20/20 MONEY: The Business of Optometry

Sometimes we can lose focus of just how simple business can be, and an optometric practice isn't any different. In this episode I'll break down the three factors that, when multiplied together, will give you the top line, gross revenue of your practice. I'll then walk you through the mindset and logistics of how you can use this number to start thinking about intentionally creating the practice that ultimately serves you and your personal goals. Resources: Register for "Looking back to look ahead" tax planning webinar Do you have an "intentional" practice? – Review of Optometric Business Plan your year: an introduction to free, focus, and buffer days (episode 114 of 20/20 Money) If you're interested in registering for our tax planning workshop on May 11th, you can click on this link to register. Info on the AOA Credit Card 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!

Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Bethany Fishbein. Bethany is the CEO of Power Practice and host of the Optometry Power Hour podcast. Bethany joins me live from Vision Expo to talk about her perspective on why we both love the model of private practice model in optometry, why it's important to surround yourself with a good community as a business owner and OD, the importance of learning about leadership and business, and ways in which you can take action on the areas that we discuss. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein. If you're interested in registering for our tax planning workshop on May 11th, you can click on this link to register. Info on the AOA Credit Card 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!

Welcome to this episode of 20/20 Money! Coinciding with tax day, this episode will dive into the nuances and understanding the clarity (and penalties) associated with not understanding that getting an extension to file your tax return is not an extension to pay. I'll also discuss the details of underpayment penalties as well as how to think about proactive cash flow planning and how that influences your tax payment schedules and strategies. If you're interested in registering for our tax planning workshop on May 11th, you can click on this link to register. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Info on the AOA Credit Card Failure to pay penalty information from IRS.gov 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!

Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Todd Cohan (email; website). Todd joins the show to talk about how much of a positive impact integrating ocular surface disease has been not only for the increased standard of care he's been able to provide patients but also how that has helped him run a very profitable practice. We start out talking about how his practice does things a bit different by charging for the pretesting in their office, how that has translated into his revenue per patient being in the 99th percentile, how he got involved in OSD, a bit of a clinical digression about Lipiflow, mistakes he's observed practice owners make, and how practice owners can begin to think about executing on this plan 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 newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Todd Cohan. 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!

Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Gina Wesley, OD. Gina joins me for another conversation around the importance of being tuned into the scheduling metrics of your practice and how important it is to your overall profitability. We talk about the metrics she uses to evaluate and determine success, strategies her team uses to fill up the schedule, how she "triages" candidates to backfill the schedule, how she tracks all of this in her HER, and the important benefit that online scheduling plays in the flow of her schedule. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley. Complete Eyecare of Medina Gina's Tip of the Week article Episode #80 of 20/20 Money: Managing your schedule to profitability 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!

Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Jennifer Stewart. Jen joins the show live while we were both presenting at IDOC's Connection meeting in Orlando to talk about something that's very timely for every practice owner out there right now: retaining and empowering team members and using metrics to guide your human capital. We touch on a variety of topics in this wide-reaching conversation and I believe you'll gain great insights and ideas on ways to manage and lead your teams. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart. 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!

Welcome to this episode of 20/20 Money! My guest on today's show is Dr. Solomon Gould, OD MBA (Facebook. LinkedIn, Instagram, Email). In addition to owning two private practices in MN and being part of a multigenerational optometric family, Solomon is a speaker, author, practice management consultant, and all-around glass-half-full kind of guy and I really enjoyed this conversation with him. Our conversation first starts with us talking about KPIs in a practice and which ones to focus on and which ones to not focus as much attention. We then pivot the conversation, diving into the human capital conundrum that a lot of practice owners are feeling right now and how generational differences can impact the way that practice owners should be showing up in their practice and how they lead their team. We also discuss ways in which practice owners can reduce their expenses, the value of buying groups, why online scheduling is table stakes for practice owners right now, and whether we'd each rather be a buyer or a seller right now in today's market. Last but certainly not least, I give Solomon an acuity check on the spot and he shares his answer to the question that we ask every first-time guest on the show. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Solomon Gould. Resources: Jason Dorsey's page Solomon's bio page & resources 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!

Welcome to this episode of 20/20 Money! This episode is my guest appearance on Medical Millennial series with Dr. Emilie Seitz. Emilie was kind enough to have me on the channel to talk about a variety of topics that impact younger practitioners and practice owners, but I'll emphasize that the topics are relevant to all practice owners—regardless of experience. In this conversation we talk about when and how to hire an advisor, how to think about setting personal and financial goals, defining success for yourself, mistakes that young practice owners make, and the importance of "betting on yourself" for long term success. 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. If you're interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help. And with that introduction, I hope you enjoy my conversation with Dr. Emilie Seitz 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!

Welcome to this episode of 20/20 Money! This episode is my guest appearance on the Power Hour Optometry Podcast hosted by Dr. Bethany Fishbein, CEO of Power Hour. Bethany wanted to have me on the show to talk about the various different areas of a practice owner's life that they should be planning for in case of a disaster or emergency, and I enjoyed this conversation and tried to make it as fun as possible for an otherwise scary and not urgent topic. Our conversation starts on the personal side of planning and then we quickly shift over into the various areas of practice ownership that should be planned for, addressing the continuity of a practice in both a partner-owned and solo owned practice model. Two "housekeeping announcements" about this show: first, the show notes for this episode of 20/20 Money contains the link to the Disaster Recovery Checklist we mention in our conversation; you don't have to click into the Power Hour show to get it, though we highly suggest you subscribe to the Power Hour Optometry podcast. Second, we had a bit of a connectivity and streaming issue in the beginning of the show, so there are a few points in the beginning of the episode that have a slight break in the audio. We fixed the issue mid-episode and the remaining part of the conversation sounds better. My apologies! 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein on Power Hour Optometry. Disaster Recovery Checklist 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!

Welcome to this episode of 20/20 Money! My guest on today's show is Hayley Stewart. Hayley is the Financial Services Manager for IDOC and predominately focuses her time and expertise on bookkeeping services for IDOC clients. Hayley joins the show to talk about the importance of bookkeeping in practices and how to properly ensure that your books are accurate. We spend a lot of time talking about items that are reported on the balance sheet and specifically talk about why it's important to understand the relationship of your retained earnings and your net income. Today's quote comes to us from Ben Franklin: "An investment in knowledge pays the best interest." 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 help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Hayley Stewart. 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!