Page 11 – Eye Care Business Canada

Student Loan Update

Building Wealth, Finance|Wealth, NextGenOD

The Adulting 101 two-part series made mention of cash flow and debt. Let’s turn our attention to what is likely the greatest debt you have coming out of school: optometry student debt.

This isn’t all glum, however; as there has been some good news in recent months.

Many Forms of Student Loans

There are three general types of student loans, four if we include family loans.

The first source of funding is often the Canada Student Loan program. This is administered nationally and falls under the National Student Loans Service Centre (NSLCSC).

The second source of student funding is often provincial. These loan programs differ from province to province.

The third is a student line of credit from your financial institution.

Organizing your Debt
Optometry student debut, like all debt is a weight on your back so getting a plan to shed that weight is key. You want to get the final values of each of your debt types, when repayment is required to begin, the interest rates that apply and the minimum monthly payment information.

Understanding the terms of each type of debt will help you prepare your plan for repayment.

Provincial Student Loans
Most provincial plans offer a six-month grace period after your study period ends. This grace period is designed to provide you time to start working and generate an income before payments need to begin. This is ideal for most optometrists because of the delay from study period end until licensing.

You will want to review the website of your provincial plan for further details and to see if such a grace period applies.

National Student Loans
Perhaps the best news to come about in the student loan system in decades is the permanent elimination of the accumulation of interest on Canada Student Loans effective April 1, 2023.

If you graduated prior to April 1, 2023, you will still be responsible for paying any interest that accrued prior to April 1, 2023.

The NSLCSC also provides a six-month grace period before repayment begins.

There are also several provinces that have integrated programing with the NSLCSC. It’s a web site chock full of information that is worth your time to review.

Student Line of Credit
Financial institutions are typically not as kind on repayment terms. Most banks love optometry students because they have a great need for additional funding and a great track record of repayment. This makes optometrists a good bet for lenders.

That doesn’t mean you should take unlimited advantage of the lending being offered to you. They still charge interest and over time that interest adds up.

Creditor Insurance
Many lenders will offer you life and disability insurance on your loan. This might seem like an easy option to have, but creditor insurance is designed to ensure that the lender gets repaid and doesn’t offer you any long-term flexibility. You can often secure individually owned insurance at similar rates with better coverage. Speaking with your financial planner will ensure you set up the right coverage for your needs today and tomorrow.

How I Eliminated My Student Debt
Personally, I hated having student debt and needed to get rid of it before I could move forward with a business purchase loan or home mortgage.

My key was to continue to live like a student until my bank, government and family student loans were paid off.

This strategy allowed me to eliminate my student debt within 18 months of graduation. Keep in mind, I didn’t purchase my first car until after I purchased my practice. I kept the focus on my career and had a disciplined repayment and savings strategy.

Best Advice
Everyone’s priorities and situation are a little different. Working with a financial planner will ensure that all aspects of your goals and current financial situation are taken into account. Your planner will be able to map out a repayment schedule that allows you to tackle your optometry student debt on your desired time horizon in a tax and interest rate efficient manner.

Read more of Dr. Arnal’s advice on building wealth and personal freedom.

Advisory
As your Chief Financial Officer, I am here to help guide you through the various adult decisions you will need to make and the next steps you will be taking. Helping you understand your money and assisting you in making smart financial 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 do. 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 of Empowering 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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Partnering with Associates: Retaining and Engaging Associate Optometrists

Independent SightLines

Finding good people is a challenge for all businesses these days. Specifically for optometric owners, it is increasingly difficult to attract and retain associates. There are many more opportunities for new graduates and current associates that may appear more attractive than joining or continuing to work at your optometric clinic. Henry Ford once said, “coming together is a beginning, working together is a process and staying together is success.” In this article, I will look into ways to improve engagement and retention of associate optometrists. Warren Buffet said, “being committed to each other’s success is a true partnership. It’s an emotional alliance.” You may not be partners in a legal sense but embracing a partnership mentality with all members of the team is crucial to success.

Profitability

It is important to run a profitable practice. High spectacle and contact lens capture rates, sub-specialty offerings such as VT, Dry Eye, Myopia Management and Low Vision; selling sunglasses and nutraceuticals can improve profitability. In this way, you can invest in your people, processes, equipment and working environment. It is important to mind all the key performance indicators such as Cost of Goods, Revenue per Patient and Revenues per day. Without benchmark measurements of these KPIs, one cannot manage to improve. Our associates are more attractively compensated because the revenues per patient are significantly higher than the industry median. Financial compensation is not the only criterion to consider when thinking about staying but it is a very important factor. New graduates are often saddled with debt for many years and they deserve to be well compensated. Other entities are enticing your current associates with promises of lucrative financial compensation. It is also important that the shareholders get paid as well. This makes sure that the business EBITDA is healthy and associates can consider how attractive it is to become a real partner. It is also helpful to guarantee an average minimum per day wage. This gives the associate optometrist peace of mind that they can afford to stay with your clinic and puts the onus on practice owners to keep the associate “busy”.

Mentoring

Associates need mentoring and feedback. Teach them what the expected clinic sales process is. Systematize all processes to ensure expectations are clear and patient care is consistent. We recommend handoffs from the exam lane to the optician to be able to outline the recommended doctor treatment plan to the patient and the optician at the same time. Share relative practitioner KPIs and provide feedback to improve capture rates and revenues per patient metrics. In our clinics, all patients get a quote and consultation. We also have a bonus program with our associates. This is based on the net profitability of the practices. It encourages associates to habitulize sales processes and “smart” patient recommendations that benefit both the patient and the practice.

Collaboration

Everyone wants to be heard in the workplace. Associate optometrists are no different. Collaborating with your associates starts with great communication. We use Slack App to provide clinical support in real time, feedback and advice. We include all our optometrists in the weekly staff meeting and quarterly doctor meetings. We have a formal review process annually where we inquire about their short, mid and long term goals and how we can provide support to help them achieve them. Despite the associates not owning the clinic, we request feedback for all major clinic purchases and operational decisions. We ask for what the associate’s ideal schedule is and try hard to accommodate their requests. A profit sharing program incentivizes the associates to be flexible when it comes to supporting clinic production and maximizing schedules. We are transparent with the financial metrics of the practice, thereby encouraging an “owner’s mindset”. Encouraging associates to grow their skill set through mentorship is also attractive to younger practitioners and they look to expand their skill set.

Generational Gap

Quit whining about the Millenials and Gen Z! Get to know their motivations and try to accommodate them. Part time schedules, parental leave, travel opportunities, learning and having fun at work are all important components to attracting these generations of ODs. Why begrudge doctors that want to enjoy themselves along the way and not wait until retirement age to do what they want to do?!

Pathway to Ownership

It is prudent to have a pathway to ownership. Consider creating a clear and transparent pathway. Junior partnerships and opportunities for helping on the management side are also highly valued. It is crucial to target great people to join your clinic and then do everything to keep the amazing people happy and well. We hired a Director of Wellness and Experience who is tasked, amongst other roles, to help with the wellness and experience of our doctors! Get rid of associates that counter your culture of sharing and exceeding patient expectations and who don’t contribute to staff morale and workplace satisfaction. Not all great associates make great partners but all great people make great associates.

Servant Leadership

It is important to lead by example. The last shall be first is theological teaching but so true in business management. The concept of “servant leadership” is where as an owner you share in the challenges of the clinic. Working some evenings and Saturdays, valuing everyone’s contributions, and understanding family and kids come first are crucial to being a clinic that associates will find attractive. It is important that owners choose their attitude at work. Setting a positive tone, being calm and having emotional control are vital. Containing overt disappointment is always prudent. There is a time and place for honest feedback and it often isn’t when you’re upset and frustrated.

Culture is Crucial

Building and maintaining an attractive culture is imperative to optometric success. This makes work seem like it isn’t “work” and is a fun and enjoyable place to help patients see better while getting paid. Doctors will be attracted to staff and other doctors that share the concept of a great office culture. As an owner, it is your job to call out counterculture attitudes and activities and to foster an environment that provides support, care and fun for all teammates. All optometrists want to find their dream practice; why not make it your practice?!

DR. TREVOR MIRANDA

Dr. Miranda is a partner in a multi-doctor, five-location practice on Vancouver Island.

He is a strong advocate for true Independent Optometry.

As a serial entrepreneur, Trevor is constantly testing different patient care and business models at his various locations. Many of these have turned out to be quite successful, to the point where many of his colleagues have adopted them into their own practices. His latest project is the Optometry Unleashed podcast.

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The Independent Advantage – Dr. Matthew Harrison Eye Recommend

Career Options, NextGenOD, Sponsors

Dr. Matthew Harrison, a SW Ontario Independent OD aligned with the Eye Recommend network, presents the case for independent practice with the support of a strong membership group.

Dr. Harrison, a 2013 University of Waterloo grad, provides his definition of “Independent Practice”, a term that is often bandied around and accepted often without a full understanding of its meaning and consequences to practice.

He concludes that independence ultimately is defined as the freedom of choice to selectively utilize the tools you desire to provide the highest level of care.

He advocates that you can have the best of both worlds by aligning with a strong member group such as Eye Recommend, which has 500+ practices across Canada and over 1300 optometry professionals.

The Independent Advantage Dr. Matt Harrison — View Dr. Harrison’s full presentation by clicking the play button above

NextGEN ODs as early as Year 2 can receive a signing bonus of $25,000 when starting with an Eye Recommend practice after graduation.

For more information on the “Eye Recommend” advantage: connect here.

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Charting an alternative path to entrepreneurship: Two partners share their ownership success story

Career Options, NextGenOD, Sponsors

A few months after opening their doors as the first Specsavers location in Toronto, Dr. Jestyn Liew, optometry partner, and Rita Charchyan, retail partner, reflect on their entry into the GTA, with the help of their experienced team.

Q: How has business been since opening your doors at Specsavers CF Fairview Mall?

Dr. Liew: Rita and I have been thrilled to see the large rush of people coming from all around the GTA to our store. People are excited to experience Specsavers. I believe that affordable, quality eyewear is an important part of this excitement, especially in our current economic climate.

And since opening my clinic within Specsavers Fairview, the consistency of eye exam bookings has been fantastic – especially considering we are building a brand-new patient base. I’m proud to deliver quality and comprehensive care to my patients.

Rita: Being the first Specsavers location to open in Toronto has been incredibly rewarding, and we’ve had a great start with 30% more traffic than Dr. Liew and I had anticipated.

Q: How has your experience partnering with Specsavers been?

Rita: My experience with Specsavers has been amazing. I’ve always had a goal of owning my own business, but there was concern about the pressures that come with being an entrepreneur. With Specsavers, I feel I have an incredible amount of support behind me, for which I am grateful. I’ve found the best partner in Dr. Liew and working with the Specsavers support office has helped bring us together as a team even more. I consider myself lucky to be in this position.

Dr. Liew: Before exploring partnership, I knew very little about Specsavers other than the tag line “Should’ve Gone to Specsavers” from viral content online. Although the Canadian partnership model is different, I spoke with a lovely Specsavers partner in Australia about the support, culture, and purpose; I felt my questions were answered. I’m truly appreciative of the support I receive from Specsavers, including those who helped lay the foundation for us when we first opened our doors. Being in a partnership means that we’re working together to reach a common goal, so we’re always sharing our feelings and ideas to help us get there.

Dr. Liew, OD and Rita Charchyan, RO, partners of Specsavers CF Fairview Mall Toronto

Q: What inspired you to become a business owner?

Rita: I come from a family of entrepreneurs and my father was my role model growing up. What stands out to me about Specsavers is their philosophy and values to make eyecare and eyewear accessible to all, aligned with my own.

Dr. Liew: When I started working as an associate optometrist in Canada, I’d always try to find ways to improve processes in the clinic – whether it was for the patients, doctors, or team. Often, everyone was stuck in their own place, and my changes would not be implemented. My better half was the one who pushed me to consider becoming a clinic owner to conduct business on my own terms.

Partnership with Specsavers checks many boxes. I was able to own shares of an optical retail store with a retail partner and start my own independent clinic at the same time. Financially, the opportunity made a lot of sense. Layering this with their excellent technology, investment in their partners and patients, and marketing, makes Specsavers incomparable.

Q: What, if any, barriers stopped you from starting your own business sooner?

Dr. Liew: Before, my main concern with opening up a clinic of my own was always how it’d affect my family’s quality of life. With Specsavers, the start-up cost contribution and partnership model mean that a lot of the uncertainties and challenges of opening a business reduced. The timing and opportunity were right for me to proceed.

Rita: I always wanted to start my own business, so I was excited by the opportunity to minimize my start-up costs of ownership. It means I can focus on growing my business.

Q: What are you hearing from patients and customers at your location?

Dr. Liew: Our patients love all the technology in the clinic. Very often, we will get comments that certain testing or use of technology in their standard eye exam is new for our patients.

We’ve also seen a large number of Specsavers customers who lived in other markets, such as the UK. They’re so happy to see that Specsavers, a brand they know and trust, is in the Canadian market.

Q: What would you like to tell someone considering joining Specsavers Fairview Mall or elsewhere in the Specsavers network?

Rita: For anyone considering Specsavers, I’d say that you’re not joining a company, you’re joining a big community! When we were first exploring and considering Specsavers, I reached out to a Specsavers partner in Australia, who said ‘just do it!’ It’s a great place to be, it’s very rewarding and you have constant, positive support.

Dr. Liew: For any doctors thinking of starting their own independent clinic and partnership with Specsavers, I’d encourage you to talk to a local partner. We all share a common goal of helping our patients see their best by providing quality eyecare. If you want to join a network of like-minded doctors, pop over and have a chat!

For potential staff, eyecare consultants and opticians, you’ll be joining a hard-working and caring team. Each location is like a community, and we are here for each other.

Find out if partnership with Specsavers is for you. Reach out to the Specsavers Partnerships Team at enquiries.ca@specsavers.com.

This Post is Sponsored by Specsavers.

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Path to Practice Ownership with IRIS – Dr. Mark Langer

Career Options, NextGenOD, Sponsors

Dr. Mark Langer graduated from Pacific University College of Optometry in 2013. He had interned at a number of interesting practice locations, including private practice in Beverly Hills California, an Army Hospital in Europe, a Veteran Affairs Clinic in Hawaii, and a private practice and IRIS location in British Columbia.

While engaging with young ODs and optometry students at the March 2023 NextGEN OD event, it is not surprising therefore to hear him strongly recommend that NextGen ODs step back from the academics and take time to network and build bridges to their future opportunities.

A Mentor’s Advice
While contemplating the “how, what and where’ of his future practice opportunities, a successful private practice owner/mentor offered this advice, “”Pick where you want to live and build a life there”.

Langer took the advice to heart. Building upon the connections previously forged, he landed with IRIS in the BC interior.

Aligning the family around the decision to stay in the Okanagan Valley, Dr. Langer officially partnered with IRIS which perfectly melds his professional career and personal lifestyle – which now includes a family of “three little dudes!”.

He’s appreciative of the professional teams that take the administration burden off his plate allowing him to go home, put on his “Daddy Cape” and enjoy life.

My Path to Practice Partnership at IRIS — View Dr. Langer’s full presentation by clicking the play button above.

Key Point of advice: “Make sure that life outside of work is at the forefront of any decision you make.”

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Episode 32: Dr. Scott Mundle on Optometry Giving Sight

Eyes Wide Open, Podcasts

Dr. Scott Mundle provides a historical perspective on Optometry Giving Sight (OGS), its mission and current activities. He and Eyes Wide Open Host, Roxanne Arnal, talk about the benefits of giving and how contributing to social programs can help personal happiness and make business sense. Dr. Mundle, UW (’83) has been active in the service of Optometry since early in his career. He is the past-president of the Manitoba Association of Optometrists and the Canadian Association of Optometrists, and Past President of the World Council of Optometry. Dr. Mundle serves as the OGS Canada Member Representative.

About the Guest

While officially “retired” Dr. Mundle, continues to serve the profession as a delegate of the World Council of Optometry (WCO) to the International Agendy for the Prevention of Blindness.

Married to University of Waterloo, School of Optometry classmate Dr. Michelle Georgi, the couple has three children. On chance that any other free time presents itself, Dr. Mundle dedicates it to sporting activities, including cycling and fishing.

Episode Notes

Dr. Scott Mundle provides an update on his active “retirement” with Roxanne Arnal, including his recent personal and professional travel agenda in support of the World Council of Optometry.

He provides an overview of the 2003 founding partners of the Optometry Giving Sight (OGS), and how its mission and priorities have shifted over time since he was first invited to chair the OGS National Committee by Dr. Scott Brisbane.

Dr. Mundle outlines the substantial activities of OGS in reaching over 8 Million patients, training 14,000 Eye Care professionals while establishing 130 vision centres in 40 different countries around the globe.

Among OGS activities is support in the foundation of Optometry Schools in developing countries, including Kenya, Eritrea, Vietnam and Haiti, the later of which was undertaken in collaboration with partners including VOSH and University of Montréal. Notwithstanding the recent civil strife in Haiti, the project contiues to train Haitian ODs successfully.

Dr. Mundle reviews the various ways that Canadian Optometrists can (and should!) participate to support OGS funding, including how his own Manitoba practice enthusastically undertook efforts.

He encourages optometry students to get involved. He detailed the friendly competition that has ensued between University of Waterloo and Univerity of Montreal CAOS chapters to creatively one-up each other in generating support for OGS.

Finally, the discussion goes toward the benefits of funding by providing research facts on how social causes influence consumer choices of business and services. Dr. Arnal references a recent “must read” book called “Happy Money: The Science of Happier Spending“, on how spending money can elevate our happiness (See Resources).

Resources

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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

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Adulting 101: Part 2

Building Wealth, Finance|Wealth

You will recall last month’s article, Adulting 101: Part 1, a two-part article series that covered setting up your life and career. In this installment, we’re going to review understanding your money and provide a brief recap of your next steps.

Part 2: Understanding your Money

Money, Money,—Money Money!

Cash in, cash out, taxes, saving for short term goals AND retirement, and debt repayment. Working with an advisor to lay out your cash flow planning will ensure that you don’t lose sight of your priorities as you head out into the grown-up world.

Shiny new cars can easily draw your attention away from debt repayment. An advisor can help keep your hands out of the cookie jar and keep you focused on building your wealth.

An accountant will be critical in assisting you with the myriad of tax deductions and credits you will want to apply to lower your income and manage your tax bill.

Your financial advisor will help you plan in advance so that you can structure your income and expenses to maximize your “in pocket” cash. Both professionals are needed and should work for you as a team.

Debt
All debt is bad, but some debt is actually better than other debt and the order in which you repay your debts does matter. It is key to always repay your worst debt first – that dreaded credit card debt. It is consumer debt that costs you a lot in interest and you really have nothing from those purchases that builds up your net worth.

You are Your Greatest Asset
As you start your career, your ability to earn an income is your greatest financial asset. You will need to protect this asset. This means you will need insurance.

Insurance that protects your butt at work (malpractice insurance), insurance that protects you in the event of a liability at home or on the road and disability income replacement insurance.

You are the goose that lays the golden egg, so before you insure the value of that egg, we should discuss your needs and solutions for coverage and review the various student plan options available to final year students and new graduates.

Taxes!
Yes, as you use up your education tax deductions you will find yourself with a tax bill. Often you will be a self-employed contractor and as a result, no one will be deducting and submitting tax payments on your behalf. It will take up to two years of tax filings before the government mandates that you make tax installment payments. Which, BTW, is also not likely to be sufficient as your income grows.

So, to prevent any surprises come tax time, the best rule of thumb is to put 25% of all the income you earn (less tax installments made) into a “don’t touch” savings account.

Come the first part of the year, working with your financial advisor, you can determine a rough estimate of your taxes due and if RRSP contributions are a prudent decision for you. RRSP contributions will lower your overall tax bill but are not always the right fit based on your goals. So having that conversation in the first 30 days of the new year will help ensure that any contributions, if so warranted, are done before the 60 day deadline.

The Canadian tax system is complicated – so having experienced advisors will be key to navigating this new world where you will also want to keep receipts of various business related expenses to legally lower that bill.

Adulting is Hard
We covered a lot of ground in these presentations, including some discussion on the difference between employee and independent contractor. CPP contributions and EI premiums. T2125 forms and putting cash away for your tax bill. We touched on income variations across the country for new ODs and living expenses in a few locations. There are a lot of decisions to be made!

Easy as Pie (if pie were easy!)

Be clear on your goals & desired lifestyle – download the workbook and invest the time to really review who you are and what is important to you.
Align yourself with a trusted advisor – someone who understands you, your profession and your needs – now and over the many stages of your life.
Protect your ability to earn an income because you are your greatest asset.
Understand all contracts before you sign.
Work with your advisor to create a cash flow plan that allows you to enjoy your new earned riches, build wealth, AND repay your debt.
Understand tax mitigation and pay your taxes.

Related Read:
This is a two-part post. Refer back to Part 1.

Adulting 101: Part 1

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission of Empowering 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 splits EWO podcast hosting duties with Dr. Glen Chiasson.

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Myopia Management Practice Experts to Present in Vancouver

Differentiation | Business Strategy, Practice, Specialty Practice

While the evidence of the long-term risks of unchecked myopia development in children is well documented, and the clinical evidence for effectiveness of different modalities is continually evolving, starting a successful myopia management subspecialty within a primary care practice remains a challenge for many.

Myopia practice management experts, including Dr. Gary Gerber and Dr. Habir Sian are among the faculty presenting at THE Myopia Meeting, to be held in Vancouver on June 11th. The event includes 4 hours of COPE accredited continuing education and four “Clinical Review” sessions from leading device suppliers.

The Continuing Education agenda will start with a presentation from Dr. Gerber, co-founder of Treehouse Eyes. Dr. Gerber is also the founder and Chief Dream Officer for The Power Practice®, a practice building and consulting company.

Dr. Gerber spoke with Eye Care Business Canada. “It’s been a while since I’ve spoken in Canada, and I’m honored to be invited to kick off THE Myopia Meeting. I’ll be sharing the two most important sentences you need to grow your myopia practice. What you say to parents, how and when you say it, can be the largest determinants or detriments to creating an explosive myopia management practice.”

Dr. Gerber’s bona fides in this area are well founded: Treehouse Eyes is the first North American organization dedicated exclusively to providing myopia management services to children. His presentation is based upon the Treehouse experience in treating thousands of children.

Dr. Harbir Sian is the co-owner of two optometric practices in the Vancouver area. Dr. Sian has spent years in the clinic diving into different specialty areas of optometry, including myopia management. Dr. Sian’s 1-hour presentation, entitled, “The Myopia Startup: Implementing Myopia Management in Your Practice” is also COPE accredited.

Both presentations promise to provide thought-provoking content for those who have started up a myopia management subspecialty or are contemplating doing so.

THE Myopia Meeting Canada is presented by Review of Myopia Management and GMAC (Global Myopia Awareness Coalition) which is comprised of a number of companies and associations partnering globally to increase public awareness of childhood myopia, the risk of eye disease associated with myopia, and encourage consumers to ask their eye care professionals about treatment options for childhood myopia. CRO (Clinical & Refractive Optometry) Journal is the COPE-administrator for this event.

On the clinical side, Dr. Sherman Tung, private practice owner of Eyelab in Vancouver will present, ” Orthokeratology Advanced Grand Rounds”. The event will be chaired by Dr. Dwight Ackerman, Chief Medical Editor of the Review of Myopia Management. Dr. Ackerman’s presentation, “Myopia Management from A to Z” will round out the 4 hours of COPE CE for the day.

Each of the sponsoring companies, including HOYA, CooperVision and Johnson & Johnson Vision, will present clinical reviews as part of the jam-packed day dedicated to enhancing your knowledge of myopia management from both the clinical and practice management perspective.

Registration for this event is now open. Attendee cost is $80 which includes refreshment breaks and lunch, clinical reviews and all 4 hours of COPE accredited CE.

THE Myopia Meeting (TMM) made its Canadian successful debut in Toronto in 2022. Based on the vast interest in the topic, the Vancouver edition of TMM has been added to the agenda. TMM will be returning to Toronto on December 2, 2023. Circle the date.

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How Practice Geography Impacts OD Compensation

Career Options, NextGenOD, Practice, Practice Metrics & Benchmarks, Sponsors

Dr. Michael Naugle discusses OD Compensation models

The following subject matter is usually not discussed in an open forum, but is essential information for NextGEN Optometrists looking to land their first practice experience. Dr. Michael Naugle, VP of Optometric Partnerships FYidoctors, addressed attendees of the “Opportunities & Options for New Optometrists” event March 29.

The hybrid event reached over 150 attendees, including a live audience at University of Waterloo and online webinar participants.

While Dr. Naugle emphasized the importance of matching personal values and clinical interests with prospective practice opportunities, he noted that compensation is an important factor that can vary considerably in different situations.

USA vs. Canada | Rural vs. Urban
Dr. Naugle addressed the realities of how the geographic setting of a practice could impact OD compensation. He covered the expected differences in net earnings for optometrists in USA versus Canada. He explained how the different compensation models generate the perception that OD incomes are higher in the USA but further explained how other factors come into play to make Canadian compensation potentially more attractive.

Dr. Naugle elaborated on the “pillars of compensation” and presented details on how compensation might vary in different Canadian provinces and in urban versus rural practice settings with specific examples.

How Practice Geography Impacts OD Compensatin — View Dr. Naugle’s full presentation by clicking the play button above.

He advised new optometrists to dive deeper than the simple “percent of total gross billings” as other critical factors will outweigh this “top line” figure, citing specific questions that associate NextGen ODs need to ask to determine the income potential in specific practice situations.

Recently, Dr. Naugle was interviewed by NextGEN OD Ambassador, Nyah Miranda regarding the FYidoctor’s Future Vision Leadership Program.
Click the link to listen to this recent discussion.

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What’s AFZ – The New Business Imperative

Human Resources, Managing Others

It’s time for us all to stop dancing around a critical issue and discuss the unmentionable. Ask yourself – are your employees, especially managers, serving you well or holding you back?

Here’s the deal. There’s a widening gap between what we ask our staff to do and where their real value lies, and in a market where attracting, engaging, and retaining talent has become a critical strategic imperative for so many organizations, we must stop politely looking the other way.

Most Managers are Good People
This is especially important for the managers. Your practice may have an official office manager by title or one that is appointed a leader amoung equals. And, many of these are great people who churn out consistently superior results.

They share one important thing in common: they are managers of people, stewards of the human element first and doers of tasks second.

They focus on optimizing the fit and chemistry within the team and are obsessive about maintaining respectful, supportive relationships, both individually with each member of their team and among members of the team. There’s no room for misalignment, cross purposes, or unhealthy conflict on a winning team. They are masters of relationship and fit.

Yes, I said it “AFZ”
Let me say that again – the primary role of a manager must be that of master of relationship and fit. If an organization is serious about keeping their best people and engaging them fully, one key imperative must be to create and maintain an AFZ (Asshole-Free Zone).

It’s not terribly technical, but everyone understands and identifies immediately with the concept and its importance. We have all experienced working with a great manager and with a not so great manager at different points in our career, and we can quickly identify how our energy, productivity and commitment to excellence was different in each circumstance.

Your managers will make or break you. They are either talent magnets, or talent repellent. You probably also know who falls into which camp – and if you don’t, it’s not hard to find out.

Check your turnover rates, your your error rates, your attendance records, the comments about your company on Glass Door, or better yet, have a coffee with some of your folks and ask them straight up. Always do an exit interview.

An astonishing number of organizations we speak with know exactly who their ‘problem’ managers are, and yet they rationalize it. They turn a blind eye to the problem, ignoring it entirely.

‘Bob’s been here since day one, he knows our whole process is technically very sound’, they might say, or ‘I know he’s hard to get along with, but … [insert excuse #23]’.

Don’t kid yourself. The costs of failing to maintain a firm AFZ policy are all over your P&L; you just need to have the eyes to see them.

TIM BRENNAN

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

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About the Guest

Episode Notes

Resources

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