Al Ulsifer, Chair & CEO of FYidoctors shares his views on how COVID-19 may change optometric practice, and what the capital injection of over $100 million means to the FYidoctors group in a free-ranging discussion with EWO podcast host, Dr. Glen Chiasson.


About the Guest

Al Ulsifer graduated from the University of Waterloo as an optometrist in 1990. After graduating, he became one of the founders and the managing partner of Northern Vision Centre, which developed into one of Canada’s largest independent optometric practices.

In 2008, Al oversaw the creation of FYidoctors, which still stands as the largest business merger in Canadian history in terms of the number of companies involved. He was awarded the Ernst and Young Emerging Entrepreneur Award for Western Canada in 2008 and the Prairies Entrepreneur Award in 2012. Currently, Ulsifer serves as CEO & Chairman of the FYidoctors Board of Directors.

 


Episode Notes

Glen and Al discuss the impact of COVID-19 on optometric practice, including what the future may hold for online purchasing and tele-medicine in the industry.

They discuss direct-to-consumer brands and capital investment, including Warby-Parker, and the difficulty these companies are facing in meeting investors’ expectations even before the COVID-19 event. (See link in resources.)

On the recent announcement of an minority equity stake by the L Catteron group,  Al explains what it means to the group and the individual practices as well as the implications for eye care in Canada as a whole.

Key Quote: “Being doctor controlled has always been our story and continues to be.”

Resources

 

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

Dr. Chiasson splits EWO podcast hosting duties with Roxanne Arnal.


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A live webinar, “Financial Advice for Turbulent Times brought financial and legal subject matter experts to provide information on the newly available federal government COVID-19 support programs and provide a perspective on the longer-term impact on practice value. The webinar was sponsored by BMO Bank of Montreal and ROI Corporation, Canada’s largest health professional brokerage.

Many questions posed by attendees are of interest to all practice owners. Below, we have recapped the key points and questions for the benefit of practice owners.

The Canadian Emergency Wage Subsidy (CEWS) and Canadian Emergency Business Account (CEBA) were the key topics reviewed.

The experts noted that both of these programs are very new.  The government announcements are made with high level bullet points that don’t often drill down into the necessary details that clarify the benefits.

The general advice to practice owners is to make the claims even if there is some uncertainty as to the eligibility or requirements.   If in doubt… SUBMIT THE CLAIMS.

 Canadian Emergency Wage Subsidy (CEWS)

  • The CEWS provides a wage subsidy of up to 75% of wages for retained employees to a maximum amount of $847 per week retroactive to March 15 until June 6.
  • There are two key eligibility factors:
    • Employers with an annual payroll of $50,000 to $1,000,000
    • Show a 30% year over year decline in revenue for the periods of March, April and June.

Canadian Emergency Business Account (CEBA) 

  • The CEBA provides a $40,000 line of credit with specific terms and conditions.
  • Balance owing as of Dec. 31, 2020 is converted to a 5-year term loan until Dec, 2025
  • The is no interest until Juan 2023, and thereafter 5% interest
  • If 75% if the loan is paid back on/before Dec. 31, 2022 – 25% of the loan is forgiven
  • Apply to the CEBA through your principal business banking institution

 Q&A recap:

Can the CEWS be used to pay ourselves as practice owners?
So long as the practice owner is on the payroll it appears as though the CEWS applies. Employers will be asked to provide a summary T4 report for the year 2019 to provide evidence of payroll eligibility.

As a business owner am I eligible for CEWS benefit?
IF you are on the official payroll of the business, YES, otherwise, the rules are not clear. Individuals including self-employed and independent contractors experiencing loss of income due to COVID-19 should refer to the Canadian Emergency Response Benefit (CERB) program to check eligibility. https://www.canada.ca/en/services/benefits/ei/cerb-application.html

What if I have one employee and the annual salary falls just below the $50,000 threshold?
While technically short of the total annual wage eligibility, the advice is to apply.  The “rules” are fluid and may be adjusted in the future.  There is no harm in applying.

I hired staff before the COVID-19 crises and they did not start, is he eligible for the CERB?
This situation is not covered under CEWS.  We suggest to refer the person to CERB (see above). As written so far, he is not eligible for CERB, but as mentioned, the rules are fluid and subject to change.  

Are professional corporations eligible for the CEBA?
YES.

What other eligibility requirements are there for the CEBA?
As with the CEWS, business require to have an annual payroll of $50,000 to $1,000,000 to be eligible for this load.

As a business owner not on the payroll can I receive the Canadian Emergency Response Benefit and the Wage Subsidy?
You cannot “double dip” into these programs. If you are on the business’s payroll, the CEWS applies. IF not, you should evaluate the CERB.

 

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Nava Sarooshi, President of MDP Corporation, lays out a prescription for keeping practice associates engaged and motivated under the constraining circumstances of COVID-19 closures and stay-at-home directives.

CLICK HERE TO VIEW THE RECORDED WEBINAR.

Sarooshi advises owners consider their practice culture and above all, ensure that practice leaders remain authentic to their own style and remain calm. She lays out a specific plan-o-gram of  Monday – Friday activities from which practice owners can choose to implement. Saroochi emphazises that consideration must be given to the various ages and stages of practice associates in choosing which activities will be most effective.

Her message, “Don’t underestimate how you can strengthen your team’s coherence and culture! Don’t be afraid to share your anxieties, hopes and dreams.”


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Paul Martin, founding partner of Wilton Martin Litigation Lawyers, shares his views on how health care professionals might approach labour issues  arising as a result of the COVID-19 mandated practice shutdowns.


About the Guest

Paul is a founding partner at the law firm of Wilton Martin Litigation Lawyers. Paul provides civil litigation representation and advice in a broad range of matters to both businesses and individuals, with a particular emphasis on employment/labour, commercial litigation, professional discipline and health law.  Paul devotes a large part of his practice strategizing with his clients to ensure that they avoid the litigation process altogether. However, when litigation is necessary, Paul will work tirelessly to protect his clients’ interests.

 


Episode Notes

Paul Martin shares his experience in dealing with employment matters in health professional corporation settings. He discusses the conflict between doing what business owners might want to do versus what they are doing given the financial realities of the COVID-19 shutdowns. He explains why the current situation is exceptional and what he is advising clients regarding staff layoffs. Martin outlines how the standard layoff provisions apply within the Employment Standards Act (Ontario) and what the consequences might be if layoffs are extended beyond the period defined in the Act.

Resources

 

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

Dr. Chiasson splits EWO podcast hosting duties with Roxanne Arnal.


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Jackie Joachim, COO of ROI Corporation has solid advice for practices under the assault of COVID-19.

 

 


Jackie Joachim, COO ROI Corp

About the Guest

Jackie Joachim is the Chief Operating officer for ROI Coporation. ROI specializes in assisting healthcare professionals in the Optometry, Dental and Veterinary spaces appraise and sell / transition their practices.

 

 


Episode Notes

While COVID-19 is an unprecedented event, Jackie recounts the experience of previous shocks to the economy including SARS and the 2008 recession, and opines on how the lessons learned may apply.

She emphasizes the imperative to remain positive and indicates what things can be done now to prepare for the return to business when it invariable comes.

Jackie has some easy-to-implement tips on how practices can maintain a positive connection with their patients and staff to ease the burden of the COVID-19 crisis, and support the emergence of a stronger practice when the crisis abates.

Resources

 

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

Dr. Chiasson splits EWO podcast hosting duties with Roxanne Arnal.


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COVID-19 Support from Industry

Optical companies are unveiling new initiatives to help eye care practices deal the the difficulties of COVID-19.  Here is a recap of what some of the companies are doing:

Bausch + Lomb Canada
Bausch + Lomb Canada are providing free home delivery of Contact Lenses direct to patients.  This initiative will assist practice staff and patients in social distancing.  All B+L Territory Managers will be working from home until further notice but will remain available to assist ECPs including handling sample requests of PreserVision® and Bepreve®.
View the company’s COVID-19 Statement here.

ESSILOR Canada
Essilor Canada is providing a measure of financial relief by providing flexible case-by-case payment terms, immediate late fee suspension for all iECP customers, and pre-authorized payment suspension (lens purchase accounts only) for a period of 90 days.   Click here to view the Essilor’s statement.

Company initiatives to support ECPs during the COVID-19 difficulties will be updated on this page.


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Our consulting partnership, SIMI, recently went through a significant change. One of the founding members left to pursue a new opportunity.  Working as partners for five years, we had naturally fallen into a pattern of knowing who covered what and had complete faith that the other would fulfill their tasks and obligations.

Now venturing alone, I had to quickly figure out how to close any knowledge gaps.  And suddenly I was following the advice I give my clients; creating a “Processes and Procedures” manual to document each step of every process critical to the business.

Three Key Benefits

Going through this exercise has multiple benefits.  The first and most obvious benefit  is that the exercise reduces the likelihood of missing a step.  Certainly, until tasks become  habits, following written instructions might take more time but require less effort in memory recall.

The second benefit comes from the deliberate review of a process.  When we break down a task into steps, there is an opportunity to re-evaluate the effectiveness of the current process.

Recently, I saw a great example of this in an office.  The doctor wanted to know the reason for any cancellations on any given day.  However, to get to this information displayed in the EMR, the office created a process that required many unnecessary steps.  The benefits of knowing the reason for the cancellation did not outweigh the steps it took to create this transparency!  And by adding so many additional steps, there was a lot more room for error.   Moving forward, it was decided that staff would rebook or create an appropriate recall in the EMR for any cancellations or rebooks.  As well, a daysheet would be printed at the beginning of the day – and a quick note would be added beside a patient who cancelled so the doctor could refer to it later.

A third benefit to creating this manual is for onboarding and training purposes.  As I went through the exercise of learning new things myself, I understood the value of written documentation first hand!  Having a reference guide provides a reassuring sense of security.  In a small organization it’s easy to fall into the trap of having just one person handle a certain task in the office.

I remember clearly an incident that happened when I was an optometric assistant many, many years ago.  I came down with a stomach flu.  I could barely walk without feeling like I wanted to pass out.   One of the doctor’s I was working with at the time called and begged me to come in.  I was the only one in the office at that time that could do OHIP billing and submission (think paper files and minimal electronic support – gasp!).  In hindsight, creating a step by step instruction sheet for this process would have made it possible for another employee to step in with confidence.

How to Start

While creating a Processes and Procedure manual  is not a small project , it’s  an essential undertaking for the benefit of your practice.  Start my making a list of every single task that is done in the office – from answering the phone and the greeting you expect, to how to how to order products.  Have the team member currently responsible for the task, write out their current step by step process.  Together, review each one for efficiency opportunities.

This will be time well spent and benefit your practice in all the years to come.

KELLY HRYCUSKO

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com.


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In this episode, host Glen Chiasson speaks with Jackie Joachim, Chief Operating officer for ROI Corporation, about appraising and selling your optometric practice.

 

 


Jackie Joachim, COO ROI Corp

About the Guest

Jackie Joachim is the Chief Operating officer for ROI Coporation. ROI specializes in assisting healthcare professionals in the Optometry, Dental and Veterinary spaces appraise and sell / transition their practices.

Insight with Jackie Joachim

 


Episode Notes

“Optometrists don’t really understand the value of their practices,” says Jackie Joachim. “We have a really good thing going and we deserve to get paid for that good thing.”

Joachim is optimistic about the future value of optometric practices, believing “They are where dental practices were 15 years ago.” If selling your practice is even remotely on your horizon, this episode has “must listen” advice for you.

The various types of appraisals are discussed, including comprehensive appraisals, modified appraisals and letters of opinion. Even if you aren’t interested in selling right away, an appraisal is a useful financial planning tool.

Resources

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

Dr. Chiasson splits EWO podcast hosting duties with Roxanne Arnal.


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If the candidate’s not engaged, the employee never will be.

The axiom seems self-evident, doesn’t it?

After all, we don’t value that which comes too easily. It’s a quirk of human nature. If we don’t have to work even a little bit for something, we take it for granted. This applies in all aspects of life, including when we are looking for work.

A certain amount of desire is critical to good matchmaking. It fuels the chase and builds commitment – not just to the consummation of the deal, but to making the relationship work in the long term.

In case you think I’ve forgotten about the looming talent shortage, rest assured I understand market dynamics, the laws of supply and demand. When the economy’s booming, it’s a seller’s market. Employers feel a sense of scarcity and respond by dropping their pants. That’s nothing new. And this is about keeping your clothes on, even in a tight market.

Engagement starts early, even when the practice is the suitor.

The principle of engagement is the same, regardless of the market – you’ll need fewer people if you hire those who’ve taken the time to do a little due diligence of their own, who are willing to invest a little time and effort in declaring their candidacy. If they have joined you for the right reasons, they are going to be less likely to leave for frivolous reasons.

If the axiom is so self-evident, then why have we made such a mess of things?

In the rush to build systems that supposedly make it easier both for employers to search through vast résumé databases, and for candidates to find the next, better opportunity… we have succeeded in commoditising both talent and work.

Recruiters and the systems they use are designed to check each candidate’s pedigree against a set checklist of criteria in the posting specs, each time asking themselves, “based on their education, credentials and experience, can this person likely do the job?” We’ve created enormous databases and elaborate search engines, the logic being ‘the more résumés I see, the more likely I am to find a candidate who can do the job’. Not the right candidate, necessarily, but one who will satisfy the specs on paper. We are admitting people into the talent pipeline and filtering them out on the basis of information that has no bearing whatsoever on retention, performance, or how engaged they are likely to be as an employee.

Candidates, for their part, have their own tactics for ‘marketing’ themselves in order to make it through the usual screens and filters. It’s also a numbers game for them; we have taught our employees through the school of hard knocks that survival requires the adoption of a ‘free agent’ mindset. Most have learned the hard way not to entrust their best interests to anyone else and, as we saw in the last boom, many very average performers had adopted a ‘mercenary mindset’, repeatedly selling and reselling their skills to the next higher bidder.

In both cases, the rules of the ‘game’ , if you will, are clearly established. The candidate’s objective is to always have their résumé ‘out there’ and to ‘win’ by receiving a range of offers from which to cherry pick; the recruiter’s is to screen and disqualify contenders, but ultimately to close the search and get the open requisition off their desk. All too often, neither side gives due reflection to whether or not it’s the right candidate or the right job.

In this transactional approach, much has suffered over time. For too many, work is nothing more than a means to an end, something one puts up with to meet another need. Both sides of the supply/demand equation lament the absence of loyalty. Relationships are shallow. Work is less rewarding. Stress and conflict are at an all-time high. Productivity, morale, esprit de corps, even organizational depth are at an all-time low.

Both sides are feeling ripped off, and as a result we face an epidemic of disengagement whose cost to lives – not to mention the economy – is staggering.

If you want an engaged employee, you need to engage the candidate.

Just stop it. Stop relying on traditional means to find people. Think about it – a job hunter can visit Monster or Workopolis and spam their résumés out to 25 employers over lunch, and still have time for a sandwich. Systems like CareerBuilder and others will actually send their CV to employers they have never even heard of! You’re getting a raft of names of people who may only marginally meet your specs, but who are totally uncommitted to you as a prospective employer.

Stop going out of your way to make it easy for candidates to get into your hopper. One-click resume attachment allows them to play the numbers game and get on with their day. It doesn’t help you.

Stop using education, work history and (God help me) keyword searches as the primary means of filtering people in. That methodology is busted.

Perhaps most important, stop lying to candidates. Stop telling them what a great place this is to work, amplifying the features and benefits without presenting a balanced picture. Candidates are adept at finding out the truth; in fact they probably know more about what your people are saying about you than you do.

What should you start doing? Start filtering candidates in on the basis of the four critical aspects of fit first, then on the basis of skills and experience. That will require you to do away with the résumé, or at least move it to the side and look at other factors first. Factors that are predictors of retention, performance and engagement. A Case for a New Approach: www.hiringsmart.com/articles/479/.

Start asking different questions. Ask candidates questions that will reveal their underlying attitudes and preferences in areas critical to their success, and use those as the admission tickets that determine whether the candidate should advance or not.

Our clients have learned that when they adopt a Fit First Philosophy, everything changes.

Allow the candidate to be the first to opt in. Or out.

We need to trust that, presented with the opportunity, candidates are a pretty good judge of what’s right for them, and what’s not. Very few will consciously invest time in pursuing job or a situation that presents a poor fit.

This is where current thinking around employment branding is so critical. The standard thinking has taken a dramatic turn in the last few years. Gone are the days when polished marketing materials and glowing claims had any appeal; in fact, the opposite is now true: those traditional approaches raise suspicion and doubt, and can actually be talent-repellent.

Truth, transparency, respect, openness and authenticity are the new hallmarks of successful employment branding.

The most successful organizations are those that lead with frank information about what it’s like to work there and to be successful. Many have a series of ‘man in the cubicle’ interviews of real employees, unscripted and unrehearsed, saying in their own words why they joined the company, what works well and not so well from their perspective and, more importantly, why they keep coming back every Monday. Others offer blogs, live chat with existing employees, and other features that allow candidates to obtain meaningful, live information about the employment experience. This approach ultimately conveys respect and gives candidates the opportunity to be the first to opt in or out on the basis of fit.

In this way, candidates become engaged early… setting the stage for a well informed, engaged and productive employee.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.


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In business, we talk about “revenue” centres in a business. These are distinct areas of the business that generate sales.  In a full scope primary care optometry clinic, we generally recognize eye exam services and eyeglasses sales as the two main revenue centres. From these two centres, we expect 50-60% of the revenue of the business will be generated by eyeglass sales and 30% by eye exam services. The remaining 10-20% of the revenue is generated by a mix of diagnostic testing, contact lens and miscellaneous product sales.

Given that, it follows that 50% of your focus on the business should be on managing the optical. As with any business, the first step in operating a successful optical is determining an intentional strategy. Are you the lowest cost provider? Are you offering unique products that can’t be found everywhere? It is imperative that you answer the question of how are you setting yourself apart from the competition.

Once you have determined what your strategy is, you need to clearly articulate it to your staff and to your patients. Just like consumers understand why they would patronage a second hand store versus a high end boutique, it should be just as clear to your patients what shopping experience they can expect in your optical.

With your strategy clearly defined, the next step is to make sure all of your processes and procedures in the optical support it. If you want to be the “go to” optical for unique product then you are planning to visit the Vision Expos to do the majority of your purchasing. If you want to offer good product at great prices, then you need to carefully evaluate your frame and lens costs to ensure you are getting the best discounts possible. If you want to offer convenience, you should set up direct insurance billing and shipping directly to the patient’s home.

Whatever your strategy, the frame inventory needs to be managed daily. Someone needs to be tracking what lines are doing well, if the optical is staying on budget, entering new product into inventory and paying attention to inventory control to prevent theft. This part of the business is bringing in 50% of the revenue – and to do that well and to stay ahead of the pack, it needs to be micro-managed.

Quarterly and annually, you should be evaluating the frame turn of your inventory as well. In general, each line should be turning 2-3x per year. If you have a high volume practice, you will have lots of data to make purchasing decisions with from your EMR. If you are following a boutique strategy and purchasing in bulk and then selling off, evaluating the turn will be a more manual process.

One last word of advice; be intentional with your frame strategy and resist the temptation to offer what everyone else is. The clearer your strategy, the clearer the value proposition is to the patient, the more successful your business will be.

KELLY HRYCUSKO

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com.


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