Expanded Partnership between Optometry Giving Sight & Eye Care Business Canada

Practice, Products | Services | Industry News

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Optometry Giving Sight (OGS) is pleased to announce a newly expanded partnership with VuePoint IDS publications, including Eye Care Business Canada  and NextGen OD.  The partnership also includes CRO (Clinical & Refractive Optometry) Journal and Optik Magazine for the 2023 calendar year.

VuePoint IDS, a long-time supporter of OGS, was honored at the Beacon of Light Recognition Event held at Vision Expo West this past September in Las Vegas. The event recognized those individuals and companies that had generously donated more than $100,000 to OGS over the lifetime of the organization so it could meet its mission to end preventable blindness and vision impairment in underserved communities around the world.

This longstanding partnership will be expanded during 2023. VuePoint IDS will provide more than $100,000 of in-kind advertising to OGS in 2023 alone, across all of its Optik print and digital publications, as well as its Clinical & Refractive Optometry online continuing education platform, enabling OGS to reach an audience it may not have had easy access to before. The type and level of market saturation and reach being made available with this expanded partnership will enable OGS to continue to meet its mission to reduce the prevalence of preventable blindness and vision impairment.

Doctors of Optometry will also be able to donate to Optometry Giving Sight when registering for CE courses through CRO.

Click HERE for the full press release.

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Practice Values in 2023

Buying-Selling A Practice, Practice

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Practices have faced huge challenges and have undergone an incredible amount of change over the past few years, and this won’t slow down in 2023. The time has come now for practices to deal with the aftereffects of the global pandemic, increase in interest rates along with the rise of inflation.

The market for optometry sales is becoming quite interesting. In the past, most practices were sold privately to partners or associates, the true values of these practices were not tested by the open market. As such, the level of value was not necessarily as high as that of their dental and veterinary counterparts. This is now clearly changing as the market develops.

In general, valuations for healthcare practices are driven by two overriding forces: the industry’s appeal and current macroeconomic conditions.

1. The attractiveness of the industry can be summarized by these key factors:
• You have shown that optometric services are recession and pandemic-resistant, demonstrating quality performance relative to other businesses in challenging times;
• Aging population; and
• Solid historical growth rates of four to five percent, with a good outlook on future growth rates.

2. Macroeconomic conditions, the second force impacting valuations, affect prices because of the following factors:
• Record low-interest rates during the past decade, making capital cheap for practice buyers;
• Stable economic conditions and slow, but steady, economic growth; and
• An abundance of investment capital, and many investors finding our resilient industry to place their funds.

The last 3 months have certainly had an impact on individual doctors looking to purchase. The sharp rise in interest rates and the above average offers from corporate buyers have impacted the decision to purchase. Furthermore, with corporates offering sizeable compensation packages and signing bonuses, the idea of owning vs., being an employee is significantly less attractive. Younger doctors are burdened with huge amounts of student debt and seeking better work/life balance creating less interest in ownership among those under 45 than prior generations.

For owners, this is where practice values become a bit tricky. We predict the value of practices will decrease. This is simply because if key expenses such as wages and supplies increase, then net income will decrease. Cashflow plays a huge factor in determining the value. Therefore, if an independent owner is going to compete against the corporates in attracting and retaining doctors and staff in general, the owner will not only have to pay more but also consider offering signing bonuses. This is certainly a tough pill to swallow. Owners had a difficult enough time accepting that younger doctors wanted work -, life balance, but signing bonuses? What could be next?

As much as things may feel or look bleak, all is not lost. Good practices, continue to appeal to the right buyer. Business cycles have a wonderful way of self correcting. If you are not ready to sell for at least 5 years, now is the time to plan and be prepared to manage your finances with this in mind. Find out what your practice is worth now and budget for the proceeds of sale in your financial plan. There are a few reputable and experienced appraisers to choose from.

Ask yourself the following questions:

  • Do I know the value of my practice today?
  • Are there any reasonable overhead reductions I can make?
  • Can I invest in new technology to add additional revenue or improve efficiency?
  • Can I keep my gross income stable or, even better, increase it? As a note, practices in any state of decline worry buyers and usually attract a lower sale price.

The final thought as we move into 2023 is to “Keep Calm and Carry On”. The challenges that may come are ones that can be managed provided they are faced head on. I would like to leave you with one of my favourite quotes from Barack Obama “The future rewards those who press on. I don’t have time to feel sorry for myself. I do not have time to complain. I’m going to press on.”

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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Year End Tax Tips

Finance|Wealth, Tax & Legal Matters

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Kicking off the Holiday Season is also a time to ensure that you have done the necessary year-end tax planning which can help lessen your tax bill come the new year.

Personal Year End

Regardless of the year end you have selected for your corporation, every person in Canada has a taxable year end of December 31st. Therefore, it’s important to review some key tax considerations prior to December 31st.

RESP

A Registered Education Savings Plan has some rules around both withdrawals and contributions. On the contribution side, eligible grant recipients are not only lifetime capped, but also annually capped. As a result, timing of contributions that generate grants is important to review prior to year end.

Withdrawals can be a little, I mean a lot, more complicated. You have six months after you have completed your post-secondary education to make a final request for grants, bonds and growth withdrawals (known as Education Assistance Payments or EAPs). In addition, for the first 13 weeks of a program, you can only request a maximum EAP of $5,000. Keep in mind that EAPs are deemed fully taxable income to the student. Therefore, as year end approaches, you may have an opportunity to withdraw a second EAP for a first year student who might have low taxes for 2022.

RDSP

You have until year end to make a contribution to be eligible for 2022 grants in a Registered Disability Saving Plan. These plans and associated grants are available to qualified disabled persons in Canada.

Strategic TFSA Withdrawals

Any withdrawals that you make from your TFSA are added back to your contribution room come January 1, 2023. Therefore, if you are looking to withdraw funds from your TFSA, it might be wise to do so prior to year end. This can be especially valuable if you are moving from a bank TFSA savings account into an investment early in the new year for example.

Paying Corporate Dividends

If you plan to pay dividends over the winter, consider the tax timing for both you and your corporation. Any 2022 dividends declared for a corporate year end prior to December 31 will be taxable on your 2022 personal tax return. You will want to weigh out the timing based on other income you have earned in 2022 and what you expect to earn in 2023 to determine the best timing.

Corporate Investment Earnings

Because corporate investment earnings over $50,000 in a year will erode your small business deduction tax break, it is important to review the earnings regularly and make adjustments either through strategic payments, setting up an Individual Pension Plan (IPP) or purchasing corporate owned exempt life insurance for example.

Tax Loss Selling of Investments

Given the market volatility we have seen this past year, your non-registered accounts may have capital losses. These losses can be triggered and used to offset taxable capital gains from the past three years (and can be carried forward indefinitely – so be sure to keep track of them). Therefore, if you have been sitting on a shareholder loan repayment, it might be a great time to liquidate some corporate investments to pay yourself back, all the while triggered a tax credit for your corporation and transferring tax free money to your pocket!

Likewise, it may be a good time to withdraw from your personal non-registered accounts to cover off some debts you are carrying, pay for home renos, or create cash to reinvest in your RRSP.

Income Splitting & Prescribed Rate Loans

The use of prescribed rate loans might be worth looking at if one spouse is in a high tax bracket while the other is in a lower tax bracket. The current prescribed interest rate is 3% and is set to increase to 4% January 1, 2023. Once the loan is set, the interest rate remains for the duration of the loan. This is higher strategy planning that also needs to involve your accountant and lawyer and should be discussed in greater detail should you wish to review this option.

Charitable Donations

Receipted donations are grouped together and are eligible for a 15% federal credit (and typically additional provincial credit) on the first $200. On amounts exceeding $200, the federal rate jumps to 29% (and is actually 33% if your taxable income exceeds $221,708). So if you are thinking of donating in January, you might want to move that forward!

RRSP

I know you are wondering why this is so late in the list – but the 2022 RRSP contribution deadline isn’t until March 1, 2023.

As you finalize your earned and taxable passive income for 2022, your next step is to review optimal RRSP contributions for overall average tax rate management, now and in retirement.

Understanding your 2022 income and available cash flow is key to ensuring you have drawn out appropriate salary and dividends from your professional corporation prior to December 31.

So Many Options

There are so many options and opportunities to save tax if you plan ahead. Of course, the best fit options are based on your personal situation and goals.

Advisory

As your Chief Financial Officer, I am here to help you sort out the options that make the most sense for you. 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 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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Episode 30: Dr. Sophia Leung Takes The Road Less Travelled

Eyes Wide Open, Podcasts

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Dr. Sophia Leung, in a conversation with EyesWideOpen host, Roxanne Arnal, the tables are turned.  Once an OD student in Dr. Arnal’s practice, the student has evolved and honed her clinical and mentorship skills.  Together they explore professional burnout, mentorship and types of collaboration in a forthright discussion.

About the Guest

Dr. Sophia Leung has taken an atypical professional pathway following graduation from UW School of Optometry in 2014. After spending some time in private practice, she pursued an Ocular Disease and Refractive Surgery Residency in the US followed by an Advanced Glaucoma and Cornea Fellowship.

Dr. Leung is also a Diplomate of the American Board of Optometry, a Fellow of the American Academy of Optometry (AAO), and a Diplomate of the AAO in the Anterior Segment Section.

Currently, Dr. Leung is the Principal Optometrist at a high volume corneal, cataract, and refractive surgical centre in Calgary and the President-Elect of the Alberta Association of Optometrists.

Episode Notes

Dr. Sophia Leung is passionate and thoughtful about mentorship, professional development, and education.

As an OD student, she rotated through many urban and rural clinic settings, including Dr. Arnal’s Alberta private practice.

They discuss their personal and professional insights on mentorship, professional collaboration, and the evolution of optometry. They also delve into stress and practitioner burnout and point to a few interesting reads on the topic (See Resource links).

Dr. Leung shares her not-so-typical pathway after graduation that brought her first to private practice and then to an Ocular Disease and Refractive Surgery Residency in Oklahoma, a state with a very wide scope of practice, followed by an Advanced Glaucoma and Cornea Fellowship.

In her current role, Dr. Leung is developing an OD-to-OD referral model the enhance patient access to ophthalmologic care that also increases time efficiency for ophthalmologists.

She explains how the demand for routine vision exams vis-à-vis medical eye exams will evolve and how this exacerbates the need to improve efficiencies to meet the rising demands for patient care

She challenges her OD colleagues to rethink primary care optometry and outlines why primary care will unavoidably migrate to medical optometry.  An insightful 30-minute discussion.

Resources

Click the play button at top of page to listen.

 

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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Eyewear Style Experts Are Made, Not Born!

Human Resources, Managing Others, Marketing, Merchandising

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Scientific research gathered by Florida State University with more than 100 scientists reveals that true expertise is mainly the product of years of intense practice and coaching, and that ordinary practice is not enough. To reach expert levels, you need to constantly push yourself beyond your abilities and comfort levels.

This report stated that what truly distinguished ordinary from extraordinary was that those who are experts continually analyzed what they did wrong, adjusted their techniques, and worked arduously to correct their errors.

Did You Learn Style in Optical School?

When it comes to style expertise, I can share that when I graduated as a Registered Optician in 1989 that no one taught me how to style eyewear. This skill was not part of the opticianry curriculum. I did learn how to select the best frames for a high myope and how to adjust the temples and nose pads, but nothing about fashion and style. I still cringe when I remember selling small frames to men with big heads because they required a high minus prescription. The frame looked ridiculous and was far from fashionable. At that time, I was only using my optical science skill set and not taking into consideration balance and proportion, let only anything that resembled style.

The longer I worked as an Optician, the more disillusioned I became with my career choice. I was bored selling the same frames every day and felt like I was not doing impactful work. I began to look at other careers as a way out of the optical industry.

Always passionate about fashion, I began to study Image Consulting and became fascinated with the profession. Image Consultants are experts in marketing and fashion. They style clients to improve their appearance and help them to achieve personal and business goals. I was intrigued with the process and willing to put in the time and study to learn more so I could make a move to a new profession.

Is Fashion Art or Science?

Fashion design is definitely art. It takes a creative person to design clothing that other people want to wear, but as I studied Image Consulting more, I learned that there is a science to dressing body types and personalities. Now I was hooked!

When I made the conscious decision to come back to optical it was only if I could learn to be an Expert Stylist and bring my love of image branding and fashion to my daily work. With the combination of image consulting training and solid optical experience, I now had the hands-on experience to create and develop the 5 Spec Style personalities.

Having this structure, allowed me the freedom to stop assuming anything about the people that I was fitting with eyewear and gave me a scientific approach to fashion and style that I was able to systematically implement and repeat with every client.

Spec Style Personality
The science of Spec Style personality is the combination of analyzing the body types, the clothing styles that complement the body types, hair styles, personal complexion and facial features.

Breaking down an individual’s personal style with science and practice allows us to be unbiased as we analyze and assess our
clients to better help them select eyewear. You are then not simply selling glasses; you are selling style expertise.

You can learn how to assess someone’s Spec Style just by looking at them. Seriously!

Top 5 Things to Assess Your Client’s Style and be the Expert Eyewear Stylist:

1. The design lines in their clothing: straight or curved?
2. The fabrics they are wearing: textured or smooth?
3. The colours in their Wardrobe: deep, light, bright, muted?
4. Hair Style: straight or curly?
5. Facial features: curved or angled?

Once you have assessed these personal details, select eyewear that mirrors or mimics the same. For example, if your client is wearing a tweed jacket that appears textured, select eyewear that has texture in design or material. If they have smooth, sleek straight hair, select eyewear in shiny plastic or metal with straight edges.

Moving away from what you intuitively default to in conversation is not easy, but it is necessary to learn new techniques. With
intentional and deliberate practice, you will confidently be able to refer to what you are specifically seeing with each individual
instead of falling into the trap of repeating the same vocabulary. Your clients will have confidence in your expertise, and they will buy from you.

1 Harvard Business Review, July- August 2007, The Making of An Expert

WENDY BUCHANAN

Wendy Buchanan, Eyewear Image Expert is a Registered Optician, Image Consultant and Educator.  She is the creative force behind the Be Spectacular Eyewear Styling System® for Eye Care Professionals.  Wendy helps eye care practices to systematically reinvent their eyewear dispensaries to create an exceptional buying experience and increase profits.

Connect with Wendy on Instagram   https://www.instagram.com/bespectaculartraining/

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Location. Tips on Getting it Right!

Finance|Wealth, Office Design & Renovation, Practice, Real Estate

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The location you pick for your practice is one the most critical business decisions you will make, and for new practices which rely on attracting new patients, will determine how quickly you reach profitability or even survive.  Here is a list of things to consider.

  • Awareness of your brand is critical to building the initial trial visit which ideally will lead to repeat visits throughout the years. Pick a location which is highly visible to thousands of consumers each week. Real estate with good traffic generators like grocery stores, liquor stores, drug stores, popular restaurants/pubs or big box retail like Wal-Mart, Canadian Tire, Winners, Marshalls, Home Depot etc. The highest volume optical stores in Canada are located in the large regional enclosed malls which provide huge flows of walk-by traffic. Occupancy costs are much higher so these practices must generate very high sales to survive.
  • Ease of access is very important. Most people do not casually visit an optical practice and in fact regard it as an expensive chore, so you want your store on the path of their normal round of weekly or monthly shopping.
  • Mature markets with established practices and loyal patients will be much tougher to penetrate than an area that is growing with new consumers looking for a new service provider.
  • Another key market dynamic is the type of competition. Some markets may have a competitor selling designer frames at close to cost, a battle you will inevitably be drawn into if you locate there. Conversely your research may reveal that the established operators are out of touch with the market and or give poor service, which spells opportunity.
  • Use an experienced retail agent if you can find one. Many real estate (residential) agents will take your business without being able to add any real value. Ask the prospective agent to list the specific retail deals they have done. A good agent will know listed and unlisted vacancies, and importantly what kind of deal is possible with a given landlord. The agent’s fees are generally paid by the landlord.
  • Understand that Optometry/optical stores are one of the best tenants a shopping centre can have. It is a clean, unobtrusive, attractive use, does not use a lot of parking and is likely to generate a good revenue stream for years.
  • Buying versus leasing. It’s great if your occupancy costs can go towards buying a location, but most of these are residential homes zoned for retail, condo ground floors, or commercial condos. These may work if you have a well-established practice, but unlikely to have the traffic necessary to build a business very quickly.
  • Don’t get sucked into taking a space larger than you need, the smaller and more efficient a space the better. Occupancy costs are a fixed expense and can crater your income for the life of the lease if they are out of line.

Recognize that a well-established visible location in productive real estate is one of the biggest drivers of your practice’s value. Take your time planning for it, finding it and negotiating for it.

TOM BOLLUM

Tom Bollum was the founder and CEO of Eye Masters Canada (sold to Lenscrafters) and has held senior management positions in New Look Lunetterie and other optical companies before joining the Avison Young Commercial Real Estate Brokerage retail practice. He has sourced and negotiated locations for many optical stores across Canada.

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Enhancing lives through design: FYidoctors Calgary Mission Square concept clinic inauguration

Practice, Resources, Technology

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Calgary-based leading eye care clinic unveils its latest flagship location, showcasing the latest optometry technologies and improving patient digital experience 

FYidoctors, a division of FYihealth group, announces the grand opening of its new flagship location in Calgary, Alberta. Founded in 2008, FYidoctors is Canada’s largest doctor-owned and doctor-led optometrist. FYidoctors has over 375 locations across Canada employing over 630 doctors and more than 2,300 team members. The company proudly has 47 clinics in Alberta making them one the most established eye care service provider in the province.

Located in Calgary at 102 – 2424 4th Street SW, this unique 3,000 square foot clinic offers personalized eye care using state-of-the-art optometric technology and carries a wide selection of exclusive brands, including Cartier, BonLook, H Halston, Chopard and more. This clinic also has the largest FYidoctors exam room in Canada and is conveniently located on the ground level of the FYihealth group head offices. This location carries over 45 brands of optical eyewear and offers an unparalleled number of frames with more than 2,000 frames in clinic. It is also a hospitality-orientated, ‘guest-centric’ shopping environment.

Unique to this FYidoctors location is a fully customizable digital storefront display wall facing street traffic. New interactive digital media is utilized throughout the clinic space to educate and engage our patients. Additionally, a unique “FYidoctors scent” is used throughout the clinic to stimulate the olfactory senses of patients while browsing.

The clinic’s waiting area is designed to be more relaxed and comfortable, creating an opportunity for our patients to enjoy their time at the clinic. With top-of-the-line materials, the overall clinic purchasing experience is improved with exceptional acoustics, lighting, digital touch points, and interactive messaging.

“This clinic, its design, and the technology it offers is what we have as a vision for our entire network across Canada at FYidoctors. It exemplifies what FYidoctors has become as a leader in patient care in Canada and we are very proud to provide such a wide range of services and products to our patients,” says Dr. Alan Ulsifer, CEO & Chair of FYihealth group.

“Since moving our corporate Home Office to Mission in 2015, it has been our vision to create a flagship location at street level to effectively showcase our brand.  I am so excited to see this dream come to life and for our team to be able to enhance the lives of the local community through the eye care and services we provide,” added Darcy Verhun, President of FYihealth group.

The four optometrists based out of Mission Square bring over 112 years of optometry education and knowledge. With a goal to offer the best optometric experience and to have answers to all the patients’ questions answered, Mission Square’s Lead

Optometrist, Dr. Bunny Virk, shares “the clinic is fully equipped with the latest state-of-the-art diagnostic equipment for early detection and management of all forms of acute and chronic eye conditions. In addition, our clinic will have the WAM800, an advanced diagnostic device in the optometric industry.”

Additional technology including the IPL/Radio Frequency Darwin treatment device, corneal topography, meibography, retinal widefield imaging, and the latest lens technology (duo-form lenses exclusive to FYidoctors with precise measurements (opitkam)), will all be available at this flagship location.

FYidoctors have built this space to be welcome to patients from all demographics, which can be seen through the customized wheelchair accessible room and friendly staff. To continue the progression of the services offered, the new FYidoctors University space will be opening soon, less than ten steps away and right across the hall, to help support the current and future team members with training and education of new Optometrists.

This is a sponsored post by FYihealth group. 

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A Good Business is Not Always a Good Investment

Accounting Basics, Building Wealth, Finance|Wealth, Resources

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To understand when a good business isn’t a good investment, you need to understand what makes a business good and how they are priced.

A Good Business
When we talk about investing, whether it be buying an optometric practice or a stock, a good business can be easily defined as one that shows revenue growth, easily pay its debts and generates sufficient income to pay its owners a dividend. A good optometric business should have full calendar bookings and illustrate a strong patient base. A good investable business should have the ability raise revenues to keep pace with inflation and the need to pay its people well. A good business should have a board of directors that have a clear vision for the future.

A Good Investment
The reason a good business isn’t necessarily a good investment is based on the price you pay. This is typically referred to as the Price per Earnings ratio for most investable business shares. When purchasing an optometric practice, we often refer to the “multiple”.

EBITA Multiples
Private businesses are typically sold in large portions rather than a share at a time. Regardless, the value of the business is often determined as a multiple of the earnings of that business, specifically the Earnings Before Interest expense, Taxes & Amortization.

However, what is included in expenses will vary. Currently, when selling from one doctor to another, a 3X multiple of EBITA is often used. However, when aggregator corporations are looking to buy, you will likely hear 5X, or higher, as a multiple being used.

I Like 5X Better than 3X
On the surface, a 5X multiple sounds better but it rarely represents a significant difference from the 3X multiple. I know, confusing. The biggest reason is that the calculation of EBITA will vary.

Typically, in a private sale, expenses deducted prior to calculating EBITA does not include any of the owner optometrist direct payments, whereas with a larger corporate buyer, EBITA will be adjusted such that the expenses do include the normal and customary costs of having to hire all optometrists for the clinic.

16.9X P/E on Investments
Let’s shift a bit now to investment businesses. As of September 30, 2022, the S&P/TSX Composite markets had an average price to earnings of 16.9X.

Essentially this means that if you were to buy into the aforementioned market that day, you would have paid 16.9X the average earnings per share of all the companies listed. Think of it this way: It would take you nearly 17 years to recoup your costs if earnings for the business don’t increase.

Is that a good price?
Well, it depends. Let’s look at the stock price and earnings for CISCO, an American-based multinational digital communications technology conglomerate headquartered in California.  This has been a very profitable business, growing it’s net income by 315% from March 27, 2000 to September 28, 2021.  It’s a really good business.

However, if you bought the business on March 27, 2000, when there was a lot of upward speculation for the growth of the company and trading was at a peak, you would have paid 226X P/E. That’s really expensive.

And even with the growth CISCO saw through to September 28, 2021, your investment would still be down 33% on market stock price. That’s a bad Investment.

The Price You Pay
The price you pay for an investment is one of the key determinants on whether or not you have a good investment. It might not be everything, but price really does matter a LOT. If you are buying a new practice, you want to be able to pay it off in a reasonable time period. If you are looking for a good investment, you want a good business at a good price, and when markets are down, there are definitely some good bargains to be had.

Advisory
As your Chief Financial Officer, I am here to help you make smart investments, whether it’s buying a practice or upgrading your portfolio. 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 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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THE Myopia Meeting Makes its Canadian Debut

NextGenOD, Perspectives, Practice, Products | Services | Industry News

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THE Myopia Meeting, presented by CRO (Clinical & Refractive Optometry) Journal and Review of Myopia Management, took place at the International Center in Mississauga on Sunday, November 6th. This full-day event was the first of its kind in Canada and included lectures and workshops from leading researchers, clinicians, and industry partners.

Dr. Debbie Jones, BSc, FCOptom started off the first COPE-accredited continuing education lecture by acknowledging that Canada is a world leader in myopia management; Canada has endorsed the World Council of Optometry’s resolution to make evidence-based myopia management the standard of care.

She then provided a review of the various therapies available and discussed what the future of myopia control might look like.

Leading Canadian Experts Lend Advice
Dr. Vishakha Thakrar, OD, FSLS, FAAO talked about the practical applications of myopia management using her experience in private practice, such as the importance of having a supportive and well-trained team.

Dr. Langis Michaud, OD, MSc discussed myopia as a failure in emmetropization, the importance of the quality of the visual signal in myopia control management, and ongoing research. He detailed how he tailors treatment to each individual patient and gave the audience some of his very own clinical pearls.

Dr. Stephanie Ramdass OD, MS, MBA finished off the lectures for the day by presenting case examples and her tips for troubleshooting myopia management.

Leading Myopia Players Present Options
Key manufacturers displayed their latest in myopia control technology through workshops and table displays in an adjacent exhibit room.

HOYA’s MiYOSMART lenses use Defocus Incorporated Multiple Segments (D.I.M.S) Technology and have been available in Canada since 2020. Their most recent data shows that the myopia control effect was sustained over six years.

EssilorLuxottica is committed to supporting ECPs in their management of myopia. As one of the founding members of the Global Myopia Awareness Coalition (GMAC), they aim to increase public awareness of myopia as a treatable disease, with campaign expansions into Canada coming soon. EssilorLuxottica has also created training programs for ECPs and their staff, and developed Stellest spectacle lenses as an effective myopia control therapy which uses Highly Aspheric Lenslet Target (HALT) Technology.

CooperVision’s MiSight 1 day lenses use ActivControl Technology (dual focus) in their Proclear material. Their most recent data (Part 3 of their 7-year study) show that there is no rebound effect with MiSight. This is the longest continuous soft contact lens study for myopia management.

Johnson & Johnson Vision’s ACUVUE Abiliti 1-Day Soft Therapeutic Lenses for Myopia Management have received approval from Health Canada. Made of the same material as ACUVUE OASYS 1-Day, the Abiliti lens has the same benefits in a smaller diameter for pediatric eyes. These lenses use RingBoost Technology, which allows for a stronger treatment power while maintaining visual quality.

Attendees of THE Myopia Meeting were able to obtain a comprehensive look into the best practices of myopia management today.

Hopefully this event is the first of many!

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and has contributed to Foresight and  Optik magazine.

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

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How to Manage Life-Work Balance in Your Practice

Human Resources, Leadership, Managing Others

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Gone are the days when employers could decree when and how employees work. Employees control the narrative now. They demand more, they have higher expectations and when their needs aren’t met, they don’t roll over complacently. They change things. How does this dynamic play out in your practice?  

Changes in today’s workforce world are all employee-driven. While plenty of companies are jumping on board and meeting their employees in the arena as part of their team some are choosing to be on the opposing team.

This is not a fight that you want to lose, it will be violent and catastrophic.

Quiet Quitting and Burnout
If you are on any social platform, you’ve probably seen “Quiet Quitting” trending recently.

Suddenly, it seems everyone is talking about it. Quiet quitting isn’t about employees leaving their jobs; it’s about them setting boundaries to prevent burnout or reclaim their lives. This is often done as a response to being expected to work longer hours and take on more work.

Employees are tired. They are fighting back against employers who expect them to do more. Some employers may think this is unfair pressure or underhanded tactics as they face a hiring crisis of epic proportions at a time they are short on staff.

However, loading your current employees up with more work may make your situation worse. You may cause even more employees to leave while gaining a reputation for overworking your staff.

Work-Life Balance, or Life-Work Balance?
Instead of fighting your employees tooth and nail, consider what they are asking for, and how providing them with the balance and the boundaries they crave could boost productivity and be beneficial to your organization.

You may be used to having employees who dedicate themselves to long hours and spend time socially with colleagues outside work hours but that has all changed. And in hindsight, was their work truly better?

The pandemic shifted at a foundational level how people view work as part of their lives, and it isn’t about work-life balance anymore, where ‘work’ takes pride of place. Instead, people are turning to life-work balance, re-imagining and re-engineering how work fits around their lives rather than their lives fitting around their work.

With the state of the labour market right now, with demand far outstripping supply, employees have the power to do this. Across North America right now, there are more than 12 million jobs that need to be filled. It’s a seller’s market and if an employee feels like their boundaries are not respected, they will simply choose to take their talents elsewhere.

Like all of us, they want to spend time with family and friends, improve their physical and mental health, and lead balanced lives where they can very happily work hard in the allotted time, and then move on to other things, guilt-free.

If they cannot do that while working at your company, they’ll be out the door faster than you can say “but…”.

Working With Employees
Those of us who are of a certain age may still hear our fathers’ voice ringing in our ears: “you should damn well be happy to have a job. You don’t have to love it. Suck it up and get on with it”.

That was a common paradigm a generation ago. One that, for better or worse, has gone the way of the dinosaur.

It’s time for a new paradigm to emerge, one where the power is no longer master-servant, but more balanced. When someone feels an affinity with their role because it fits them, where they feel respected and where they can contribute satisfyingly, they will naturally be much happier, more engaged, and more productive during working hours. This results in higher quality work, a better work environment, and overall better engagement among employees.

Engaged employees with set boundaries don’t need to work extra overtime hours to get things done because they can complete their work during working hours.  

By respecting boundaries and allowing your team members to manage life-work balance, you create the kind of environment more people want to work in. Your associates feel respected and satisfied, their quality of work reflects this, and you get the reputation of a great employer. Suddenly something that started as a scary trend doesn’t seem so bad.

This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

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

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