Podcasts about optometric business

Welcome to this episode of 20/20 Money! My guest on today's show is Nathan Hayes from Books & Benchmarks. Nathan joins me back on the show to talk all things business financials and how owners should be thinking about actual profit in a business—and where to look in your business financials to learn how much money the practice has actually provided to you on the personal side. Nathan & I have a great back-and-forth discussion, trading stories and experiences we've both had in our respective roles advising practice owners—and how that information can help you as a practice owner feel clearer and confident about the financial health and performance of your business. I also wrote a complementary article for Review of Optometric Business, which is linked here in the show notes, that can help practice owners focus on the right financial metrics in their practice.   As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that's filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. Lastly, if you're interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more.   And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Resources: 20/20 Money Membership Information Review of Optometric Business – 3 Metrics that Reveal the True Financial Health of Your Practice   ———————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!  

About Dr. Vittorio MenaDr. Vittorio Mena is the sports vision director at Optical Academy in Clifton, NJ. He also serves as an advanced clinical director for Special Olympics Lions Club International Opening Eyes program for the state of NJ. He graduated from Seton Hall University with both a B.S. in Biology and a M.S. in Microbiology. He received his professional degree from Pennsylvania College of Optometry at Salus University in 2014. Dr. Mena is on the board of directors for his state association NJSOP. In 2019, he was awarded as the NJ Young Optometrist of the year. In 2020 he received the Public Service Award from Salus University. He also serves on the AOA's Sports & Performance Vision Committee. He is a regular monthly contributor to Review of Optometric Business columns and enjoys lecturing on nutrition, myopia management, concussion management, brain health, sports vision performance and finance.

In this hour-long episode, the Four Eyes hosts dive deep into a conversation with Dr. Davinder Sidhu, an Optometrist practicing in British Columbia, regarding business metrics that apply to business owners and associate doctors. This is a very rare topic of discussion for young Optometrists, as business training is not taught in most Optometry schools. Dr. Sidhu shares very detailed information about the numbers we should be paying attention to in a practice, and how we can use those numbers to increase profits as well as patient satisfaction. The best part about this episode is that Dr. Sidhu's advice applies not just to business owners, but also young associate Optometrists who are wanting to grow and become more involved within their practice location.  You will not find the depth of this information anywhere else in the Optometry world, so be sure to listen to the entire episode and take down notes! The Four Eyes Podcast is brought to you by YoungOD Connect Learn more about Dr. Davinder Sidhu Check out these resources mentioned in today's episode: Review of Optometric Business; ODs on Finance; Eyecare Business Magazine; Optometric Management; The E-Myth Revisited by Michael E. Gerber; Key Performance Indicators by Bernard Marr; Measure School on Youtube

Welcome to this episode of 20/20 Money! This episode is the guest appearance I did on Dr. Chris Wolfe's podcast Eyecode Media (which is part of Eyecode Education). Chris had me on the show to unpack private equity a bit more and talk about how PE is structured from an investment perspective and what the “end game” looks like for a PE fund. This is a follow up conversation to an article that I wrote for Review of Optometric Business (link) where I showed the math on how selling to a PE firm could actually cost a practice owner 6 figures. Before I get into the episode, I'd like to just acknowledge that I have no horse in this race: the purpose of this show has always been to be objective about any of the planning strategies or concepts that I discuss and lay out the pros and cons or benefits and exchanges to the decisions that one makes with their money. With private equity getting a lot of attention lately it could be perceived that I'm taking a contrarian view for the purpose of building exposure, and that's simply not the case. For some practice owners, a private equity exit might be the best option for them. For others, not so much. My position, with a decision like this, has been to be transparent about the entirety of the process and, using history as our guide, what it could mean for the profession of optometry.   Everything that we do with our money comes at a cost—sometimes that cost is explicit and sometimes it's implicit. But it's our job (responsibility?) to ensure that we know as much as we can about the implications of our decision…and that's been the focus of this show. With the subject of this episode and the conversation that Chris and I have, I wanted to just share that additional update.   As a reminder, you can get all the information discussed in today's conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you're interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!   And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe.   Resources: Review of Optometric Business: Why Selling to PE Could COST You Six Figures Research paper: Financialization in Health Care: The Transformation of US Hospital Systems 20/20 Money Community Information   ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Running a practice can be complicated and there is no shortage of numbers to track. Distilled down, though, an optometry practice (or any business for that matter) has three areas in which to deploy the excess cash that it produced. In this episode, we'll discuss those three areas, the prioritization of those areas, and why it's important to understand the relationship that all three of them have with one another.   Resources: Do you have an intentional practice? – Review of Optometric Business   Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

About Dr. Justin Manning:Dr. Justin Manning is the Executive Vice President of Professional Strategies at Healthy Eyes Advantage, where he directs all member strategy, member benefit development, and education. In addition, he leads HEA's National Advisory Board and Ambassador teams and hosts the PracticeAdvantage podcast. Prior to joining HEA, he founded The Keratoconus and Scleral Lens Institute at Bettner Vision in Colorado Springs, and eyeLeader, a consulting company focused on leadership development, technology in eyecare, and population health.He has consulted for Eyefinity, AEG Vision, Valley Contax, Coherent Eyecare, and Percept. He contributes regularly to Review of Optometric Business and has lectured nationally and internationally on specialty contact lenses, design thinking, and the patient experience. He earned his Doctor of Optometry degree from The Ohio State University and completed both a residency in Geriatric Optometry at the VA Puget Sound Healthcare System in Tacoma, WA and a Master of Public Health degree at Salus University. He is driven to help all independent eye care professionals grow their businesses and enjoy their practices every single day. 

Show Sponsor: CooperVision Dr. Wesley grew up in Pipestone, Minnesota and received her bachelor’s degree at the College of Saint Benedict. She then went on to The Ohio State University, where she pursued concurrent degrees in both clinical optometry and masters in vision science. Accolades for Dr. Wesley include The Ohio State University College of Optometry 2006 Graduate of the Year and fellowship within the American Academy of Optometry. She enjoys all aspects of primary care, especially contact lenses and children’s eye exams. Dr. Wesley enjoys travel, reading, and spending time with her family.Congrats to Dr. Wesley for being 2011's Minnesota Young Optometrist of the Year!Dr Wesley was also nominated in 2013 for the Early Professional Achievement Award from The Ohio State University College of Optometry Alum Association - the criteria was an alum who is 15 years or less out of school who has demonstrated professional achievement and success within the optometric industry.In July of 2013, Dr. Wesley was selected by the readers of Review of Optometric Business and Vision Monday as a “2013 Optometric Business Innovator.” A Professional Advisory Panel of optometrists helped identify Optometric Business Innovators from across the U.S.—individuals who excel at using creative and results-oriented approaches in the following areas: Marketing Digital Media Business Management Dispensary (Optical Dispensing) Dispensary (Contact Lens Dispensing) The Patient Experience Influencers In 2014, Dr. Wesley was voted one of the Most Influential Women in Optical by readers of Vision Monday and 20/20 magazines.

A successful multifocal contact lens strategy makes use of every interaction that a patient has with your office to help promote success. Learn how you can shape this journey to support multifocal success every step of the way. 1. Anderson D. Growth opportunity: tips to move patients into multifocal CLs. Review of Optometric Business. June 7, 2017. 2. Baker K, Merchea M. Impact of pupil diameter on multifocal contact lens vision. Presented at: American Academy of Optometry Annual Conference; November 7-10, 2018. San Antonio, Texas, USA. 3. Alcon data on file, 2018. GLIMPSE de-identified aggregate data. 4. Alcon data on file, 2013. Multifocal motivations: understanding the world of presbyopia. 5. National Eye Institute. Contact Lenses. July 8, 2019.https://www.nei.nih.gov/learn-about-eye-health/healthy-vision/contact-lenses. Accessed April 2, 2020. 6. Pal S. The words we choose to discuss multifocals. Contact Lens Spectrum. 2017;32:28-33.

There is a big opportunity for today's ODs to enhance their practices by meeting the needs of the presbyopic patient population, an important patient segment that is not only open to, but truly seeks, convenient and effective vision correction options. 1. Alcon data on file, 2008. 2. Alcon data on file, 2013. 3. Alcon data on file, 2014a. 4. Alcon data on file, 2014b. 5. Alcon data on file, 2015. Age Perception Impact Study, a survey of 1067 adults in the United States. 6. Alcon data on file, 2016. 7. Alcon data on file, 2017. 8. Alcon data on file, 2018. 9. American Optometric Association. The state of the optometric profession: 2013. https://www.aoa.org/Documents/news/state_of_optometry.pdf. Accessed October 25, 2016. 10. Anderson D. Growth opportunity: tips to move patients into multifocal CLs. Review of Optometric Business. June 7, 2017. 11. Boomers to Control 70% of US Disposable Income. August 7, 2012. http://www.marketingcharts.com/uncategorized/baby-boomers-control-70-of-us-disposable-income-22891/. Accessed March 8, 2017. 12. Dzurinko V, Quinn TG, Woods J. Todays' multifocal opportunity. Contact Lens Spectrum. 2012;(February):2-3. 13. Lemp J, Kern J. Alcon multifocal contact lenses for presbyopia correction. Presented at: Canadian Association of Optometrists Congress; June 28-30, 2017. Ottawa, ON, Canada. 14. Lyons L. Internet Use: What's Age Got to Do With It? March 16, 2004. http://www.gallup.com/poll/10993/internet-use-whats-age-got-it.aspx. Accessed March 8, 2017. 15. Multi Sponsor Surveys Inc. The 2013 Gallup study of the U.S. multi-focal contact lens market. January 2014. Publication MS 13039. 16. Rumpakis J. New data on contact lens dropouts: an international perspective. Review of Optometry. January 15, 2010. 17. Szumski E. Baby Boomers DO use Social Media but how? July 31, 2015. https://www.linkedin.com/pulse/baby-boomers-do-use-social-media-how-evelyn-szumski. Accessed March 8, 2017. 18. US Census Bureau, Population Division. Table 9: Projections by sex and age for the United States: 2015 to 2060. NP2014-T9. December 2014.

On this special episode we talked to Dr. Stephanie Woo on how to open a cash only specialty contact lens practice, no insurance, no primary care and no optical. All that and more in this episode of Eyetrepreneur. In This Episode: [4:26] Who is Dr. Stephanie Woo? [12:42] What happened to her old practice? [15:39] Handling leads. [20:33] Fee discussion. [22:23] Initial evaluation. [25:34] Her marketing. [29:20] Other practices response. [33:25] Key performance indicator. [36:37] Her equipment. [41:21] Office layout. [57:35] Payment plan. [59:02] Handling price shoppers. [1:01] Handling transference. About The Guest: Dr. Stephanie L. Woo was born and raised in Lake Havasu City, AZ. She graduated Magna Cum Laude from the University of Arizona with a degree in Biology Science Education. She graduated with honors from the Southern California College of Optometry. She completed a Cornea and Contact Lens Residency at the University of Missouri, St. Louis, where she was trained to fit highly irregular corneas.   She was the recipient of the Gas Permeable Lens Institute Award for Clinical Excellence and also the John R. Griffin Award for Excellence in Vision Therapy. Dr. Woo is a Fellow of the American Academy of Optometry and a Fellow of the Scleral Lens Society.   She authored the Gas Permeable Lens Expert column in Review of Contact Lenses. She is a frequent author to several professional publications including Contact Lens Spectrum, Contact Lens and Cornea section of the American Optometric Association, Review of Cornea and Contact Lenses, and Review of Optometric Business.   She is an active GPLI advisory board member. Dr. Woo is a Past President of the Scleral Lens Education Society, a non-profit organization committed to teaching the art and science of scleral lenses to practitioners. Dr. Woo is an adjunct professor at Midwestern University. Dr. Woo enjoys lecturing around the world on the subject of contact lenses and anterior segment ocular disease.   Dr. Woo owns the Contact Lens Institute of Nevada, a clinic dedicated entirely to custom contact lenses.  The Contact Lens Institute offers revolutionary technology such as the EyePrintProsthetic and sMap scleral topography to assist in complex clinical cases. In her spare time, Dr. Woo is an avid wine collector and is a Level 2 WSET Sommelier. Resources: drwoo@clinevada.com clinevad Facebook Instagram   Perry's consulting business: eyerockit.com   Perry's e-book: eyerockit.com/ebook   Connect With Us On Social Media! Facebook Instagram YouTube Join our Facebook Group Text our 24/7 Eyetrepreneur HOTLINE at 913-660-2855. Ask us anything medical, business, or just vent to us.

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ken Krivacic. I believe my conversation with Ken will resonate with a number of listeners because Ken found himself on both sides of the private equity equation: first publicly opposed to it (even going so far as to author a number of articles written for Review of Optometric Business on why he WASN’T going to sell but then ultimately agreeing to sell his practice to a private equity firm. During this conversation, we discuss why he didn’t decide to sell to his current owner. He talks about the current metrics of his practice and what tipping point in gross revenue can be used to estimate a higher-than-average EBITDA valuation for your practice. We also talk about why he’s benefited so much from having a broker and representation throughout this process as well as his timeline throughout the process. Ken also shares how many offers he was made by the firms and the structure of the deals that were made to him and how he determined what his buyout options were?   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. In addition, the success and growth of this show doesn’t happen without you, the listener, and we appreciate all of your support. If you’ve learned from this show, then chances are some of your colleagues and friends can learn as well, so please share the show and leave us a review on iTunes. And with that introduction, I hope you enjoy my conversation with Dr. Ken Krivacic. Enlightment Now Why I Won’t Be Selling My Practice to a Private Equity Firm Private Equity Revisisted: What I’ve Learned & Why I Still Don’t Want to Sell to PE —————————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  —————————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! 

An in-depth discussion on the future of independent optometry with Amir Khoshnevis, OD, and Pete Kehoe, OD, of Vision Source. Interviewed at the WebMD Studio in New York in March 2019 by Roger Mummert, Content Director for Review of Optometric Business. Topics include the high growth record of Vision Source practices versus other practices, and the range of services designed to sustain independent optometric practices.Part 1 of a three-part series.

An in-depth discussion on the future of independent optometry with Amir Khoshnevis, OD, and Pete Kehoe, OD, of Vision Source. Interviewed at the WebMD Studio in New York in March 2019 by Roger Mummert, Content Director for Review of Optometric Business. Topics include overcoming competitive barriers to learn from colleagues, growth opportunities in rural, as well as urban and suburban areas, and maximizing full practice value through long-term practice ownership and growth-focused management. Part 2 of a three-part series.

An in-depth discussion on the future of independent optometry with Amir Khoshnevis, OD, and Pete Kehoe, OD, of Vision Source. Interviewed at the WebMD Studio in New York in March 2019 by Roger Mummert, Content Director for Review of Optometric Business. Topics include how to embrace medical model optometry and refocus your practice on delivering wellness care. Part 3 of a three-part series.

Sharing this from our friends at Review of Optometric Business and CareCredit. Dr. Jill Showalter describes how she can make specialized eye care services more accessible to more patients by accepting patient financing.

A practice that is compliant with regulatory, safety and legal standards provides better care and services to patients--and is, in most cases, more profitable and valuable. See how compliance is not a one-and-done obligation; it is a culture to be nurtured within an optometric practice.

A practice that is compliant with regulatory, safety and legal standards provides better care and services to patients--and is, in most cases, more profitable and valuable. See how compliance is not a one-and-done obligation; it is a culture to be nurtured within an optometric practice.

A practice that is compliant with regulatory, safety and legal standards provides better care and services to patients--and is, in most cases, more profitable and valuable. See how compliance is not a one-and-done obligation; it is a culture to be nurtured within an optometric practice.

“Smart Money” is an ongoing podcast series sponsored by CareCredit and created by Review of Optometric Business, an online business-building publication. Here, ROB Professional Editor Mark Wright, OD, FCOVD, shows ECPs how offering patient financing can improve outcomes for patients and practices. The first installments in this series provide success strategies to improve KPIs, increase capture rate and increase multiple eyewear sales with patient financing.

“Smart Money” is an ongoing podcast series sponsored by CareCredit and created by Review of Optometric Business, an online business-building publication. Here, ROB Professional Editor Mark Wright, OD, FCOVD, shows ECPs how offering patient financing can improve outcomes for patients and practices. The first installments in this series provide success strategies to improve KPIs, increase capture rate and increase multiple eyewear sales with patient financing.

“Smart Money” is an ongoing podcast series sponsored by CareCredit and created by Review of Optometric Business, an online business-building publication. In this podcast, listeners will learn to track KPIs, measure to manage, increase capture rate 10 percent, generate $70,000 more in revenues, and present patient financing to benefit patients and practice.