Creating a Will for Optometrists

Many young doctors, grappling with the demands of their profession and burdened by student debt, often postpone addressing critical aspects of wealth management and legacy planning. Even amidst the hustle of daily life and financial obligations, there are compelling reasons why executing a will should be a priority sooner rather than later.

  1. Distribution of Assets:

    While starting with a negative net worth is common for many young professionals, it won’t be long until your assets exceed your debts. Dying intestate, or without a will, results in your assets being distributed according to provincial laws.

  1. Increase Costs:

    Legal proceedings, particularly involving courts and lawyers, entail significant expense. In addition, settling your estate will require the court to appoint an estate administrator, who also has a right to charge a reasonable fee for their services. Without a will, these costs can quickly eat into the estate, potentially diminishing its value to the point where the distribution of valuables become negligible.

  1. Probate Fees:

    Probate is the legal process validating a will and is a standard procedure for most estates. Having a named beneficiary on life insurance policies and registered investment assets can bypass probate. Probate fees are set provincially and vary substantially across the country.

  1. Family Disputes:

    Intestacy laws dictate how assets are divided among family members, leaving no room for your personal preference. Siblings, parents, a common-law partner – everyone will be hurting and likely feel differently about what is fair, especially compared to a court definition. Many familial relationships have been permanently damaged because you didn’t plan ahead.

  1. Care of Minor Children:

    In the absence of a will, the court determines guardianship arrangements for minor children, a critical decision particularly if you have been their only parent. In addition, if there is any residual of your estate when they turn 18, they will receive the full amount in one lump sum!

Often we believe that everything will pass directly to our spouse. Common-law relationships don’t have the same rights as legally married spouses, and can differ across provincial borders. In addition, if you have children, only a fraction of your estate will be distributed directly to your spouse.

Proper planning will also ensure that your corporation or business interests are handled efficiently to maintain their highest value, and that tax strategies have been included to limit significant liabilities.

Failure to address these issues can lead to many unintended consequences.

Crafting a will empowers individuals to assert control over the distribution of their assets, safeguarding their interest and those of their loved ones. By addressing these considerations proactively, individuals can navigate the complexities of estate planning, ensuring a smoother transition of wealth and preserving their legacy.

Advisory

Have more questions? As your Chief Financial Officer, I am here to help you make smart financial decisions that align with your business growth, personal wealth creation strategy and long term interests. Helping you understand your money and assisting you in making informed decisions about your estate planning are just some of the ways that I work as your fiduciary.

Educating you is just one piece of being your personal CFO that we excel at. Call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) today to set up your next conversation with us.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS).  She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in  2012 to leave optometry and become a financial planning professional.  She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

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


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VuePoint appoints Louise Courville

VuePoint IDS, the publisher EyeCareBusiness Canada and NextGEN OD Canada is pleased to announce the appointment of Louise Courville, a distinguished leader with an extensive background in both the optical and medical device sectors as well as in digital marketing, as Account Executive and Business Development Manager.

With over 25 years of dedicated experience, Louise has made significant contributions to the industry, demonstrating a deep commitment to excellence and innovation.

Louise’s professional journey is highlighted by her tenure at leading global optical device companies, where she utilized her expertise to foster growth, spearhead strategic initiatives, and guide teams towards notable achievements.

As a seasoned digital sales and marketing expert, Louise has excelled in full-cycle sales, adapting to the dynamic changes in marketing automation and AI. Her strategic insight and commitment to excellence have made her a trusted adviser in the industry.

Notably, as a regional sales manager for top ophthalmic device companies in the US, she led her teams to innovate marketing strategies and significantly influence the market.

Louise has now repatriated to Canada, ready to apply her experience to her new role at VuePoint.

Looking Ahead with Louise:

As Louise Courville steps into her new role, she brings a wealth of knowledge and a proven track record of success. Her extensive experience in the optical sector and with digital marketing positions her as a valuable asset to the VuePoint team.

“Louise’s strategic vision and leadership abilities are set to play a pivotal role in driving VuePoint’s growth and innovation, ensuring we continue to lead in the optical industry,” said David Pietrobon, President of VuePoint. “The VuePoint family is excited about the expertise and passion she brings to the team and look forward to the contributions she will make towards our continued success.”

 

View Louise Courville’s Linked In Profile


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Eye Recommend NextGenOD_sponsored post April 1 2024

Whether you’re a first-year student or gearing up for graduation, you’re about to shape the future of independent optometry – and we’ve got your back every step of the way!

Imagine diving into clinical practice with the guidance of our stellar mentorship program. Our vibrant community of independent optometrists is eager to help you succeed, whether you’re passionate about tackling dry eye treatments, mastering myopia management, or delving into the world of vision therapy and aesthetics. With our connections, you’ll have the keys to unlocking exciting opportunities!

But that’s not all – our mentorship initiatives aren’t just about advice; they’re about exploring YOUR purpose through delivering invaluable personal testimony and opening doors to potential partnership opportunities, giving you a head start in your professional journey. With our network of industry pros and collaborators, you’ll build lasting connections and fuel the future of independent optometry.

Ready to hit the ground running as a new grad? We’ve got you covered with top-notch training and career development opportunities. Score scholarships, grants, and access to job opportunities, internships, residencies, and summer gigs within our network.

And here’s the best part: We understand that finances can be a hurdle, so we’re offering signing bonuses of up to $25,000 for grads who join an existing Eye Recommend practice or kickstart their own journey after graduation!

Don’t miss out on this incredible opportunity to dive into the world of independent optometry with a supportive community behind you. Want to learn more? Check out all the amazing things Eye Recommend has to offer!

This is a sponsored post.


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Commercial real estate

For over a decade, the Canadian real estate market has experienced growth that far surpassed any rational expectations.

In 2023, the reset of interest rates slightly cooled the market’s fervor, yet the core momentum remained unabated.

Currently, the prospect of rising interest rates looms, driven by increases in the Government of Canada’s five-year bond yields—a precursor to changes in the bank’s prime lending rate.

This development casts doubt on the possibility of interest rate relief in the spring or summer of 2024. I could be wrong.

Understand Ownership and Operating Costs

This context underscores the substantial costs of owning and operating commercial real estate for business owners.

While the residential market garners extensive coverage in media, this discussion will focus on the less-discussed commercial occupancy costs. I recently spoke with a Vancouver practitioner who highlighted a modern, high-tech development in an upscale neighborhood.

The going rate for a vacant commercial condominium there is $2,400 per square foot. Consequently, acquiring a 1,000-squarefoot space demands an investment of $2.4 million, excluding closing costs.

This price tag does not cover the additional expenses for leasehold improvements, which could ascend to another $500,000. Moreover, equipping the practice with necessary technology and equipment may require a further six-figure investment.

Hence, the total initial investment for launching a fully operational new practice in a 1,000-square-foot commercial condo in this elite Vancouver area could reach over $3 million.

This figure represents the debt burden from day one. A metaphorical $3 million ribbon-cutting ceremony, indeed. The journey to debt freedom begins thereafter, patient by patient, potentially spanning decades for the ambitious doctor.

To some, this scenario may resemble a perpetual commitment to a financial institution.

  • Amortized over 20 years
  • At the current prime interest rate of 7.2%
  • Monthly payment: $27,557
  • Total payment over 20 years: $6.6 million
  • Interest cost alone: $3.1 million!

A Harsh Reality

The financial strain on a young doctor would be immense, with the pressure to generate income being nearly insurmountable. Including wages, supplies, lab fees, and other operational expenses, the breakeven point for such a practice is a minimum of $60,000 per month.

And this calculation hasn’t yet accounted for personal living expenses. Therefore, anticipate an additional $250,000 in line of credit usage within the first year, with potentially more in the second year. In summary, within the initial years, this scenario could see the doctor facing $4 million in debt.

By the third year, with some fortune, they might manage to draw a salary between $50,000 and $80,000, yet still grapple with a $4 million debt and over $25,000 in monthly interest payments.

This is the harsh reality of real estate ownership for a new, state-of-the-art practice occupying 1,000 square feet in downtown Vancouver.

For illustration, consider doubling the space to 2,000 square feet and recalculating the figures—truly startling!

Navigating this level of debt while adhering to ethical standards in practice is a formidable challenge for any doctor.

Do you have a debt repayment story to share?

Contact me at:  jackie.joachim@roicorp.com – I might feature your story anonymously and enter you into a draw for a free appraisal.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.


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Business Owned insurance

Business-owned life insurance presents a unique opportunity for business owners to leverage insurance as a strategic investment tool. Here’s why it’s worth considering:

  1. Protection Against Business Risks:

    First & foremost, insurance should be used to cover off a risk. Business-owned life insurance can serve as a safeguard against business risks such as pre-mature death. Having an investment portion to your policy adds flexibility funding for other risks such as disability, loss of key personnel, or the buyout needed on retirement of a partner.

  2.  Tax Advantages:One of the most compelling reasons to opt for business-owned life insurance is its tax benefits. The growth from corporate investments is considered passive income and is taxed at the full corporate tax rate, currently 50.2% in Ontario. By utilizing life insurance with investment potential, business owners can effectively shield financial growth from excessive taxation, maximizing the potential of their investment.
  3. Preserving the Small Business Deduction:Investing in a business-owned life insurance policy can help preserve the small business deduction tax rate on active income. Typical investment earnings in a corporation exceeding $50,000 will grind down this tax rate benefit. Growth in the life insurance policy can mitigate this grind down.
  4. Wealth Accumulation and Protection:Beyond tax benefits, business-owned life insurance serves as a powerful tool for wealth accumulation and protection. It provides a vehicle for building assets within the business while simultaneously offering protection against unforeseen events such as the death of a key employee or business partner.
  5. Legacy Planning and Succession:

    Business-owned life insurance can play a crucial role in legacy planning and business succession strategies. It can help ensure that the business has sufficient liquidity to cover expenses, settle debts, and facilitate a smooth transition in the event of the owner’s death or retirement. Additionally, the death benefit can provide financial security for heirs and facilitate the transfer of ownership in a tax-efficient manner when utilizing the capital dividend account.

  1. Flexible Access to Funds:

    The life insurance policy’s cash value can be accessed through various means, including collateralized loans, policy loans, or partial surrenders. This flexibility allows business owners to access capital when needed without disrupting the business’s operations or incurring significant tax liabilities. Additionally, this flexibility can be utilized as an alternative source of retirement income.

In conclusion, business-owned permanent life insurance offers a range of benefits, including tax advantages, wealth accumulation, legacy planning, and protection against business risks. By leveraging insurance as an investment tool, business owners can optimize their financial strategies and secure the long-term success of their company.

Advisory

As your Chief Financial Officer, I am here to help you make smart financial decisions that align with your business growth, personal wealth creation strategy and long term interests. Helping you understand your money and assisting you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation, are just some of the ways that I work as your fiduciary.

Have more questions than answers? Educating you is just one piece of being your personal CFO that we excel at. Call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) today to set up your next conversation with us.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS).  She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in  2012 to leave optometry and become a financial planning professional.  She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

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


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In the bustling environment of an optometry clinic, where precision and empathy intertwine, the relationships among staff members play a pivotal role in shaping the patient experience and clinic efficiency. From receptionists to optometrists, each member contributes to the seamless functioning of the clinic. Therefore, prioritizing and nurturing inter-staff relationships isn’t just an idealistic pursuit; it’s a practical necessity. Here’s why it’s crucial to focus on maintaining these relationships and how it can positively impact the clinic’s dynamics and outcomes.

Ask yourself this question:

When I walk into any healthcare setting, what is the thing I observe the most?

Answer: The staff.

Next question, “What influences my perception of how this appointment is going to go?”

Answer: Interactions between staff members.

We all do it. We are born observers. That’s how we learn, survive, and thrive as human beings. We watch and we make assumptions as to what’s coming next. It makes us feel safe and more at ease to do this.

Now for those of you that are thinking “That’s not a good enough reason to invest in supporting these inter-staff relationships” here are a few others that might peak your interest.

 

Clinics with Strong Inter-Staff Relationships Experience:

  1. Enhanced Communication and Collaboration:

Effective communication lies at the heart of any successful organization, and an optometry clinic is no exception. When staff members maintain healthy relationships, they are more likely to communicate openly and collaborate effectively. Whether it’s discussing patient cases, sharing insights, or coordinating schedules, a cohesive team fosters an environment where information flows seamlessly. This not only reduces the likelihood of errors but also enhances the quality of patient care.

  1. Boosted Morale and Productivity:

A positive work environment characterized by camaraderie and mutual respect is conducive to high morale among staff members. When employees feel valued and supported by their colleagues, they are more likely to feel motivated and engaged in their work. This, in turn, translates to increased productivity and efficiency. A team that works well together is better equipped to handle challenges and adapt to changes, leading to smoother clinic operations and ultimately better outcomes for patients.

  1. Culture of Trust and Support:

Inter-staff relationships built on trust and support form the foundation of a healthy organizational culture. When employees feel trusted and supported by their peers, they are more likely to take initiative, innovate, and contribute to the overall success of the clinic. Moreover, a culture of trust encourages open dialogue and constructive feedback, allowing staff members to learn from each other and grow both personally and professionally.

 

  1. Reduced Turnover and Enhancing Recruitment:

A clinic that prioritizes inter-staff relationships is more likely to retain its employees and attract top talent. Staff members who feel connected to their colleagues and supported by their workplace are less likely to seek opportunities elsewhere. Additionally, a positive work culture characterized by strong relationships can serve as a powerful recruitment tool, drawing in skilled professionals who are eager to be part of a collaborative and supportive team.

Now are you starting to see why focused effort on creating these strong relationships can benefit your clinic?

I hope so at this point! Because you can clearly see that this is a win, win for all people involved.

Here are a few ideas to get you started on fostering these inter-staff relationships:

  • Increase your approachability: Take trainings on self regulation, self-awareness, self-management, and social awareness to increase your team’s comfort around you.
  • Recognize and appreciate staff members for their contributions and achievements through verbal praise, written commendations, or employee recognition programs.

 

  • Celebrate milestones, birthdays, and work anniversaries to show appreciation for the dedication and hard work of the staff.
  • Acknowledge personal achievements in life. Congratulate team members on personal accomplishments that they share. This will encourage others to share their own and increase connection among the team.

What it comes down to is if your staff have relationships that they value and have been encouraged to value, the clinic performance increases and so does the positive perception of patients.

If you can see the value in fostering inter-staff relationships I invite you to visit https://www.emotionalintelligenceconsultinginc.com to learn more about how you can start implementing this in your own clinic.

Jade Bodzasy

Jade Bodzasy

Jade Bodzasy, Founder of Emotional Intelligence Consulting Inc., is a dedicated Coach and Consultant for Optometric Practices. Her extensive background includes over 20,000 hours of expertise focused on customer relations, work structure refinement, training method development, and fostering improved work culture within Optometric practices.

Certified in Rational Emotive Behavior Techniques (REBT), Jade possesses a unique skillset that empowers individuals to gain profound insights into the origins of their behaviors, as well as those of others. Leveraging her certification, she equips optometry practices with invaluable resources and expert guidance to establish and sustain a positive, healthful, and productive work environment.


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In our whirlwind, interconnected world, the art of navigating the intricate tapestry of human emotions is more critical than ever. Emotional intelligence (EI) and empathy stand out as beacons, guiding us to forge positive relationships, enhance leadership, and create a harmonious work environment.

Scenario:

Picture this: you’re caught in a recurring conversation with a coworker. They’re trapped in a whirlpool of frustration and despair over a repeating issue, blind to the fact that they are the common thread in these situations. There you are, offering a listening ear to a tale that’s turning from familiar to tiresome.

You value this coworker and the bond you share, but this repetitive cycle is starting to fray the edges of your patience. The solution seems to shimmer so clearly before you – a minor tweak in their behavior could sweep away mountains of stress. Yet, despite your repeated advice, they seem ensnared in their patterns, unready or unwilling to grasp the lifeline you offer.

Realizing that you can’t repaint their behavioral patterns, how do you preserve the warmth of this relationship? Must it be a never-ending cycle until professional paths diverge?

It doesn’t have to be. This is your moment to flex your empathy muscles.

Understanding Empathy:

Empathy, a cornerstone of emotional intelligence, is the art of walking in another’s shoes, feeling the contours of their experiences. It’s not just about offering sympathy; it’s about genuinely connecting with and understanding others’ emotions. Empathy is a dance of two steps: cognitive empathy, understanding someone’s perspective, and emotional empathy, feeling what they feel.

Empathetic individuals are like emotional detectives, adept at deciphering and resonating with the feelings of others, laying the groundwork for deep, meaningful connections. This trait is invaluable in all relationships, paving the way for mutual understanding, trust, and collaboration.

The Link Between Emotional Intelligence and Empathy:

Though distinct, emotional intelligence and empathy are intertwined like strands of a DNA helix. Emotional intelligence is the bedrock of understanding and managing one’s emotions, with empathy extending this understanding to others. A person rich in emotional intelligence naturally exudes empathy, armed with the self-awareness and social skills to forge profound connections.

In the workplace, leaders who blend emotional intelligence with empathy excel in sculpting robust, unified teams. They are maestros who understand the diverse emotional landscapes of their team, cultivating a positive, inclusive atmosphere. This harmony not only boosts morale but also sparks productivity and creativity.

dart board with bulls eye

Benefits of Emotional Intelligence and Empathy:

  1. Improved Communication: Those with a rich tapestry of emotional intelligence are maestros in communication. They not only articulate their own thoughts and emotions with clarity but are also attuned to the unspoken languages of others. This dual awareness leads to conversations that are not just heard, but deeply understood.
  2. Conflict Resolution: Understanding and managing emotions are pivotal in diffusing conflicts. Emotionally intelligent individuals navigate disagreements with grace, seeking solutions that are not just compromises, but triumphs for all involved.
  3. Enhanced Leadership: Leaders adorned with emotional intelligence and empathy are like lighthouses, guiding their teams with authenticity and trust. Their empathetic approach fosters a culture of positivity and inclusion, resonating throughout the organization.
  4. Building Strong Relationships: In both personal and professional realms, emotional intelligence and empathy are the golden threads that weave strong, enduring relationships. This emotional connection cultivates trust, loyalty, and mutual support, fortifying bonds that withstand the test of time.

To conclude, emotional intelligence and empathy are not just skills, but essential life tools for navigating the complex web of human relationships. As our world grows ever more interconnected, our ability to understand and connect with others emotionally is not just beneficial, but imperative for personal and professional growth. By nurturing emotional intelligence, we not only sharpen our self-awareness and self-regulation but also kindle empathetic connections that enrich our lives and the lives around us. Embracing the transformative power of emotional intelligence and empathy, we pave the way for a more compassionate, harmonious society.

Jade Bodzasy

Jade Bodzasy

Jade Bodzasy, Founder of Emotional Intelligence Consulting Inc., is a dedicated Coach and Consultant for Optometric Practices. Her extensive background includes over 20,000 hours of expertise focused on customer relations, work structure refinement, training method development, and fostering improved work culture within Optometric practices.

Certified in Rational Emotive Behavior Techniques (REBT), Jade possesses a unique skillset that empowers individuals to gain profound insights into the origins of their behaviors, as well as those of others. Leveraging her certification, she equips optometry practices with invaluable resources and expert guidance to establish and sustain a positive, healthful, and productive work environment.


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Strategic vision

The eye care industry, a nexus of health, style, and innovation, is at a critical juncture. Despite being a field ripe with opportunities, we are faced with a recruitment crisis. This is our clarion call to action, our moment to harness the latent potential within and address the pressing challenge of attracting and retaining a future-focused workforce.

Recruitment in Crisis: An Opportunity Cloaked in Urgency

It’s an unsettling paradox that such an appealing industry is grappling with talent acquisition. The crux of the issue lies in our short-term tactics and the perennial race against the clock, fulfilling the needs of today while the foresight for tomorrow remains blurred.

Why is this sector a beacon for aspirants? It offers a unique combination of compassionate healthcare services and the sleek sophistication of fashion, all underpinned by technological advancement. Yet, our outreach remains narrow, appealing only to those actively seeking employment rather than inspiring a broader, more diverse audience to join our ranks.

Our industry has been content with ‘Best Practices’, comfortably treading water in familiar territory. We’ve focused on those with resumes at the ready, failing to cast our net wider to those not yet contemplating the rich and varied careers in eye care.

How do we break free from the current paradigm that holds us back? By shifting our perspective from short-term, reactionary methods to controlled, long-term planning. Recruitment must be reimagined—not as a series of transactions but as a strategic endeavor.

Addressing the challenge of filling specialized roles like optometrists and opticians requires a multifaceted approach, particularly considering that these professions demand extensive education and training. While the power to expand educational opportunities often lies with educational governance structures, there’s a time-proven strategy within our reach: mentorship. This approach, far from being novel, has long been a cornerstone in the optical industry. Through mentorship, seasoned professionals can guide, inspire, and motivate those embarking on or considering these demanding career paths. It’s an invaluable tool for career development, ensuring a continuous influx of well-prepared professionals ready to uphold and advance the standards of eye care. By strengthening mentorship initiatives, we not only support individual career growth but also contribute significantly to addressing our industry’s long-term staffing needs. 

Imagine the transformation if, instead of competing for a finite pool of candidates, we joined forces to build the workforce of tomorrow. By leveraging advanced processes such as human analytics and behavioral science, we can align personalities with roles that not only fit but flourish within our industry.  

Collaborative Innovation: A Path Forward

What if our collective effort could create a talent incubator, nurturing the next generation of associates and eye care professionals? Examples abound in other industries where collaboration has led to robust talent pipelines and shared success.

We’ve witnessed industries pivot and thrive by adopting such collaborative strategies. The food manufacturing sector, for example, has united to spectacular results, with applications and retention rates soaring. We don’t have the luxury to be passive observers; action is imperative.

It’s time for the torchbearers of industry: associations, buying groups, professional circles, and leading companies to ignite this change. We need visionaries who can transcend traditional boundaries and initiate a movement toward strategic recruitment.

The Future is Clear—Let’s Shape It Together

Who will answer the call to reshape our industry’s future? It begins with leadership willing to invest in tomorrow, today. Together, we can cultivate an environment that not only draws talent but also empowers, retains, and celebrates it.

The future of eye care must be envisioned with clarity and courage. We have a responsibility to act decisively, crafting a legacy of innovation in recruitment that will sustain and invigorate our industry for decades to come.

TIM BRENNAN

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


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Dont flush practice value down the toilet!

While originally spun from the dental world by Tim Brown, President of ROI Corporation, this story resonates just as profoundly within the realm of optometry.

Reflecting on Tim’s eye-opening narrative. “Why Toilets Matter”, it’s clear that the nuances of practice environment extend far beyond mere aesthetics or functionality. They’re crucial to the very valuation of an optometric practice.

Here’s a curious tidbit that Tim shared, illustrating the point perfectly: A dental office in an older medical building introduced door codes for bathroom access, changing them occasionally.

Sign in dental practiceImagine, if you will, a patient viewing this sign!

This isn’t just about security or modernization; it’s a testament to how amenities, as mundane as bathroom access, can significantly impact a practice’s perceived value.

Amenities such as these aren’t just physical attributes; they’re reflections of how a practice values its staff, patients, and overall operational ethos. And guess what? This wisdom utterly applicable to the optometry world as well.

Tim draws from a decade of hands-on clinical experience before venturing into the appraisal and valuation arena, He has navigated diverse practice settings, each with its unique challenges and comforts. The conclusion? The quality and availability of facilities like bathrooms genuinely matter.

Imagine the daily grind in an optometry practice – it’s a marathon of mental and physical exertion. From the moment you step through those doors, it’s non-stop. The availability of a private space to catch a moment’s breath between patients isn’t a luxury; it’s a necessity.

Yet, disappointingly, this basic requirement remains elusive in many settings. Consider a working mother returning from parental leave, the absence of a private, comfortable space for necessities like breast milk pumping – relegated instead to a cramped public restroom! Disheartening.

Key Point: Minor Details Impact Practice Value

We’ve witnessed firsthand the discomfort of staff and patients sharing a too-close-for-comfort restroom adjacent to the waiting area. The thought of a healthcare professional emerging from such a space, only to engage closely with a patient, underscores a glaring oversight in hygiene and privacy standards.

The dialogue around these issues isn’t new. These seemingly minor details can profoundly affect the morale of your staff, the satisfaction of your patients, and ultimately, the financial valuation of your practice.

In echoing Tim’s sentiments, it’s clear: The gold standard for any healthcare practice, optometry included, must advocate for private bathroom and a dignified, clean space for staff. Let’s not overlook the basics, for in them lies the foundation of our practice’s value and integrity.

Link to Previous Jackie Joachim Articles,

Link to Tim’s original article.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.


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NextGEN OD Canada

In a significant show of support for the next generation of optometry professionals, NextGen OD, alongside Eye Care Business Canada, is proud to announce its continued sponsorship of the Canadian Association of Optometry Students (CAOS) at the University of Waterloo for the second consecutive year.

This partnership is a testament to our dedication to fostering the growth and development of the optometry field by backing its future leaders—our students.

Elevating Student Voices Through APERTURE Magazine

One of the cornerstones of this sponsorship is our support for APERTURE Magazine, the official magazine of CAOS. But this year, we’re taking our support a step further by not only showcasing academic excellence but rewarding it as well.

The APERTURE writing contest offers a platform for students to express their creativity and insights, with enticing incentives. Winners of the contest will not only be celebrated with $500 in prizes but will also see their winning entries published in both Eye Care Business Canada and Optik Magazine.

This opportunity opens the doors for over 10,000 Canadian eye care professionals to recognize and appreciate the fresh perspectives and innovative ideas of tomorrow’s industry leaders.

David Pietrobon, President of VuePoint IDS—which publishes Eye Care Business Canada, NextGen OD, and Optik Magazine—emphasized the significance of nurturing new talent. “Identifying the next generation of leading peer influencers offers an exceptional opportunity to acknowledge the talent within this cohort and introduce their fresh perspectives to the eyecare industry at large,” Pietrobon remarked.

We are calling on CAOS members to lend their voices to APERTURE Magazine. It’s a unique chance to contribute to the larger conversation in the eyecare community, with the assurance of a fair and transparent selection process led by CAOS leadership.

NextGEN OD Event: A Beacon for Future Opportunity

The highlight of our sponsorship is the annual NextGEN Opportunities & Options event, scheduled for March 28th at Federation Hall, University of Waterloo.

This event is designed to inspire and guide optometry students through the myriad of career paths available in the field. Featuring insights from both recent graduates and seasoned industry experts, the event promises to be a melting pot of inspiration, advice, and networking opportunities.

Key industry sponsors will be present to engage with students, alongside a sumptuous buffet and the chance to win exciting prizes. Moreover, with virtual attendance from Canadian optometry students across North America, the event promises to forge a wide-reaching network of future eyecare professionals.

Mark your calendars and register now for this landmark event. It’s an unparalleled opportunity to explore the diverse career options in optometry and connect with peers and professionals within the industry.

NextGen OD

Looking Forward

The future of optometry shines brightly, and with the continued support of NextGen OD and Eye Care Business Canada, it’s set to become even more luminous. We eagerly anticipate the innovative contributions to APERTURE Magazine and look forward to welcoming you to the NextGEN Opportunities & Options event. Together, let’s step into a future where the vision of tomorrow’s optometry leaders is recognized and celebrated.

Stay tuned to Eye Care Business Canada for updates on this exciting journey and more news from the forefront of the eyecare industry.

 


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