” we found that the average “feeling of preparedness” dropped by 16% between the first and fourth year. It seems that reality begins to set in for those nearing their graduation date. Having been there, done that, I can certainly empathize with future optometrists. I believe this is low-hanging fruit for both optometry schools and industry players to provide supplemental education.

If you asked me what my five-year plan was as a new graduate optometrist, I would have been part of the 8.8% that said, “Open a private practice cold, of course.” I found it very interesting that comparing

CovalentCareers’ 2017 report results to these 2019 results, there was a 6.9% increase in the number of optometrists who said they wanted to remain an employee, and a 7.7% decrease in the number of optometrists who wanted to buy into a private practice. I think many will ask whether this is a result of private equity gaining a foothold in optometry. Will optometrists’ goals go unmet due to the dwindling ability to buy into a practice as private equity buys up practices?

My gut tells me this won’t be an issue in the short term, but the long term is a different question. According to Vision Monday, the top 20 retailers grew their number of locations from 14,500 in 2016 to 14,690 in 2018, which is a 1.31% increase. So yes, private equity and corporations are growing their number of locations, but 1.31% isn’t enough to ruin the dreams of students and new graduates. On a similar note, the number of optometrists wanting to open a private practice cold is decreasing, but not all that significantly. I personally have enormous faith in companies like iCareAdvisors, LLC, a cold start group led by Eric Baas, OD, and Robert Steinmetz, OD, to drive future change in this area. Give them a look if you’re curious.

This next theme is near and dear to me for obvious reasons, but I am always fascinated by how many optometrists are interested in a non-clinical career. This year we hit record-high numbers of 52.5% with a blatant “yes.” Perhaps this number is high because more optometrists than ever feel burned out, or perhaps it’s high because optometry has a large retail, medical device, pharmaceutical, and consulting side.

I personally see this 52.5% number as a double-edged sword. It’s good because more optometrists contributing to the business side of optometry will help us to always keep the patient in mind. But it’s bad, because optometry is clearly facing an OD shortage estimated at 9,000 full-time-equivalent ODs. This shortage is felt most strongly in rural areas. Every optometrist who goes non-clinical hurts patients’ ability to access care.

There’s so much I want to say about page 14, which is all the data we have about the AOA, but I’ll let you scroll to that one on your own. . . Let’s just say I’m very unhappy that this problem hasn’t been solved, although I do understand that many people are working hard to solve it.

For all the employers out there, we’ve got a very interesting section on recruitment that is a must-read! 86% of optometrists research an employer’s brand and culture prior to applying for a job. In fact, culture ranks #1 for what optometrist job seekers feel is most important about an employer’s brand. However, the average employer only spends $826 per year “marketing their employer brand,” while a plurality of employers we surveyed (the mode) spend absolutely nothing. Practice owners also ranked the importance of their employer brand very low, at barely 6 of 10.

What’s even funnier is that employers say “staff” is their #1 headache in practice. It’s my thought that this low investment and low consideration for recruiting is causing this staff headache. There is a clear mismatch between what job seekers are looking for and what employers are delivering.

Some would argue that optometrists need a job and they’ll take anything they can get—but this is flat out wrong. There is only 3.7% national unemployment right now, and it’s still on the decline. Optometrist unemployment is likely near 0%, considering the aforementioned 9,000 FTE shortage of ODs. Combine that with an average confidence of paying off student debt at a low 6 out of 10, and you’ve created the perfect storm for employers to have major headaches finding talent. So they must increase their investment in talent acquisition, and must increase their time horizons. Gone are the days, especially for rural areas, where you can post a job on a job board and expect applications to roll in.

Ok, our editors are kicking me out and telling me I’ve exceeded my commentary limits! I truly hope you enjoy this report and that the data is valuable to you, in whatever way it helps your organization to achieve your goals. You can email me at [email protected] if you want to continue the conversation, but otherwise, please keep on the lookout for our upcoming reports on a variety of topics!

-Matt Geller, OD

Co-founder & CEO CovalentCareers, Inc.

What is CovalentCareers?CovalentCareers is a career development company for new healthcare professionals, providing them with education, mentorship, and job opportunities. From small private practices to large companies hiring hundreds of ODs, CovalentCareers provides all employers with scalable talent acquisition solutions. CovalentCareers, which was co-founded by an optometrist, has been in business since 2013 and houses nearly 20 employees in San Diego, California. CovalentCareers has built a passionate community of students, new graduates, and experienced professionals that together form one of the largest healthcare education and job websites online with millions of yearly visitors. CovalentCareers is strongly focused on giving back—whether donating 10% of revenue to private practice clubs, medical mission trips in Andrah Pradesh, India, local community Day of Service events, or VTO days—we’re obsessive about giving back to our local community, our profession, and abroad. If your organization needs to hire ODs or opticians, we’re here for you! If you need a great optometry job or career advice—we’re here for you! Any other questions or comments? You guessed it—we’re here for you!

https://covalentcareers.com/resources/?_page=1&industry_preference=Eyecare&primary_media_type=Reports

https://www.visionmonday.com/latest-news/article/vms-signature-top-50-us-optical-retailers-report-shows-continued-growth-of-top-50/

https://icareadvisors.com/

SURVEYDEMOGRAPHICS



SURVEY DEMOGRAPHICS

This survey was performed through Typeform, with the incentive of a raffle for (100) $5.00 Starbucks gift cards.

1,214people completed the survey.

Out of those,

750were currently practicing optometrists,

276were current optometry students, and

63were practice owners.

We filtered the data by grad year, narrowing down our analysis to those optometrists who did or would graduate between 2000 and 2022. This was in order to remove outliers (most grad years outside of this range had fewer than 10 individual respondents).

Female Male Prefer not to say

Optometrist 65.9%

24.1%

7.5%

0.1%

0.1%

0.2%

0.5%

0.6%

1.0%

OptometryStudent

Practice Owner/Partner

Practice Staff

Industry

Resident

Educator

Billing Specialist

Retired

73.5% 25.3% 1.2%

Practice Owner/Partner

OptometryStudent

Optometrists63 276 750

Female Male56.7% 43.3%

Female Male78.6% 21.4%

Female Male Prefer not to say73.2% 26.0% 0.8%

Optometrists

What describes your role in eyecare

Top respondents roles in eyecare

Practice Owners

Optometry Students

All Respondents

100%

What is your gender? What is your role in eyecare?


SURVEY DEMOGRAPHICS

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

3

4

3

3

1

5

2

7

11

14

16

15

34

39

63

74

105

113

137

83

Opt

omet

rists

Prac

tice

Ow

ners

Opt

omet

ry S

tude

nts

1974

1977

1979

1981

1985

1986

1988

1989

1991

1992

1993

1995

1995

1997

1999

2000

2001

2002

2003

2004

2

1

1

2

1

2

1

1

1

3

2

2

2

2

1

3

2

2

3

1

2019

2020

2021

2022

2023

12

30

63

102

79

2005

2006

2007

2008

2010

2011

2012

2013

2014

2015

2016

2017

2018

2

2

4

1

7

4

2

7

8

10

5

2

1

In what year did you or will you graduate optometry school?

SETTINGS ANDPRACTICE MODELS


SETTINGS AND PRACTICE MODELS


Private Practice 67.5%

9.1%

8.8%

1.1%

1.5%

2.9%

6.2%Hospital

CorporatePractice

OphthalmologyPractice

VAMC

I plan to openmy own practiceCorporateSublease

Uncertain 0.7%

0.4%

0.4%

0.4%

0.4%

0.4%

0.4%Indian HealthService

University

RefractiveSurgery Center

Residency

Military

Group Practice

Private Practice 45.1%

52.2%

16.5%

20.1%

11.5%

10.0%

7.1%

9.3%

4.8%

3.8%

4.1%

0.0%

3.5%

3.8%

1.9%

0.0%

1.6%

0.0%

1.2%

0.0%

0.8%

0.8%

0.4%

0.0%

0.4%

0.0%

0.3%

0.0%

0.3%

0.0%

0.1%

0.0%

0.1%

0.0%

0.1%

0.0%

0.1%

0.0%

0.1%

0.0%

36.8%Private Practice

15.9%Stay in current

setting

15.4%Opening myown practice

9.0%Ophthalmology

Practice

5.5%Hospital

3.8%CorporatePractice

3.3%Refractive

Surgery Center

2.6%VAMC

2.4%CorporateSublease

1.9%Eyecare Industry/

Business/Non-Clinical

1.7%Private Practice

Managed by Private Equity

0.7%Telemedicine

0.5%Academia

0.2%Uncertain

0.2%Research

CorporateSublease

OphthalmologyPractice

CorporatePractice

Hospital

Private PracticePrivate Equity

VAMC

Academia

Eyecare Industry/Buisiness

RefractiveSurgery Center

CommunityClinic/FQHC

IndependentContractor

Military

Indian HealthService

Public Health

Telemedicine

Mobile/SchoolBased Health

Tribal Clinic

VA HospitalHMO

In which optometry setting would you like to practice?In which optometery settingwould you like to practice?

In which optometry settingdo you primarily practice?

Compared to2017 survey

100% 100%

Optometry Students Optometrists ODs looking to change jobs

While only 8.8% of ODs who are graduating responded that they were planning to work in corporate practice, almost double that percentage of clinical optometrists ended up practicing in a corporate setting (16.5%). This could be due to a lack of private practice opportunities, or other factors like competitive salary and benefits packages offered by corporate companies.

Out of optometrists looking to change jobs, only

36.8%want to work in private practice.

Compared to the

67.5%of optometrists who want to work in private practice after graduation, this is quite a decrease; however, 15.4% of optometrists looking to change jobs want to open their own practice, which could account for the significant change in response rates.

Keep your eyes on telemedicine — more optometrists are expressing their interest in this modality than in research or academia. We believe this trend will continue as the available technology and medical networks continue to improve and grow, opening the opportunity for care to a wider range of individuals and likely bringing down the costs of eye exams.

SETTINGS AND PRACTICE MODELS


Practice Owners

Lenscrafters 17.5%

15.0%

14.4%

3.7%

5.0%

5.6%

8.8%Walmart

Visionworks

America’s Best

Costco

MrEyeDr

Target Optical

Pearle Vision 3.7%

3.1%

2.5%

18.1%

2.5%For Eyes

Eyeglass World

NationwideVision

Others

59.9%Primary

Care

16.3%Ocular

Disease

7.2%Contact Lens

4.4%Vision

Therapy

3.6%Pediatrics

3.1%RefractiveSurgery

2.6%Cornea &AnteriorSegment

1.6%MyopiaControl

0.8%Low Vision

0.2%Concussion

and TBI

0.2%Geriatrics

0.1%Neurological

Care

Optometrists

Optometrists

Private Practice82.2%

Corporate Sublease14.4%

Corporate Practice2.2%

Private Practice ManagedBy Private Equity

1.1%100%

Practice Owners

Lenscrafters 17.5%

15.0%

14.4%

3.7%

5.0%

5.6%

8.8%Walmart

Visionworks

America’s Best

Costco

MrEyeDr

Target Optical

Pearle Vision 3.7%

3.1%

2.5%

18.1%

2.5%For Eyes

Eyeglass World

NationwideVision

Others

59.9%Primary

Care

16.3%Ocular

Disease

7.2%Contact Lens

4.4%Vision

Therapy

3.6%Pediatrics



1.6%MyopiaControl

0.8%Low Vision

0.2%Concussion

and TBI

0.2%Geriatrics

0.1%Neurological

Care

Optometrists

Optometrists





1.1%100%

Practice Owners

Lenscrafters 17.5%

15.0%

14.4%

3.7%

5.0%

5.6%

8.8%Walmart

Visionworks

America’s Best

Costco

MrEyeDr

Target Optical

Pearle Vision 3.7%

3.1%

2.5%

18.1%

2.5%For Eyes

Eyeglass World

NationwideVision

Others

59.9%Primary

Care

16.3%Ocular

Disease

7.2%Contact Lens

4.4%Vision

Therapy

3.6%Pediatrics



1.6%MyopiaControl

0.8%Low Vision

0.2%Concussion

and TBI

0.2%Geriatrics

0.1%Neurological

Care

Optometrists

Optometrists





1.1%100%

The number of optometrists with a clinical focus on Concussion and TBI is low compared to the prevalence of injury and the increase in awareness of their impact on long-term health. Don’t be surprised if you see more clinicians taking on a focus in Concussion, and an increase in the number of practices that work closely with schools and student athletes as part of an interdisciplinary team.

At which corporatelocation are youcurrently practicing?

What practice setting do you work in?

What is your current clinical focus?

OPTOMETRYSTUDENTS AND LIFE AFTER GRAD SCHOOL


OPTOMETRY STUDENTS AND LIFE AFTER GRAD SCHOOL


Neutral42.0%

Not confident29.2%

Confident28.8% M

ore Negative

More Positive

Graduation Year

10

8

4

6

0

2

2019 2020 2021 2022

6.05 6.19

6.907.23

How confident are you about being ableto manage finances after graduation?

Do you feel your optometry schoolis adequately preparing you?

28.8%of optometry students feel confident about managing finances and taxes after graduation, yet 100% will be faced with this challenge!This sounds like an area of opportunity. Could employers offer support and education around finances to help attract new talent for their practice?Are there organizations that want to take on this educational challenge for the remaining 71.2% of optometrists who did not indicate confidence in these subjects?

Students just entering school are currently more optimistic about how well they’ll be prepared for life after school, while that feeling drops

16%from 7.23 to 6.05 for the students who are graduating this year.

OPTOMETRISTS ANDPRACTICE OWNERS:FIVE YEAR GOALS


OPTOMETRISTS AND PRACTICE OWNERS: FIVE YEAR GOALS


In the next five years,what career path are you most likely to take?

Percentage of each grad year that wants to open a practice

Compared to previous survey from 2017

52.2%Remain anemployee

32.5%Buy into a

private practice

8.8%Open a privatepractice cold

4.5%Start a corporate

sublease

1.0%Transition to

academia/research

0.3%Transition to

industry

0.3%Become an

independentcontractor

0.3%Go backto school

0.1%Uncertain

% That w

ant to open a practice

In what year did you or will you graduate from optometry school

20%

10%

15%

0

5%

2005 2007 2009 20132011 2015 2017 2019

0.0

7.14

13.3

5.88

9.52 9.52

14.9

6.57

8.85

5.81

7.69

18.8

6.25

0.0

20.0

45.3%Remain anemployee

40.2%Buy into a

private practice

9.3%Open a privatepractice cold

5.2%Start a corporate

sublease

Optometrists Optometrists

Buy in, or open cold? With the baby boomer generation continuing to work through their transition plans, it’s great to see that

32.5%of optometrists would like to own a practice over the next five years.However, this number has decreased significantly from 40.2% in 2017. If this trend continues, we will see a significant disconnect between the number of optometrists who would like to sell their practice to the number of optometrists who want to own a practice. If you’re planning a transition, make sure to take into account the trends and values of the next generation of optometrists.

OPTOMETRISTS AND PRACTICE OWNERS: FIVE YEAR GOALS


Optometrists

53.3%Grow the

business in mycurrent location

20.0%Add an

associateoptometrist

12.2%Remain on

my feet

6.7%Open oneadditionallocation

5.6%Sell mypractice

2.2%Open several

additionallocations

% Interest in a non-clinical career


80%

40%

60%

0

20%

2009 2011 2013 20172015 2019

64.3

53.3

43.8

59.0

64.961.0

55.2

36.1

40.9

54.055.9

Practice Owners Optometrists

Yes52.5%

No43.9%

I already have anon-clinical career

in eyecare

3.5%

What is your number one practicegoal in the next 3 years?

Do you have any interest ina non-clinical career?

Do you feel your optometry schooladequately prepared you for life after graduate school?

More than halfof optometrists want to pursue a non-clinical career, yet only 3.5% state that they have a non-clinical career.This is something that the profession must learn more about, as it can have significant implications for an industry which already has a shortage of clinicians while graduation rates remain flat.More to come from the CovalentCareers team on this subject!

Optometrists

53.3%Grow the

business in mycurrent location

20.0%Add an

associateoptometrist

12.2%Remain on

my feet

6.7%Open oneadditionallocation

5.6%Sell mypractice

2.2%Open several

additionallocations

% Interest in a non-clinical career


80%

40%

60%

0

20%

2009 2011 2013 20172015 2019

64.3

53.3

43.8

59.0

64.961.0

55.2

36.1

40.9

54.055.9

Practice Owners Optometrists

Yes52.5%

No43.9%

I already have anon-clinical career

in eyecare

3.5%

OPTOMETRYAND THE AOA


OPTOMETRY AND THE AOA


Optometrists

Optometry Students

Upon graduation, do you plan tobecome a member of the AOA?

Percentage of optometry students planning to jointhe AOA after graduation, by grad year

Are you currently amember of the AOA?

37.5%I don’t see any

benefit tomembership

25.0%I advocate forthe professionin other ways

25.0%It’s too

expensive

8.3%It’s too difficult

to accessresources/

attend events

4.2%I don’t feel

they advocatefor the right

things

66.1%It’s too

expensive





to accessresources/

attend events

2.1%I don’t feel


things

2.0%They are out oftouch with the

profession’sneeds

% Planning to becom

e a mem

ber of the AO

A


100%

90%

95%

85%

80%

2019 2020 2021 20232022

100

96.7

95.2

90.2

87.3

Yes90.2%

No9.8%

Yes66.9%

No33.1%

Optometry Students Optometrists

What is your top reason not to join the AOA?

Optometrists

Optometry Students

Upon graduation, do you plan tobecome a member of the AOA?

Percentage of optometry students planning to jointhe AOA after graduation, by grad year

Are you currently amember of the AOA?




25.0%It’s too

expensive


to accessresources/

attend events

4.2%I don’t feel


things

66.1%It’s too

expensive





to accessresources/

attend events

2.1%I don’t feel


things

2.0%They are out oftouch with the

profession’sneeds

% Planning to becom

e a mem

ber of the AO

A


100%

90%

95%

85%

80%

2019 2020 2021 20232022

100

96.7

95.2

90.2

87.3

Yes90.2%

No9.8%

Yes66.9%

No33.1%

OPTOMETRY AND RECRUITMENTMARKETING


OPTOMETRY AND RECRUITMENT-MARKETING


Optometrists

Optometrists

Optometry Students

47.5%Practice/Companywebsite

13.6%I don’t research

potentialemployers

13.6%Their job

description

10.2%Glassdoor or

other employeereviews

10.2%Social Media

5.1%Networking


17.6%Their job

description

13.9%Reach outpersonallyto currentemployees

8.8%Social Media

7.3%Glassdoor or



potentialemployers

0.3%Networking

61.4%Company

Culture

22.9%Ethics

8.4%Leadership

4.9%An employer’s

brand is notimportant to me

2.4%Philanthropy

Optometrists

26.0%Compensation

19.5%Flexibility

14.4%Specialty and

Setting

14.1%Autonomy

12.8%Stability

8.6%Culture

3.7%Mentorship

0.9%Leadership

Practice Owners

60.4%Sourcing qualitycandidates thatare the right fit

20.8%My practice or

loaction isperceived asundesirable

6.3%The industrylacks qualitycandidates

6.3%I’m not good

at interviewing/screening

4.2%I don’t know

how to attractthe right ODs

2.0%I simply

have no timefor this

Optometrists

Optometrists

Optometry Students



potentialemployers

13.6%Their job

description

10.2%Glassdoor or


10.2%Social Media

5.1%Networking


17.6%Their job

description


8.8%Social Media

7.3%Glassdoor or



potentialemployers

0.3%Networking

61.4%Company

Culture

22.9%Ethics

8.4%Leadership

4.9%An employer’s


2.4%Philanthropy

Optometrists

26.0%Compensation

19.5%Flexibility

14.4%Specialty and

Setting

14.1%Autonomy

12.8%Stability

8.6%Culture

3.7%Mentorship

0.9%Leadership

Practice Owners


20.8%My practice or



6.3%I’m not good


4.2%I don’t know


2.0%I simply


Optometrists

Optometrists

Optometry Students



potentialemployers

13.6%Their job

description

10.2%Glassdoor or


10.2%Social Media

5.1%Networking


17.6%Their job

description


8.8%Social Media

7.3%Glassdoor or



potentialemployers

0.3%Networking

61.4%Company

Culture

22.9%Ethics

8.4%Leadership

4.9%An employer’s


2.4%Philanthropy

Optometrists

26.0%Compensation

19.5%Flexibility

14.4%Specialty and

Setting

14.1%Autonomy

12.8%Stability

8.6%Culture

3.7%Mentorship

0.9%Leadership

Practice Owners


20.8%My practice or



6.3%I’m not good


4.2%I don’t know


2.0%I simply


What is the #1 way you research potentialemployers before applying to a job?

What is your top consideration for a job?

What is the hardest part abouthiring an optometrist?

What is the most important aspectof an employer’s brand to you?

$826is the average spend per year on employer branding and recruitment marketing

$0is the mode spend on employer branding and recruitment marketing (aka what most people reported spending on this)

5.88Practice owners’ average ranking of the importance of their employer branding when hiring an OD.

When over

95%of optometrists find value in employer branding, practices must start putting more focus and resources towards attracting talent with their employer brand in mind.

CURRENT VS.STARTING SALARIESIN OPTOMETRY


CURRENT VS. STARTING SALARIES IN OPTOMETRY


What is your expected starting salary?

What was your starting salary as a new grad?

What is yourcurrent salary?

Optometry Students

$130,001-$140,000 2.6%

8.0%

11.7%

7.7%

10.2%

24.5%

27.7%$100,001-$110,000

$110,001-$120,000

$120,001-$130,000

$90,001-$100,000

$80,001-$90,000

$70,001-$80,000

$60,001-$70,000 2.6%

4.0%

1.0%Others

Less Than $60,000

More than $200,000 0.0%

0.0%

0.0%

0.0%

0.0%$160,001-$170,000

$170,001-$180,000

$180,001-$190,000

$150,001-$160,000

Optometrists

$130,001-$140,000

0.3%

0.3%

0.5%

10.2%

8.9%

2.6%

0.8%

$100,001-$110,000

$110,001-$120,000

$120,001-$130,000

More than $200,000

$140,001-$150,000

$150,001-$160,000

$160,001-$170,000

$90,001-$100,000

$80,001-$90,000

$70,001-$80,000

$60,001-$70,000

20.8%

17.5%

17.3%

Less Than $60,000

$130,001-$140,000

$100,001-$110,000

$110,001-$120,000

$120,001-$130,000

More than $200,000

$140,001-$150,000

$150,001-$160,000

$160,001-$170,000

$170,001-$180,000

$180,001-$190,000

$90,001-$100,000

$80,001-$90,000

$70,001-$80,000

$60,001-$70,000

Less Than $60,000

7.9%

4.1%

8.7%

Optometrists

1.2%

1.0%

0.8%

7.8%

4.5%

2.9%

1.4%

15.8%

15.6%

19.4%

10.9%

5.6%

2.7%

2.0%

8.3%

0.0%

0.0%$170,001-$180,000

$180,001-$190,000

100% 100% 100%



Average Starting Salary

Graduation year

$70,000

$80,000

$90,000

$100,000

$110,000

2000 2002 2004 20082006 2010 2012 2014 2016 2018

88.5k85k 85k

95k

83k

89k91.3k 90.9k

93.5k97.7k

102k

98.5k 99.3k

91.4k96k

82.6k

88.3k

77.8k

91.7k

73k

Optometrists

Average Salary

Graduation year

$90,000

$110,000

$130,000

$150,000

2000 2002 2004 20082006 2010 2012 2014 2016 2018

117k

145k

135k

122k

107k

120k123k

126k

113k 115k

98.3k 96.7k

131k

114k119k

112k 112k116k

125k

95k

Optometrists

Optometrists

Increase71.7%

Stay the same25.2%

Decrease3.1%

What was your starting salary? (by grad year)

What is your current salary? (by grad year)

With a shortage of optometrists and more positions to fill than ODs to fill them, it’s not surprising that we’re seeing both the median starting salary and the average salary on the rise.Add in the increase in student debt and the fact that compensation is ranked the #1 consideration for accepting a job, and we can understand why organizations offering the highest salaries have been able to hire at the fastest rates.

The median starting salary for optometrists is

$96,350The median current salary for optometrists is

$112,178

In the nextyear I expectmy income to:



Optometrists (Female) Optometrists (Male)

More than $200,000

50%

0.87%

3.59%

0.87%

2.56%

2.44%

4.62%

1.22%

3.59%

0.35%

$160,001-$170,000

$170,001-$180,000

$180,001-$190,000

$150,001-$160,000

$140,001-$150,000

$130,001-$140,000

$120,001-$130,000

$110,001-$120,000

$100,001-$110,000

$90,001-$100,000

$80,001-$90,000

$70,001-$80,000

$60,001-$70,000

Less than $60,000

4.62%

3.83%

6.67%

5.64%

9.23%

3.59%

1.57%

1.54%

3.14%

7.18%

4.88%

3.59%

12.72%

14.87%

19.86%

15.38%

14.98%

14.36%

16.20%

7.69%

7.49%

2.9%$150,001 - $160,000

4.1%$140,001 - $150,000

4.1%$130,001 - $140,000

12.2%$120,001 - $130,000

16.3%$110,001 - $120,000

16.3%$100,001 - $110,000

11.0%$90,001 - $100,000

4.1%$80,001 - $90,000

25.0%Less than $60,000

4.1%Others

Optometrists

Current optometrist salaries, filtered by gender

Current salaries for ODs who did a residency

We see a significant difference in the median salary for male ODs vs female ODs, yet the field is predominantly female.The ratio for male and female salaries in the range of $100,000-$140,000 are fairly close; however, we see a significant difference between the percentage of male and female optometrists earning over

$150,000Median salary forfemale ODs

$109,111Median salary formale ODs

$120,948Median salary for ODs whodid a residency

$104,661Median salary for ODs whodid not do a residency

$114,694



Average Current Salary

Average Current Salary

Graduation year

$70,000

$90,000

$110,000

$130,000

$150,000

2001 2003 2005 20092007 2011 2013 2015 2017

125k

145k

125k

145k

87k

125k125k

135k

108k

127k

115k121k

130k

114k

126k

110k

127k128k

Optometrists

Graduation year

$75,000

$100,000

$125,000

$150,000

2000 2002 2004 20082006 2010 2012 2014 2016 2018

115k 115k

135k

117k109k

95.3k

116k 111k118k

110k

96.1k

125k

110k 110k105k

Optometrists

Current salary of ODs in corporate practice (by grad year)

Current salary of ODs in private practice (by grad year)

6.48Is the average rate for how satisfied optometrists are with their current salary.

6.81Is the average rate for how satisfied practice owners are with their current salary.

The average salary for corporate optometrists is

$120,722The average salary for private practice optometrists is

$106,749

OPTOMETRY ANDSTUDENT LOAN DEBT


OPTOMETRY AND STUDENT LOAN DEBT


Rank how confident you are in your ability to repay your student loans (by grad year)

Current outstanding student loan debt (ODs who did a residency)

Student debt is real, and it’s growing. Optometrists who take on residency tend to have higher levels of student debt, yet the majority of those who go through residency do not regret their choice! Also, of the optometrists we surveyed, it took residents less time to get out of debt than ODs who did not pursue residency.

Optometrists are able to own a practice while still carrying student debt, and those who do own a practice state their confidence level of paying back their loans is an

8.27/10compared to the overall average of

6.74/10!Average confidence level in repaying student loans

Student Loan Debt

Graduation year

Confidence level

$100,000

$200,000

$300,000

2007 2009 2011 20152013 2017 2019

70k

200k

134k 135k

226k

159k184k 188k

112k

2.5k

80.8k88.7k

35k

OptometristsOptometry Students

Optometry Students Optometrists Practice Owners

101

More Confident

7

6

5

2019 2021 20232022

101

5.876.036.02

8.276.746.94

5.8

Confidence level 101 Confidence level 101

OPTOMETRY AND STUDENT LOAN DEBT


The average student loan debt for optometry students

$149,408for optometrists

$134,199for practice owners

$59,105The average student loan debt among optometrists who did a residency

$146,149The average student loan debt among optometrists who did not do a residency

$122,071

Average Student Loan D

ebtA

verage Student Loan Debt

Graduation year

Graduation year

$50,000

$100,000

$150,000

$200,000

2000 2002 2004 20082006 2010 2012 2014 2016 2018

38.7k

80k

125k

31.9k

52.9k

119k

66.4k

119k113k

153k158k

154k173k

82.7k

118k

63k

0k

48k

12.7k33.3k

All Respondents

$50,000

$100,000

$150,000

$200,000

2000 2002 2004 20082006 2010 2012 2014 2016 2018

71.8k

43k

0k

164k

99k100k

133k

60k

110k93k

135k

12.9k20k

53.8k

75k

Practice Owners

15.1k0k0k

Student loan debt (All Respondents)

Student loan debt (Practice Owners)

PRACTICEMANAGEMENT


PRACTICE MANAGEMENT


Over the next 3 years, how likely is your practice to stop accepting vision plans?

3.17 for optometrists, and

3.69for practice owners.

If you had to estimate, what percentage of your patients walk out with their Rx and don’t purchase from your practice?

35.9%for optometrists, and

33.6%for practice owners.

On average

4.44optometrists work at each office.

On average

2.27optometrists work at each practice.

# of Optometrists

Practice Owners

Optometrists

1.8%> $10,000

2.5%> $5,000

0.7%$4,001-$5,000

3.7%$1,001-$2,000

5.7%$501-$1,000

9.2%$101-$500

3.8%$51-$100

8.2%< $50

62.5%I have no idea

0.8%$3,001-$4,000

1.4%$2,001-$3,000

1.1%> $10,000

20.0%$1,001-$2,000

23.3%$501-$1,000

18.9%$101-$500

12.2%$51-$100

5.6%< $50 I have no idea

3.3%> $5,000

2.2%$4,001-$5,000

5.6% 7.8%$2,001-$3,000

Yes68.3%

No31.7%


Yes56.7%

No43.3%

Practice Owners

Yes64.1%

No35.9%

Compared to all ODs in 2017 survey

543210

250

0

50

100

150

200

6 7 8 9 10 11 12 13 14 15 16 19 20 25 30 35 40 45 50 60 65 100

57961262041182 27 23 15 5 14 5 8 4 1 5 1 1 7 2 2 2 2 1 2 1 1 1

Respondents

Interestedin offeringwellness orscreeningexams?

Number of optometrists in office

How much does your practice spend on marketing each month?# of Optometrists

Practice Owners

Optometrists

1.8%> $10,000

2.5%> $5,000

0.7%$4,001-$5,000

3.7%$1,001-$2,000

5.7%$501-$1,000

9.2%$101-$500

3.8%$51-$100

8.2%< $50

62.5%I have no idea

0.8%$3,001-$4,000

1.4%$2,001-$3,000

1.1%> $10,000

20.0%$1,001-$2,000

23.3%$501-$1,000

18.9%$101-$500

12.2%$51-$100


3.3%> $5,000

2.2%$4,001-$5,000

5.6% 7.8%$2,001-$3,000

Yes68.3%

No31.7%


Yes56.7%

No43.3%

Practice Owners

Yes64.1%

No35.9%


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250

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50

100

150

200

6 7 8 9 10 11 12 13 14 15 16 19 20 25 30 35 40 45 50 60 65 100

57961262041182 27 23 15 5 14 5 8 4 1 5 1 1 7 2 2 2 2 1 2 1 1 1

Respondents

# of Optometrists

Practice Owners

Optometrists

1.8%> $10,000

2.5%> $5,000

0.7%$4,001-$5,000

3.7%$1,001-$2,000

5.7%$501-$1,000

9.2%$101-$500

3.8%$51-$100

8.2%< $50

62.5%I have no idea

0.8%$3,001-$4,000

1.4%$2,001-$3,000

1.1%> $10,000

20.0%$1,001-$2,000

23.3%$501-$1,000

18.9%$101-$500

12.2%$51-$100


3.3%> $5,000

2.2%$4,001-$5,000

5.6% 7.8%$2,001-$3,000

Yes68.3%

No31.7%


Yes56.7%

No43.3%

Practice Owners

Yes64.1%

No35.9%


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50

100

150

200

6 7 8 9 10 11 12 13 14 15 16 19 20 25 30 35 40 45 50 60 65 100

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Respondents

# of Optometrists

Practice Owners

Optometrists

1.8%> $10,000

2.5%> $5,000

0.7%$4,001-$5,000

3.7%$1,001-$2,000

5.7%$501-$1,000

9.2%$101-$500

3.8%$51-$100

8.2%< $50

62.5%I have no idea

0.8%$3,001-$4,000

1.4%$2,001-$3,000

1.1%> $10,000

20.0%$1,001-$2,000

23.3%$501-$1,000

18.9%$101-$500

12.2%$51-$100


3.3%> $5,000

2.2%$4,001-$5,000

5.6% 7.8%$2,001-$3,000

Yes68.3%

No31.7%


Yes56.7%

No43.3%

Practice Owners

Yes64.1%

No35.9%


543210

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0

50

100

150

200

6 7 8 9 10 11 12 13 14 15 16 19 20 25 30 35 40 45 50 60 65 100

57961262041182 27 23 15 5 14 5 8 4 1 5 1 1 7 2 2 2 2 1 2 1 1 1

Respondents

FAVORITEOPTOMETRIC BRANDS AND PRACTICE TECH


FAVORITE OPTOMETRIC BRANDS AND PRACTICE TECH


Does your practice use an ultra-widefieldfundus camera?

If your current practice has an OCT, what brand do you use?

Which of the following tools do you primarily use for tonometry?

40.4%NCT

33.3%Goldman

23.0%iCare Tonometer

3.3%Tonopen

36.7%NCT

31.1%iCare Tonometer

28.9%Goldman

3.3%Tonopen

Yes48.4%

No50.6%

Optometrists Optometrists Optometrists

Yes58.9%

No41.1%

Practice Owners

34.8%Carl ZeissMeditec

29.2%We don’t have

an OCT

18.3%Optovue

2.3%NIDEK

0.3%Optos

7.9%Topcon

7.1%HeidelbergEngineering

Practice Owners

Practice Owners

36.7%We don’t have

an OCT

1.1%HeidelbergEngineering

NIDEK

28.9%Optovue

22.2%Carl ZeissMeditec

8.9%

2.2%

Topcon



Which EHR do you use in your clinic?

What is your favorite ophthalmictechnology/equipment company?

Optometrists

NextGen

Others

Epic

MaximEyes

OfficeMate

Eyefinitiy PracticeManagement

Crystal Practice

Compulink

Paper Charting

RevolutionEHR

14.1%

12.4%

10.9%

4.2%

6.2%

7.7%

10.5%

3.7%

2.9%

27.4%

Optometrists

Nidek

None

Alcon

Marco

Carl Zeiss Meditec

Keeler

Optovue

Topcon

Haag-Streit

Optos

Oculus

Canon

Reichert

Heine

Nidek

Oculus

Reichert

None

Carl Zeiss Meditec

Haag-Streit

Marco

Topcon

Optos

Optovue

Kowa

Alcon

Maculogix

Ogduv

Welch Allyn

31.3%

13.3%

12.4%

4.9%

5.6%

7.7%

11.5%

4.2%

3.3%

1.9%

1.0%

0.8%

0.8%

0.5%

0.3%

Lombart

Heidelberg

0.1%

0.1%

Eidon

Kowa

0.1%

0.1%

Practice Owners

23.3%

14.4%

13.3%

5.6%

5.6%

12.2%

13.3%

4.4%

2.2%

1.1%

1.1%

1.1%

1.1%

1.1%

100%100%100%



Practice Owners

OptometristsOptometrists

30.1%Cooper Vision

28.4%Johnson & Johnson

Vision

28.3%Alcon

0.3%VTI

11.3%Bausch & Lomb

1.6%None

33.3%Cooper Vision None

25.6%Alcon


Vision

16.7% 1.1%Bausch & Lomb

Alcon 40.0%

35.0%

16.4%

0.7%

1.5%

2.6%

3.6%Shire

Bausch & Lomb

Allergan

None

Abbott

Akorn

Imprimis 0.1%

0.1%Labtician Thea

Optometrists

100%

Alcon 38.9%

26.7%

21.1%

1.1%

1.1%

3.3%

5.6%Shire

Bausch & Lomb

Allergan

None

Labtician Thea

Abbott

Macuhealth 1.1%

1.1%Akorn

Practice Owners

100%

Essilor

Zeiss

Hoya

None

VSP Optics

Shamir

Kodak

Nikon

Younger Optics

Vision Ease

Cherry Optical

Military

Volk

Soma

MU

ELLER

Encore

Seiko

45.6%

22.8%

20.4%

4.0%

2.7%

1.2%

0.8%

0.8%

0.3%

0.3%

0.3%

0.1%

0.1%

0.1%

0.1%

0.1%

0.1%

100%

Practice Owners

Essilor

Hoya

Zeiss

VSP Optics

None

Shamir

GSR

x

Summ

it Optical

Solidar

Nikon

Walm

an

35.6%

23.3%

16.7%

6.7%

6.7%

5.6%

1.1%

1.1%

1.1%

1.1%

1.1%

100%

Who is your favorite ophthalmic lens manufacturer?

Who is your favorite contact manufacturer?

Favorite eyecare pharmaceutical company?

Practice Owners


30.1%Cooper Vision


Vision

28.3%Alcon

0.3%VTI

11.3%Bausch & Lomb

1.6%None


25.6%Alcon


Vision


Alcon 40.0%

35.0%

16.4%

0.7%

1.5%

2.6%

3.6%Shire

Bausch & Lomb

Allergan

None

Abbott

Akorn

Imprimis 0.1%

0.1%Labtician Thea

Optometrists

100%

Alcon 38.9%

26.7%

21.1%

1.1%

1.1%

3.3%

5.6%Shire

Bausch & Lomb

Allergan

None

Labtician Thea

Abbott

Macuhealth 1.1%

1.1%Akorn

Practice Owners

100%

Essilor

Zeiss

Hoya

None

VSP Optics

Shamir

Kodak

Nikon

Younger Optics

Vision Ease

Cherry Optical

Military

Volk

Soma

MU

ELLER

Encore

Seiko

45.6%

22.8%

20.4%

4.0%

2.7%

1.2%

0.8%

0.8%

0.3%

0.3%

0.3%

0.1%

0.1%

0.1%

0.1%

0.1%

0.1%

100%

Practice Owners

Essilor

Hoya

Zeiss

VSP Optics

None

Shamir

GSR

x

Summ

it Optical

Solidar

Nikon

Walm

an

35.6%

23.3%

16.7%

6.7%

6.7%

5.6%

1.1%

1.1%

1.1%

1.1%

1.1%

100%

Practice Owners


30.1%Cooper Vision


Vision

28.3%Alcon

0.3%VTI

11.3%Bausch & Lomb

1.6%None


25.6%Alcon


Vision


Alcon 40.0%

35.0%

16.4%

0.7%

1.5%

2.6%

3.6%Shire

Bausch & Lomb

Allergan

None

Abbott

Akorn

Imprimis 0.1%

0.1%Labtician Thea

Optometrists

100%

Alcon 38.9%

26.7%

21.1%

1.1%

1.1%

3.3%

5.6%Shire

Bausch & Lomb

Allergan

None

Labtician Thea

Abbott

Macuhealth 1.1%

1.1%Akorn

Practice Owners

100%

Essilor

Zeiss

Hoya

None

VSP Optics

Shamir

Kodak

Nikon

Younger Optics

Vision Ease

Cherry Optical

Military

Volk

Soma

MU

ELLER

Encore

Seiko

45.6%

22.8%

20.4%

4.0%

2.7%

1.2%

0.8%

0.8%

0.3%

0.3%

0.3%

0.1%

0.1%

0.1%

0.1%

0.1%

0.1%

100%

Practice Owners

Essilor

Hoya

Zeiss

VSP Optics

None

Shamir

GSR

x

Summ

it Optical

Solidar

Nikon

Walm

an

35.6%

23.3%

16.7%

6.7%

6.7%

5.6%

1.1%

1.1%

1.1%

1.1%

1.1%

100%

THE FUTUREOF OPTOMETRY


THE FUTURE OF OPTOMETRY


4.71Optometrists’ average feeling about working for a practice owned and managed by a private equity firm.

3.86Practice owners’ average feeling about working for a practice owned and managed by a private equity firm.

79.3%Of all respondents said they would choose optometry if given the choice to do it all over again.

Rank your feelings towards working for a practice owned and managed by a private equity firm (by grad year)

Graduation year

Average Salary

2

4

6

8

2000 2002 2004 20082006 2010 2012 2014 2016 2018

5.67

6.5

4.644.13

3.82

5.214.68 4.72

5.074.644.43

4.984.88

4.0

3.6

4.865.0

6.67

3.75

4.33

Yes86.7%

No13.3%

Optometry Students

Yes75.7%

No24.3%

Optometrists

Yes81.1%

No18.9%

Practice Owners

Yes82.2%

No17.6%

All respondents in 2017 survey

Optometrists

Graduation year

Average Salary

2

4

6

8

2000 2002 2004 20082006 2010 2012 2014 2016 2018

5.67

6.5

4.644.13

3.82

5.214.68 4.72

5.074.644.43

4.984.88

4.0

3.6

4.865.0

6.67

3.75

4.33

Yes86.7%

No13.3%

Optometry Students

Yes75.7%

No24.3%

Optometrists

Yes81.1%

No18.9%

Practice Owners

Yes82.2%

No17.6%

All respondents in 2017 survey

Optometrists

If you had to do it all over again, would you still choose optometry?

THE FUTURE OF OPTOMETRY


Rank your feelings about the future of optometry (average by grad year)The average feelings about the future of optometry on a scale of 1-10 was

6.82out of all respondents

Graduation year

Feelings towards the future of optom

etry

7

6

5

4

3

2

1

8

9

10

2000 2002 2004 20082006 2010 2012 2014 2016 2020 20222018

5.2

6.71

4.83

4.33

6.176.0

4.29

6.77

7.18

5.485.33

6.44

5.896.04

6.296.516.64 6.65

7.277.64

7.988.33

6.92

All Respondents


We’d like to take a second to say thank you to the 1,214 students, new grads, optometrists, and practice owners that took the initial survey—without you this report would not be possible. Your honest thoughts and feelings help us to create reports just like this that help optometry to evolve and improve. We tip our hats to you and hope you’ll continue to provide your transparent feedback during future surveys. To the tens of thousands to individuals who will ultimately download this report, we hope you enjoy the data and find ways to use the data to make decisions that positively impact your career. Feel free to get in touch with us at [email protected]

Sincerely,

The CovalentCareers | Eyecare team

Eyecare

https://covalentcareers.com/eyecare/

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