20/20 MONEY

  Welcome back to another episode of 20/20 Money. My guest on today’s show is Dr. Matt Mitchell. Dr. Mitchell owns Bluffton Family Eye Care, a private practice located in…you guessed it…Bluffton, IN. What’s unique about Matt, though, is that his practice is located in what many would consider to be a “rural” practice setting, as the population of his entire county is less than 30,000 people and is dominated by agribusiness.   In this conversation, Matt starts out by talking about the current make-up of his practice, including their schedule, number of providers, and total FTE hours worked in the practice.   Matt and I then talk about the journey he’s been on since graduating optometry school. He talks about how he worked a couple of “big box jobs” until he was in a position professionally and personally to buy the practice and how he navigated the purchasing process with the selling doctor (and how he found the doctor in the first place).   In this episode, you’ll learn how they split up the hours between three doctors, how they’ve increased patient compliance in bringing in pt hx forms, how he calculates per exam revenue per pt, how he used website traffic to understand his patient experience process, and why his net income is significantly higher than the national average and what that means for his practice. You’ll also learn how he’s used a “profit-first” approach to run a very lean practice, and how Dave Ramsey’s TMM (Total Money Makeover) has changed his personal and professional life.   And be sure to stick around to the end, where he shares an awesome story about how the power of saving and paying cash can change one’s perspective on whether or not they actually “need” fill-in-the-blank shiny object/toy/piece of equipment, etc.   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 on our website, 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. You can also check out our new, on-demand webinar titled “Planning Considerations for the OD Business Owner” or any number of ebooks that we’ve written.   And with that introduction, I hope you enjoy my conversation with Dr. Matt Mitchell.   Links and Resources Bluffton Family Eye Care Four Hour Work Week Dave Ramsey’s Total Money Makeover Profit First by Mike Michalowicz

Welcome to this episode of 20/20 Money! In today’s episode I talk about the different retirement savings vehicles that ODs should consider given the mode of their practice and the “ladder” in which they should order their savings strategy. I begin with the versatility of the HSA and why it’s good to think about the HSA as not an account that exists for day-to-day healthcare expenses but more of a long-term savings vehicle. I also talk about the importance of retirement plans in the practice, the Roth IRA (including backdoor Roth IRA conversions), and what percentage of income I’d suggest working towards saving on an annual basis. I wrap it up with a discussion about why it’s important to prioritize saving for retirement and financial independence ahead of college education planning. Resources: https://www.savingforcollege.com/ Lively.com Benefit Wallet —————————————————————————————————— 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. Jennifer Stewart.  Jennifer is a partner at Norwalk Eye Care, a private practice in Norwalk, CT. The reason that I wanted to have Jennifer on the show is because of her insatiable quest for knowledge on how to run an incredibly efficient and profitable practice by becoming a student of the numbers within the practice. She’s also dedicated part of her professional life to the growing specialty of sports vision training, having launched a second business that’s actually located on the second floor of an ice hockey arena. Our conversation starts out with some background on her journey into private practice, specifically around her journey into practice ownership. We then discuss her venture into sports vision and what it’s meant to her practice. Our conversation then shifted towards the business side of optometry. Jennifer shares her favorite non-optometry related business book as well as the key piece of practice management software they use in their practice to ensure they have a handle on all of their numbers. Our conversation then took an unexpected turn as we dove down the rabbit hole of daily disposable lenses and the impact that those have made not only for their patients but also their bottom line.  Towards the end of the conversation, we talk about the role that being fit and active has played in each of our lives. We chat about the ripple effect that exercising has and how taking time to take care of yourself physically (through a workout) can actually give you some much-needed “alone time” to just think about your business. 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 download our popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Dr. Jennifer Stewart.   Norwalk Eye Care Meet the Frugalwoods IDOC —————————————————————————————————— 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 Nathan Hayes.  Nathan is the Practice Finance Consultant at IDOC and has worked with countless practices to help them understand not only the financials of their practice but how to make strategic business decisions based on the financial health of the practice. Our conversation was centralized around an Optometric Management Tip of the Week Article titled “3 Misconceptions About Buying Optometry Practices.” I wanted to ask Nathan, based on his experience and conversations he’s been having, why he feels this is happening and what current owners need to do a better job of doing to equip next gen ODs for practice ownership? We talk about the success of optometry as a business while also sharing a couple anecdotes of situations where practices have been run into the ground through bad management and leadership. We then talk about the importance for the purchasing OD of having cash on hand and why having a healthy cash flow statement is more important than having a health balance sheet (but no cash) because of aggressively paying down student loan debt. We also talk about the calculation of understanding one’s return on equity. That is to say making sure younger ODs understand not only what you’re going to have to spend to buy into a practice, but the return that you’ll expect to get on that equity purchase.  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 ebooks that we’ve written and are available for download, including our most popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Nathan Hayes.   Resources: IDOC Team Page —————————————————————————————————— 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!   

  Today’s show talks about how you can make the most out of your time when attending optometry conferences. As clinicians, your ability to produce revenue is directly to your ability to see patients, so it’s important to get a great RoT (return on time) at your conferences because the cost of the conference is not just the expenses of the conference but also the opportunity cost of what you otherwise COULD be earning in your practice had you not taken the time to attend the conference.  I walk you through the life cycle of the conference, starting with the intention of going. I then share some ideas on how to maximize not only the information that you learn while attending but also the relationships that can both be nurtured and formed. I wrap it up with some ideas post-conference, including how to talk with your team about implementing some of the ideas you brought home.   VistaPrint IRS Work-Related Educational Deductions —————————————————————————————————— 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 are Drs. Matt Geller and Antonio Chirumbulo.Matt & Antonio were guests on our 3rd episode and are the co-founders of the popular website www.newgradoptometry.com, a website dedicated to providing relevant and timely information for…you guessed it…new OD grads. It’s the beginning of June, and what that means for new optometry grads is that it typically gives new grads a bit of some downtime while they wait for their license from the state board before they start into their first job as a licensed optometrist. Matt and Antonio join me again for another conversation and this time we dive into some of the top planning ideas (both financial and career) new grads should be considering aroundthis time of year. We start out talking about the importance of vision planning and taking some time for yourself to truly try and outline what it is that you want your life to look like at this early stage of your career. Matt talks about addressing three important buckets in your life—the health, wealth, and happiness buckets—while Antonio spends some time talking about the tactical considerations, such as getting your NPI number, getting credentialed with insurance companies, and other ideas. Our conversation wraps up with some scenarios where young ODs have made mistakes early on in their careers and some possible situations to be aware of and how to also think about conflict and disagreements in your work environment, complete with something they call the “morning test” to use as a quick and easy litmus test for your own personal career satisfaction. 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 ebooks that we’ve written and are available for download, including our most popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Drs. Matt Geller & Antonio Chirumbolo.   Links:  2019 New Grad OD Report www.newgradoptometry.com  www.covalentcareers.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!   

Welcome to another episode of 20/20 Money! Today will be another solo episode and we’ll be talking about the basic four levers that you can pull when it comes to “retirement” or, as I like to call it, financial independence. Now, if you’re listening and far away from retirement, I’d still encourage and ask you to stick around for the show, because (a) it’s not a long episode and (b) there are variables that I’m going to talk about that you can act on TODAY that will have significant implications on your ability to achieve financial independence decades down the road in your life. The Impact of a 1% fee —————————————————————————————————— 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. Eric Botts.   Eric is a practicing optometrist in Macomb, IL and what I love about Eric’s practice model is that he is the lease holder at four different Walmart vision centers. In today’s conversations we talk about what his practice looks like and the make-up of his team and how he balances the dynamics of having a relationship with not only the team that he pays but also Walmart team members that work inside the VC. We also talk about what he means by “right hand authority” when it comes to the delineation between “who does what” inside of his practice, why he takes an extreme ownership mentality with his CA practice, and what holding multiple leases has allowed him to do as it pertains to his work-life balance. We also talk about his adoption of the medical model inside of his practice and the influence that it’s had on his practice’s success and why that can sometimes be used as a “tipping point” for ODs that are looking to outsource some of their billing reimbursement work. We also talk about how his interest and pursuit of adopting the medical model was the genesis for a completely separate business, Optometric Billing Consultants, and how he balances the responsibilities between both businesses while helping other ODs around the country managing the workload of insurance billing and reimbursements. And make sure to stick around to the end, where Eric answers my “one question” through both the personal and professional financial filters. 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 download our popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Dr. Eric Botts. —————————————————————————————————— 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!

In today’s episode, I share three different events that have transpired over the last couple of weeks that have gotten me to think about the emotional connection we have to cash, specifically cash that is on hand in an “emergency fund.” I share two personal stories that have brought this to light over the past couple of weeks along with an example from a (not named, of course) client conversation.   I then talk about the two psychological biases that cause us to have the emotional connection to cash and discuss examples of them and how they play a role not only in our relationship to cash, but most everything in life. I then wrap up the conversation with different ways you can internalize and work past the initial fear and pain of parting ways with cash. —————————————————————————————————— 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!

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kent Godfrey. Kent owns a multi-location practice in and around the Denver, CO area and has, by most definitions, a very successful practice. In this episode, we talk about Kent’s path into practice ownership and the state of his practice right now. We also touch on something that is very important to him and that is using his professional skills as an OD to give back to those that need an ECP through his volunteerism with VOSH. From there, our conversation shifts towards something that left me with a great impression when researching his backstory, and that was his website. We talk about the importance of giving your website visitors a great first impression and connecting with their feelings as opposed to showcasing all of your practice’s features. We also talk about his success using an online scheduling tool and why that, along with other tools, are going to be the standard and given expectation in the future…and not just an added benefit. Our conversation then shifts to talking about one of the most impactful decisions he’s made in his professional life, and that was joining a mastermind group. Kent shares the format and structure of their mastermind group and why it’s so important that, if you join a mastermind group, you should be prepared to “show it all” and leave no stone unturned in your practice. He also defines what each of their member’s commitment is to the group and the cost associated with joining such a group. We then transition the conversation into talking about leadership principles. Kent talks about one of the biggest lessons he’s learned in managing and leading people, why you need to have ground rules and guard rails around your practice, and why it’s important to think of your team as just that: a team…and moreso even your “professional family.” We wrap up the conversation by talking about some of the key financial and practice metrics that he evaluates and the frequency with which he looks at them and the biggest lesson he’s learned that, if given the chance, he’d go back and teach his 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 download our popular ebook called “Five Tips to Financial Freedom for Optometrists.” And with that introduction, I hope you enjoy my conversation with Dr. Kent Godfrey.   Links: Front Range Family Eye Care website Schedule Your Exam online pt scheduler Tips for starting a mastermind group   —————————————————————————————————— 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!