20/20 MONEY: The Business of Optometry

As the owner of an optometry practice, one of the benefits is being able to participate in not only the normal "earnings" that any other OD would make, but also the rewards of owning the practice in the form of profits. In this episode, we'll talk through the different ways in which ODs can pay themselves out of their practice, which starts by understanding how your practice files its taxes. From there, we'll discuss the type, timing, and frequency of how you can pay yourself out of your practice to satisfy both the practice's and your own financial goals. 1099 Hell Vision Expo: It's What You Keep That Matters Vision Expo: Thinking Outside the Box ————————————————————————————— 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 the start of a new year—the year of optometry!! Let's start out 2020 by talking about 5 financial topics that optometrists should be reviewing both in their personal and professional lives. We start out by talking about funding your Roth IRAs (especially if you're making those contributions via back-door Roth IRA conversions), HSAs, and 529s and also remind you to adjust your annual contribution savings amounts into your 401k or SIMPLE IRAs. From there, I talk about the importance of making sure that your chart of accounts is accurate, which will give you an accurate profit/loss statement to analyze in your practice to determine areas of the practice in which you can make incremental improvements over the course of the year. It's also the time of year to determine if and how much of a profit sharing contribution you may consider making within your practice's retirement plan and why this is the time of year to determine whether your plan is set up to maximize your own wealth building potential. I wrap up the conversation talking about the recent passage of the SECURE Act and why the recent passage of that legislation should give you reason to revisit your beneficiary designations, especially if you have a trust named as a primary or contingent beneficiary. Maximum Benefit and Contribution Limits for Retirement Plans ————————————————————————————— 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 the last episode in 2019 of 20/20 Money! In this final episode of the year, I spend time talking about how important it is to take time to measure where your money is going in your personal life and how the only way to really get a good picture of that is by analyzing your spending by running a personal budget. I talk about the different kinds of expenses to track and a number of tools that you can use to help you kick-start the process of analyzing your spending. I then discuss how having clarity and confidence around your personal expenses can help you make clear and confident decisions in your practice. Whether your practice is set up as a partnership, corporation, or LLC I'll provide you some guidance and information on how you can think about paying yourself in multiple different ways with the net profitability of the 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, 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. YNAB Mint Dave Ramsey EveryDollar —————————————————————————————————— 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! On this episode I discuss my top 10 books that I believe ODs should read in 2020 to help them get closer to building the practice of their dreams and a life they love. The books are both personal and professional in nature (along with one investment-related book). Links to all the books can be found below in the show notes or at www.integratedpwm.com/59. 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 this episode of 20/20 Money! The EMyth Revisisted Extreme Ownership Atomic Habits Getting Things Done 4 Hour Work Week Experience Economy Pumpkin Plan Profit First Family Board Meeting Geometry of Wealth Investment Answer —————————————————————————————————— 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. Gina Wesley. Dr. Wesley owns and practices at Complete Eye Care in Medina, MN and she's been recognized as Minnesota's Young Optometrist of the Year in 2011 and has also earned the Early Professional Achievement Award from The Ohio State University College of Optometry in 2013. She joins the show today to talk about something that almost every practice owner I've talked to struggles with at some point in their career: staff management. In this conversation, Gina and I talk specifically about a change she made in her practice which allowed her staff to be flexible in the number of hours they worked per week. We talk about the genesis of this change in her practice and some of the metrics that she's used to analyze the effect of this strategy not only on the numbers of her practice but also the "intangibles" such as team morale and commitment to excellence in the practice. We use this idea as a jumping off point to talk about how important it is for ODs to manage their own time effectively and why it's important to think about task management and delegation in your practice as something that can give you an incredible return on time which can translate to a great return on your investment in your team. She also shares a great success story on how she's actually outsourced a good part of her practice management and COO-type responsibilities not to an in-office team member but to a 3rd party, unaffiliated business whose sole business model is to show up and actually work to get themselves fired from their clients…which is quite a novel idea but one that makes complete sense when you hear how Gina describes their services. Just a heads up to you the listener: I recorded this episode with Gina while traveling and unfortunately did not have all of my recording equipment with me. I apologize if the audio isn't as crisp as in past episodes, but don't let that detract you from listening to what I felt was a great conversation with Gina. 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. Gina Wesley. Pumpkin Plan Microsoft's 4 day workweek study Healthcare Management Resources, Inc. The One Thing Essentialism Athena Executive Assistants Upwork Deep Work —————————————————————————————————— 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! 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!