Power Hour Optometry – "How I Built It: $4,000 Per Visit in a Specialty Practice"

Guest: Dr. Stephanie Woo
Host: Eugene Shatsman
Date: November 12, 2025

Episode Overview

This episode features Dr. Stephanie Woo, a visionary optometrist who transitioned from owning three traditional, full-scope optometry practices to building a boutique, specialty lenses-only clinic in Las Vegas. Dr. Woo shares her journey, revealing the strategies she used to cultivate a 100+ doctor referral network and turn her hyper-focused practice into a high-revenue, low-overhead model, averaging $4,000 per patient. The conversation also explores her nonprofit initiative, Wu University (Wu U), which provides free continuing education (CE) to optometrists.

Building a Specialty-Only Practice: From Vision to Execution

The Big Leap: Why Specialization?

• Dr. Woo previously owned three primary care practices in Arizona and California, offering everything from optical to post-op care (04:04).
• After selling her practices in 2020, she launched a specialty contact lens-only clinic in Las Vegas with no optical, no insurance, and an exclusive focus on custom lenses (04:43).
• Motivation: Professional passion for specialty lenses and desire for deeper, more meaningful patient relationships.
• The challenge: Unsure if a specialty-only clinic was feasible, she networked with high-profile colleagues for guidance (05:50).

Planning and Setup

• Spent a year thoroughly planning, choosing location, designing a 1,500 sq. ft. space tailored for specialty equipment, and establishing a concierge experience (09:03).
• "I basically built the exact practice that I wanted to work at and the way I wanted to see patients." – Dr. Woo (04:35).

The Power of Networking: Building Referral Relationships

"Showing Up Wins Half the Battle"

• The greatest growth driver was networking and building relationships with ophthalmologists and optometrists for patient referrals (09:40).
• Actively manages over 100 referral relationships, attending local events, and personally introducing herself to other doctors (14:20).
• Cold calling practices rarely worked—so she adopted a grassroots "just show up" strategy for meeting colleagues (15:14).
  • "I would go and just show up and just say: Hello, I'm Dr. Wu. I'm new to town. I would love to meet Dr. So-and-so." (15:24)
  • Emphasis on mutuality: Ask what types of patients the other practice prefers to see, and reciprocate referrals (13:17).

Notable Quote:
"Just making the effort to show up and introduce yourself is... half of the battle." — Dr. Woo (12:35)

Overcoming Discomfort

• Dr. Woo notes overcoming personal discomfort is what separates successful networkers: "90% of the people in this room will not make the effort..." (11:34)
• Key lesson from experience: Persistence, respect for others' time, and making quick, value-packed introductions with a leave-behind folder (19:36).

Practice Operations: The Patient Experience & Revenue Model

Clinic Flow & Patient Journey

• Dr. Woo sees each new patient for a 2-hour initial consult, focusing on deep diagnostics, demonstrating value, and patient education (25:56).
  • "They want that like five star customer service experience. That was just my hope and my vision." (31:02)
• The process: Thorough history, hands-on diagnostics, immediate demonstration with diagnostic lenses, and detailed education.
• Subsequent appointments (training, dispense, follow-up) are managed by an associate doctor.

Revenue Model & Patient Volume

• No primary care, no insurance: All encounters are private pay, ranging from $1,000–$5,000 per eye.
• Typical day: Four 2-hour patient appointments, 4 days a week (25:31).
• "The average price per patient is like $4,000 or something to that effect. So, very high compared to traditional primary care." (29:36)

Memorable Quote:
"I knew that there are patients out there... They want to be the only patient in the office... They want to be heard. They want their hand to be held through this whole process." — Dr. Woo (31:20)

Overhead & Team Size

• Small, lean team: Dr. Woo, one associate doctor, one full-time, and one part-time staff (32:55).
• Minimal space, focused equipment investment, no retail inventory, and focused expertise lead to high margins.

Integrating Specialty Lenses in Traditional Practice: Advice & Tips

Where To Start

1. Skill Up: Get advanced knowledge in specialty lenses via events, courses, and self-study (34:43).
2. Protected Time: Block a specific time each week for specialty fits—if unfilled, use it for marketing or skill development (36:00).
3. Natural Growth: Start small (e.g., one slot/week) and expand as demand builds, tracking progression from one appointment a week to potentially dedicating entire days to specialties (38:11).

Converting Referrals/Exams to Specialties

• Dr. Woo's approach: Identify patients during routine exams who may benefit and invite them back for "additional testing," not overselling but demonstrating potential improvement (39:01).
• Transparent communication and empathetic education builds trust; up to 90% convert when insurance covers, 50–60% even when private pay (43:39).

Wu University: Giving Back Through Education

Genesis of Wu U

• Founded during the COVID-19 pandemic to provide free or low-cost online CE to colleagues who were financially impacted or couldn't travel for education (44:53).
• "The only thing I could think of was, well, I've given a lot of lectures, so maybe I could figure out some way to give some sort of free CE..." — Dr. Woo (45:12)

Impact & Growth

• Over 250,000 CE certificates delivered since 2021 (49:47).
• Most events are free; high-profile sessions attract 1,600–1,900+ attendees.
• Topics range from oral pharmaceuticals to retina pearls, always focused on clinical applicability and easy access (47:24).

In-Person vs. Virtual Education

• Virtual: Cost-effective, accessible, fits with doctors' busy lives—especially for those in rural settings (50:31).
• In-person: Irreplaceable for networking, unique Q&A opportunities, and personal connection (52:54).
• Wu U offers both formats where possible, balancing convenience with community.

Working With Industry, Ensuring Independence

• Wu U maintains compliance with CE regulations, ensuring commercial content is strictly separated from educational activities (55:14, 57:05).

Notable Quotes & Moments

• On breaking into a market:
  "I don't think I had any clinics say no... just making the effort to show up and introduce yourself is...half of the battle." – Dr. Woo (12:35)
• On creating value for both sides:
  "It's not just you telling that doctor all the things that you can do... but also what can you do for them." – Dr. Woo (13:17)
• On why patients pay premium fees:
  "You’re the only patient in the office the entire time... all of these things that you just can’t do in an insurance type of setting." – Dr. Woo (31:20)
• On specialty practice economics:
  "It doesn’t sound like you have to deal with a large team in order to be able to do this." – Eugene (32:13)
  "We have... one full-time staff member and one part-time staff member."
  – Dr. Woo (32:55)
• On advice for adding specialties:
  "Once you’re like, ‘Alright, I’m for sure adding this in,’ you have to create time in your schedule, and that is committed specifically to whatever that is." – Dr. Woo (35:14)

Key Timestamps

• 04:04–05:50 – Dr. Woo’s motivation for creating a specialty-only lens clinic.
• 09:03–14:20 – Setting up the new practice, the central role of doctor networking.
• 15:14–19:36 – Detailed referral relationship-building strategies.
• 25:15–32:55 – Concierge patient flow, fee structure, and operational details.
• 34:43–38:51 – How to grow a specialty segment within a traditional practice.
• 44:53–50:04 – The founding, growth, and impact of Wu University.
• 50:31–54:01 – In-person vs. virtual CE: strengths, challenges, and impact.
• 55:14–57:05 – Industry partnerships and maintaining CE integrity.

Summary

Dr. Stephanie Woo’s story is a masterclass in entrepreneurial focus and intentionality. She proves that a specialty-only optometric practice—fueled by authentic networking, passion-driven operations, and a deep commitment to education and service—can thrive on a premium, high-impact model. For practitioners considering a specialty pivot, Dr. Woo’s blueprint offers not just inspiration but actionable tactics.

For more, including Wu University course information, visit wuuniversity.org.