20/20 MONEY

Hello, and welcome to this episode of 20/20 Money! As we close in on the end of the year, it’s time to begin thinking proactively around different strategies you can still consider before the calendar rolls over to 2020. In today’s show I’ll discuss what you can and cannot do in your practice to control net pass-through income and thus reduce your tax bill. I’ll also revisit the 199A deduction (QBI) and profit sharing contributions into your practice’s retirement plan. On the personal side, I’ll share a number of ideas to consider before year-end and how decisions you make in the practice can influence what you do on the personal side and vise versa. 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. As always, you can also set up a 15min pre-discovery conversation to learn 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.   And with that introduction, I hope you enjoy this episode of 20/20 Money. —————————————————————————————————— 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! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Hannah Cho, OD. Hannah joins the show today to talk about the journey she’s had in private practice, going all the way back to when she started the practice cold while still a 4th year optometry student (and also shortly after having her first child). She talks about why establishing culture very early on in your practice is one of the key factors in delivering a WOW! patient experience and why that begins at the hiring level. She also shares the different avenues (the good, bad, and ugly!) she’s used to grow her patient base and why and how Yelp has been a great driver of new pts for the practice. She also shares what she sees for the future of optometry and how technology is helping growing access to care and why ODs should think of technology not as a threat to their practice modality but as another tool to leverage the pt experience…and how this belief has actually influenced her to ultimately sell her practice and focus all of her time on another business that she’s created to help ODs that don’t necessarily want to spend time working ON their practice leverage technology to help them run the back office. As always, 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 and also sign up for our newsletter. And with that introduction, I hope you enjoy my conversation with Dr. Hannah Cho. Resources: www.floeppm.com —————————————————————————————————— 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! 

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! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jeremy Ciano, owner of RevolutionEyes in Carmel, IN. Jeremy has been on the show in the past and today’s conversation was actually sparked by a question from one of our listeners and a prospective client of our firm, which was analyzing their fee schedule in their practice to determine if their profitability ratios are where they should be. During this conversation, Jeremy shares so many good ideas and strategies to consider. He talks about how he thinks about the retail price of his glasses not based off some multiplier of cost but rather what patients are willing to pay, why this is a perfect time of the year to look at your frame prices and why you should raise them within the next month, how he organizes his frame board to optimize profitability, and how additional pre-testing services (and how those services are positioned and priced to the patient) can influence profitability as well. We then jump over into the insurance side of the practice, where he talks about how he’s negotiated his fee structure with VSP (which actually turned into a tease for a future episode unto itself), and why you should have a few different CL fee schedules (but not so many that it makes it confusing for patients), And be sure to listen to the end, where Jeremy shares why it’s so important for your front office team to really hear what your prospective patients are asking about when they call into your office to inquire about your cost and services and what your two action items are after listening to this conversation. 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. And with that introduction, I hope you enjoy my conversation with Dr. Jeremy Ciano. https://revolution-eyes.com/ —————————————————————————————————— 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! 

It’s that time of year again: open enrollment. While everyone is thinking about the holiday season that is right around the corner, small business owners and those individuals that aren’t eligible to participate in group health insurance plans also find themselves in their own version of “open enrollment season”—the window of time where we can change the type of coverage that we have, who we have that coverage with, and what our costs for next year will be.   In this episode, I share an update on our own personal journey through the health insurance system and what we’ve learned thus far during open enrollment—and how that news is causing us to consider different alternatives to traditional healthcare plans. I’ve also placed links to a number of different resources below that can help as you evaluate possible options for you personally and professionally.   Valleys of Death by Colonel William “Bill” Richardson, US Army (Ret.) Extreme Ownership by Jocko Willink & Leif Babin Healthcare.gov How Healthcare Sharing Programs Compare to Traditional Health Insurance Comparison of Different Healthcare Sharing Programs Minimum Essential Coverage Health Insurance: COBRA vs. Healthcare.gov PeopleKeep —————————————————————————————————— 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!   

  Hello, and welcome to this episode of 20/20 Money! Today’s show takes on a bit of an unorthodox format as it’s actually the audio from a recent presentation that I gave at the University of Houston-College of Optometry. If you’d like to watch the video version of the presentation, head over to our website at www.integratedpwm.com and click on the Learning Center where you’ll not only find the video in a separate post but you’ll also find a variety of other resources to help ODs make smart and informed personal and professional financial decisions. The link to the video is also listed in the show notes for this episode.   I also want to give a special thanks to Chris Valliere, Joe Kirgis, Bryan Procopio, and the rest of the Private Practice Club leadership for extending the invite and allowing me the privilege and opportunity to share my perspectives with the club. I know they listen to the podcast as well, so guys…big thank you and I enjoyed chopping it up over a couple of beers after the presentation! In addition, if you are a student at another school or have connections to other schools that you think would be interested in hearing this presentation or other topics live on campus, please email the show at podcast@integratedpwm.com and we can discuss the details.   And with that introduction, I hope you enjoy today’s show! —————————————————————————————————— 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! 

Hello, and welcome to this episode of 20/20 Money! In today’s episode, I spend the first part clarifying and expounding upon two previous shows and topics that we’ve discussed and then finish it up by talking about a relevant topic that has come up both in my personal life as well as with a number of clients over the past couple of weeks.   The first part dives into a few more clarifying points about disability insurance that was shared with me by a listener of the show and the second topic provides some clarification around the net investment income tax as it relates to the sale of a practice. I wrap it up by talking about something called anchoring bias, what it is, and how you can identify if it’s something that’s influencing your own decision making in your personal and/or professional lives.   It’s getting to be that time of year where year-end discussions should be taking place with your team of advisors to understand the current state of your financials which can also help guide any end-of-year decisions that not only impact 2019 but also potentially impact 2020. If you’re interested in learning about those conversations we’re having with our ODs, don’t hesitate to head to integratedpwm.com and schedule a no-obligation 15min Pre-Discovery conversation to learn more.   And with that introduction, I hope you enjoy this episode of 20/20 Money. https://www.linkedin.com/in/craig-goldslager  —————————————————————————————————— 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! 

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is none other than my wife Dr. Andrea Cmejla. As I celebrate 50 episodes of 20/20 Money, I thought this would be a great opportunity to have Andrea on the show to talk about her journey in optometry thus far and some of the lessons and knowledge she’s learned through her multiple modalities of practice. We talk about her first position as an associate out of school and spend a good part of our conversation talking about ways in which she and her team at LASIK Plus grew from just under $1MM in revenue to just under $6MM in revenue in just under 6 years by really focusing on the patient experience and journey. We round out the conversation with a discussion on leadership lessons she’s learned and also her answer to the one question I ask every guest at the end of the interview, which is financial lessons she’s learned that she’d go back and teach her younger self. 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.   And with that introduction, I hope you enjoy my conversation with my awesome wife, Dr. Andrea Cmejla, OD. —————————————————————————————————— 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! 

Hello, and welcome to this episode of 20/20 Money! This is part 2 of my conversation with Dr. Justin Manning. In this continued conversation from VEW in Las Vegas, we discuss the importance that ODs play in patients’ lives (which is no surprise to ODs), but more importantly the role that ODs can play in the greater issue of population health, and we still do this through the lens of being a great leader and having a great practice culture. We talk about how to reframe tx plans through the filter of the benefits to the patient in real time instead of talking in medical jargon and how that can motivate a pt to align their actions after the exam with the tx plan you’ve prescribed. We also talk about the unique privilege that ODs have in being able to see parts of the human body that really no other specialist has (other than an ophthalmologist) and how ODs can really think about what that can mean to a pt’s long-term health and how it can also benefit your practice, making it a win-win-win for everyone (the pt, your practice, and the greater population). 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.   Justin’s LinkedIn page. eyeLeader website   —————————————————————————————————— 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! 

Hello, and welcome to this episode of 20/20 Money! This is an extra-special episode of the show, because it’s being released exactly one year to the day from when the show was started. Back then, the show was called “The Dose” so if you haven’t checked out some of those earlier episodes, be sure to scroll through the show archives and check out our earlier episodes.   My guest on today’s show is Dr. Justin Manning. Justin is an optometrist based in Colorado and is focused on helping other ODs scale and grow their practice through a deep consultative process and using the experience he’s gained in growing a number of private practices himself to help other clinicians grow and expand their practice.   Justin joined me on the show today live on location at Vision Expo West to talk about a number of important topics that can help ODs be successful. Our conversation covered so much that we decided to break it into two parts. In Part 1 of my conversation, Justin and I talk about his journey in optometry and how he’s used something called design thinking to not only frame how he discusses tx plans with pts but how he’s also used it in a leadership capacity within his office.   From there our conversation continues to go down the path of why and how ODs should and can become better leaders within their practice and the impact that it can have not only on themselves but their entire practice.   I’ll also give a heads up that you may here an audible change in the background as we had to pause our recording because the area we thought was going to be quiet and remote at VEW turned out to get quite noisy…so when you hear a sudden change in the audio background, that’s why.   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.   And with that introduction, I hope you enjoy my conversation with Dr. Justin Manning.   Justin’s LinkedIn page. eyeLeader website —————————————————————————————————— 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!