Office renovation. A Pain in Your Wallet?

This past August our practice celebrated its five-year anniversary and we closed on the purchase of our building. This meant I was free to make the changes that will allow my practice to continue its growth.

I’m currently in the planning process of renovating my office.  While our Fredericksburg location was a fresh new opening, our Kerrville office was an existing practice that was new in 1988. In fact, although it was “new” in 1988, I think the previous doctor used style cues from the 70’s. Pepto-Bismol pink walls, lavender counter tops, maroon carpeting and displays that looked better suited for gas station sun wear was the decor.  As a new optometrist in 2007, we purchased the practice on a limited budget, which included a more palatable wall color, carpeting, and displays that wouldn’t have patients craving a slushies.

I met with a representative from Eye Designs during TOA trade show, knowing that the renovations they would offer would not come cheap. While I was at their booth, several other optometrists that had recently renovated their office stopped by. Their comments were very encouraging. One said that it was mostly painless and he saw a big increase in revenue after the changes were made. Another said he had his practice on the market for several years without interest. He then decided to renovate his office and stated that not only did he realize a return on investment within one year; he also had many offers on his practice.

So don’t consider an office renovation only as a cosmetic improvement, think of it as an investment with a great return. The pain in your wallet will come from all the extra revenue your office will generate.