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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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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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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Insight with Dr. Sophia Leung

Insights, Practice, Resources

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Dr. Sophia Leung pursued an Ocular Disease and Refractive Surgery Residency in the US followed by an Advanced Glaucoma and Cornea Fellowship, after spending some time in private practice in Canada.
She is passionate about mentorship and professional collaboration.

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.

Sophia Leung

OD, FAAO, FASOS, Dipl ABO, Dipl Anterior Segment

 

What changes to eye care do you see coming down the pipe?

I foresee an evolution in eye care delivery where technology and specialized care will be adopted more heavily in response to patient needs and demand.  A rudimentary environmental scan highlights a few incoming trends: app-based clinic-to-patient interactions, subscription services, scope expansion and advanced scope utilization, in-office drug-delivery systems for surgical alternatives.  I also anticipate stronger optometry to optometry referral pathways that address the increasing patient demand without adding burden to the existing stress points of the current eye care delivery model.

What is currently the most exciting thing in your field to help patients?

There have been some exciting developments in therapeutic options for corneal wound healing and neurotrophic keratitis.  Amniotic membranes, steroid-sparing agents, and autologous serum eye drops have been around for some time, but we are seeing more research and development in these areas.  Recombinant nerve growth factors, plasma rich growth factors, and increasing evidence around scleral lens efficacy are also making waves for these conditions that at one point, only had major surgeries like corneal transplants, corneal neurotization, and conjunctival grafting for consideration.

What is something you have done in your practice to set you apart?

The optometry-led triage model that has been under development, with the support of the ophthalmologists I work closely with, is inspired by a referral pathway that works very well at similar surgical and secondary / tertiary referral centers in the United States.  I perform surgical triage which allows for more efficient surgical consults with the ophthalmologist.  I also receive direct referrals from optometrists for non-surgical cases warranting a second opinion, secondary or tertiary care, and / or co-management with me to the level of the referring doctor’s comfort and preference.  I am grateful for the uptake, support, and enthusiasm from the optometry community for this referral model and I look forward to building this more with the referring doctors as the pathway grows and evolves.

What advice would you give a new grad today?

Pick your mentors wisely.  Do an inventory of the people you know and look up to and invite them out for a tea or coffee.  Listen to their story and ask them the honest and hard questions.  Chances are, you will walk away with insight that challenges your current perspective and it may just propel you to go after something you are passionate in, even if it is a road less travelled.

What is your definition of success?

There are many extrinsic and intrinsic aspects this.  To me, one important characteristic of successful and respectable people is the ability to be humbly confident.  I recognize this in individuals who know they have put in the work, have accomplished great things, and have acquired noteworthy amounts of knowledge in an area.  And yet, these leaders also acknowledge that learning never stops and accept wise counsel to continue to grow.

I recall a class discussion about dangerous clinicians.  The discussion highlighted the dangers of two groups of people: maximum knowledge but no confidence, and no knowledge but maximum confidence.  Being humble is not the same as being insecure.  And being confident is not the same as being arrogant.  I admit that I am working on this myself, as I continue to grow in my career.

What is your favourite food?

There is something about traditional Chinese fried rice that I find extremely comforting.  High heat, wok-fried, simple fried rice; and no withholding on the MSG.  I have attempted to recreate this at home but have come nowhere close, so not only is it delicious, but I also have a great respect for the chefs who do it right.  Sometimes, if I have been doing a lot of traveling whether for business or leisure, and I find myself feeling homesick, I will seek out the best fried rice in the area and order it.

Favourite past-time / hobby?

Over the last few years, I have attempted to surf every chance I get.  If I am close enough to a beach to sneak away for a few hours of surf lessons, I will try!  Let me clarify that “favourite” does not equate to “aptitude” in this case.  Although, I was recently promoted to “novice level” at my last surf lesson in Orange County so that was a particularly excellent day.

Tell me something few people know about you?

I really enjoy independent theatres and cinemas.  Sometimes, if I find myself having a day without obligations, I will make my way to an independent theatre and purchase a ticket for whatever is showing at that time.  There have been some odd ones that I have watched without a clear idea of what was happening.  But often, I end up stumbling upon a memorable movie or documentary I would not have otherwise found.

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3 Key Pearls of Dry Eye Management: A NextGen OD Perspective on the Canadian Dry Eye Summit

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

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Jenny Lee, OD-4, University of Waterloo, contributes her perspectives on the Canadian Dry Eye Summit.

This weekend, members of NextGen OD/Eye Care Business Canada and the CRO (Clinical & Refractive Optometry team) had the opportunity to attend the annual Canadian Dry Eye Summit, held in Toronto, Ontario from November 12th to 13th.

This conference is truly one of its’ kind in Canada, featuring innovative, thought-provoking talks from several heavy hitters in the dry eye management scene from across the country including Drs. Richard Maharaj, Trevor Miranda, Wes McCann and countless other faculty.

The conference also featured live demos and exhibits of various equipment and products hot on the market from industry representatives.

Nyah Miranda OD-1 NECO
Nyah Miranda, NextGenOD Digital Communications Associate at the CRO and NextGenOD.ca booth in the exhibit hall. Nyah is an OD-1 student at NECO.

As a current fourth year optometry student at the University of Waterloo as well as the Vision Science Editorial Assistant for the Clinical and Refractive Optometry Journal, having the opportunity to dip my toes in the dry eye scene this weekend was truly a worthwhile and incredibly informative experience. Here I’ve highlighted three key pearls from my time with some of Canada’s best dry eye gurus.

#1: Now, more than ever, evidence-based medicine is crucial to the progression of optometry.

The extent and scope of optometry is vastly different than where it was even ten years ago.

Likewise, in order to keep up with a rapidly evolving field, it is vital to remain up-to-date with the current studies and to read beyond the conclusion of an article, as aptly stated by Dr. Maharaj.

In a talk about the impacts of nutrition on ocular surface disease, Dr. Kim Friedman broke down each key component (such as dosage and form), presenting the evidence for and against the inclusion of different supplements for dry eye.

Her talk emphasized not only the benefit of paying attention to the literature to support a medical recommendation, but also reading between the lines of a study conclusion and being able to draw your own insights.

Chances are, if we can access this information easily from the internet, so can our patients, and it gives you that extra edge to be able to keep up with them.

#2: Expert opinion is what bridges the gap between a research study and direct patient benefit.
Following up from the previous pearl, as practitioners are the direct points of contact for a patient seeking to manage their dry eye, it is important that we not only synthesize and make our own interpretations but also use this knowledge to develop our own expert opinion that is backed by the knowledge we obtain from reputable, reliable sources.

The true benefit of a conference such as this is that we are able to gather some of the brightest and most well-versed minds in a very specialized aspect of optometric care, and disseminate knowledge through expert opinion.

However, expert opinion is ultimately at the bottom of the evidence-based medicine pyramid – and it is up to the individual eye care professional to look beyond the neatly-packaged one hour COPE lecture to educate themselves.

As Dr. Maharaj stated in his talk on demystifying dry eye, “expert opinion is where it begins, and then we need to climb up the ladder”. The role of industry in educating optometrists on up-and-coming technology and the impacts of staying up to date in the literature are heavily understated.

#3: Ultimately, your patient care comes down to your ability to communicate and use the appropriate terminology.
Dr. Jeff Goodhew and Dr. Tina Goodhew provided an excellent outline of how to present the idea of dry eye management to the patient in a way that not only empowers the patient to seek their own care, but also does not place the onus on the doctor to feel obligated to provide a whole dry eye assessment during a routine eye exam.

Drs. Goodhew and Goodhew, as well as several of the speakers at the conference, highlighted the importance of how to approach the topic of dry eye with the patient, and some salient points and phrases that could be easily incorporated into any eye exam.

Building on this idea, Dr. Maharaj discussed how patients are already doing their own research and developing their own ideas about dry eye before they even come into your office – and as such, it is crucial to be able to use the right language and arm the patient with the correct information so that when it is disseminated to friends and family, there is no room for miscommunication.

At the end of the day, it is your words the patient will remember, and not the result of a randomized controlled trial.

Ultimately, I walked away from this conference with a newfound sense of respect for all the ongoing research and efforts being put into advancing the scope of optometry and the knowledge surrounding what we know about dry eye.

With the resources available to us, it is easier now than ever to stay up-to-date in the field, whether by reading case reports from fellow optometrists or attending trade shows and actively engaging with industry representatives.

I look forward to seeing where my own journey in optometry takes me!

If you are an optometrist looking to contribute back to the community with case reports of your own, the CRO (Clinical and Refractive Journal) is an excellent place to start.

We help you with the process of publishing your own article and becoming a COPE approved instructor! This is an excellent opportunity particularly for those looking to submit case reports as part of the Academy’s Fellowship program. CRO is on the Academy’s list of authorized journals for Fellowship points.

Jenny Lee, OD

JENNY LEE, OD

Vision Science Assistant Editor, CRO Journal

Jenny Lee is an onboarding resident with the University of Waterloo School of Optometry and Vision Science.

She is a recent 2023 graduate and is passionate about pediatrics and vision therapy.

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Onboard the Leadership Bus

Independent SightLines, Leadership, NextGenOD

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By Dr. Trevor Miranda. 

Dr. Miranda contributes his thoughts and perspectives on the topic of Independent Eye Care Practice in Eye Care Business Canada. Check out all of Dr. Miranda’s articles in Independent Insights category.

If you are a practice owner then you are a leader.

It is important to embrace this role, learn to excel as a leader and create future leaders in your organization. Too often the owner abdicates the leadership responsibility and, as a result, the void is often filled by dysfunctional power grabbing protectionist team members looking to control everything and limit the growth of others.

Driving the Bus
As a leader, you need to be able to lead from the front.

This component of leadership is tasked with the awesome responsibility of “being awake at the steering wheel”. This means being ready to make turns to keep the bus on the road to business prosperity, to deftly dodge the potholes (like the Pandemic) and knowing when to stop, rest and refuel.

The driver of the team understands what it takes to do each job to keep the team moving forward. Valuing each job is crucial to engaging the entire team to keep their eyes on the road so they can also catch threats that may end in disaster.

At the Back of The Bus
I remember road trips with soccer and hockey teams growing up.

Only the “cool kids” got the back seats. The cover of invincibility and greatly reduced accountability made the back of the bus the most coveted locale.

A great leader lets others drive. Encouraging and fostering leadership skills in others will incubate a culture of empowerment. Great leaders can sit at the back of the bus and enjoy the fun and reduced stress that comes with that.

These special leaders are in tune with the heartbeat of the team. Make sure you take time to have fun!

No Back Seat Driving
Great leaders let others lead.

The bus of business is on the road 24/7. You can’t be a good driver all the time. Encouraging other team members to lead perhaps by running a meeting, hiring new staff, creating training plans for each team member or investigating new product solutions are all key to fostering a Leadership Culture.

It is important to let the driver in training make decisions such as where to turn without constant direction. Don’t be a backseat driver! Emerging leaders of organizations need some room to FAIL (First Attempt in Learning). Crucial to a learning organization is that reviewing where we are and how we got there brings new insights.

All drivers in training need to know when they take a suboptimal route and understand ways to improve on a go forth basis.

Under the Bus
The concept of throwing a teammate under the bus needs to be revisited.

Taking team accountability for mistakes such as a missed order, incorrect Rx, or any other perceived patient slight allows the patient community to recognize the team care they are receiving.

As a leader, you should always be “under the bus” with the entire team. If we are attached together we cannot throw anyone under the bus without ourselves coming along for the ride.

The Wrong Bus
Sometimes passengers on your team bus may experience motion sickness or do not appreciate the direction the bus is going.

In your company analogy, these passengers are wishing they weren’t even on your bus. They want to fly first class (who wouldn’t?!). It is crucial that the leaders identify these team members and ensure they fully understand the direction of the organization and exactly what roles they are expected to undertake.

If that is unsatisfactory then stop the bus and exit this employee. Perhaps a different journey is more suitable for them and it’s time for them to find a different bus.

It’s better to be honest and frank in these conversations but remember to be kind.

Driving Standards
There are certain attributes that good leaders value including honesty, trust, hard work and kindness.

In the same way that we follow “the rules of the road,” great leaders don’t cut corners when it comes to “doing things the right way.” Crucially fostering other leaders is very important.

We have created a pathway or “journey” for each team member by overlapping training and compensation so that each employee feels some control of the direction that the team is heading.
Great execution relies on an amazing team all driving in the same direction!

 

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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Life Insurance That Changes With You

Finance|Wealth, NextGenOD, Planning, Resources, Sponsors

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Before we leave all the insurance talk,  I wanted to draw your attention to a few of the opportunities with life insurance.

Despite life insurance paying out on death, it does have the ability to not only support the lives of your loved ones when you are not there, it can also provide you with several living benefits.

Living Perks of Life Insurance
All life insurance policies can be assigned to a lender.

We often see this where a bank, offering a sizeable business loan for example, will request that key persons for the success of the business be insured. Best practice is to set up personally or corporately owned insurance as the case may be, rather than creditor insurance, which does not provide you with flexibility down the road.

In addition, you can also borrow directly from the cash surrender value of a permanent life insurance policy. This can be set up multiple ways and can be a great source of funds to help set up your business expansion while maintaining insurance coverage and offer an alternate source for income in retirement.

How Does Life Insurance Change with You?
The more advanced concepts of using life insurance to provide benefits while you are still alive is often something that doesn’t become relevant until your mid or late career.

In many cases, the initial cost of permanent life insurance premiums deter clients from setting up these policies at the beginning of their career.

As a result, most clients will purchase more premium affordable short term life insurance early in their adult lives. In order to create a policy that can change with you, you will want to ensure your term insurance is both renewable and convertible.

Renewable Term Life Insurance
Renewable term insurance means that after your initial purchased time period of insurance coverage, say ten years, the policy will automatically renew for a new term at the contracted new rates, up until it’s expiry, usually at age 85 for term life insurance.

These rates are printed in your policy so you are aware of how the premiums will change with your increasing age. Renewing a term life insurance policy also means that you don’t need to undergo the application process again. This is especially valuable if your health has changed since your initial application.

Convertibility For Changing Needs
On top of any need for ongoing life insurance to financially assist your loved ones, you may also find yourself looking for additional long-term strategies as your career advances.

In addition to the above mentioned living perks of life insurance, you may need final taxation management and estate strategies, such as maximization, equalization and charitable giving.

Convertible term policies will permit you to change your plan to permanent insurance, thereby moving from a rental form of insurance to life long coverage (as long as the premium requirements are met).

And like renewability, you don’t have to undergo the application process again, risking premium ratings or a decline of coverage due to changes in your health or family health history.

Business Owned Life Insurance
We often speak about “savings buckets” and since the 2017/2018 CRA changes, saving for retirement in a corporation is no longer the benefit it used to be. Permanent life insurance is still one way that you can create tax efficient savings in your corporation.

In addition, this can help preserve your small business tax rate from passive earnings erosion. Remember however, if you are planning to sell your corporation down the road, you don’t necessarily want to sell this asset with the business, so it will be important to structure this strategy efficiently so that it will truly achieve your goals down the road.

Products That Serve You Today & Tomorrow
Life insurance is one product that not only serves your immediate needs, but if structured properly can serve you well into the future. Understanding how life insurance can be an asset class onto itself will help prepare you for the future you are dreaming of.

Read Previous Article – DISABILITY INSURANCE: MORE THAN INCOME REPLACEMENT

Advisory
As your Chief Financial Officer, I am here to help you understand your money and assist you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation. I work as your fiduciary to ensure that your best interests are always placed first and foremost.

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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Not everyone needs to be a top performer

Human Resources, Managing Others, Talent Acquisition

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Fact or Fiction?
Not everyone needs to be a top performer. We need some ‘steady Eddies’ or we’ll spend all our time trying to satisfy everyone’s career expectations.

Don’t confuse performance with pressure to offer promotion opportunities.

Many people who are at the absolute top of their class want nothing more than to be left alone to do what they do best, day in and day out. Top performers are top performers because they love what they do, and they do it exceptionally well.

All too often we convince ourselves that it’s okay to have a normal performance curve where 70% of the workforce is just ‘average’. We too easily accept the notion that average is okay and doesn’t hurt our practice.

Wrong.
The truth is average is awful.  Average in most organizations represents an opportunity cost of 23% or more of payroll – money that gets paid out with zero return.

In most organizations, and eye care practices are likely no different, 23% of payroll represents a substantial sum of money that if used elsewhere in the business could materially improve the practice.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer.

That’s the Fit First philosophy.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.
Save yourself time and money.

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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