Getting Staffing Right is Essential for Sustained Growth

Human Resources, Talent Acquisition

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Achieving a 3-year growth rate of 65% in a hyper-competitive market is no small feat. This kind of success requires a consistent approach in staffing across the entire organization – hiring people who uniformly represent their brand and their values. This is a particular challenge when the owner-operators are all highly skilled eye care professionals, not Human Resource specialists. This is exactly what FYidoctors has achieved.

FYidoctors’ challenge wasn’t identifying the applicants who were simply ‘qualified’ based on licensed credentials or experience; it was identifying the applicants who were the right people for the job. Those who had the essential qualifications, but also the essential characteristics to fit well and contribute to the FYi brand. They needed a way to find the people in the applicant pool who shared FYi’s personality, standards, and client-first ethos. People who could be trusted in those ‘moments of truth’ to do the right thing – even when no one was looking. They also needed to be able to apply that same standard at every location across the country.

Getting Started

FYi’s staffing model consists of eight positions at each clinic. While some roles require optometric or opticianry certifications, others are more clerical, client support, or sales-focused.

The Fit First partnership with FYi began as a pilot, with approximately a dozen clinics drawn from markets across the country, where the owner had volunteered to participate. To understand the behavioral profile of FYi’s top performers, we used the TalentSorter® platform to isolate the elements that made them such great exemplars of the FYi culture.

We analyzed the data and developed a template of the behavioural patterns of the ‘ideal candidate’ for each of the eight jobs at each clinic. Each of these patterns fused together traits and characteristics specific to the role itself (clinical vs. more consultative sales-focused, for example), with other traits that reflect and reinforce FYi’s cultural values: emotional intelligence, soft skills, and compassion. We knew if we could guide them reliably to the right people in the applicant pool, who also had the necessary credentials, the team at each clinic could reliably leverage the system to make better and more consistent people choices.

Shifting into Action

The eight behavioural templates were loaded into the TalentSorter® platform that was configured for independent use by each location. TalentSorter® allowed FYi’s opticians to effortlessly post and advertise open positions, manage the application flow, assess each applicant’s behavioral ‘fit’ in the role they were applying to, and sort their entire applicant pool by FitScore®. Simply put, the applicants whose behavioral profiles most closely matched the ‘ideal’ appeared at the top of the stack.

"TalentSorter has been a great tool for us when hiring employees. The FitScores of applicants have proven to be very accurate and in line with performance ratings. It provides me with valuable insight into potential hires and helps me determine which to bring in for interviews. The interview questions in the reports are great guidelines to help me dive deeper into areas where I need to learn more about the potential fit of an applicant on our team. Overall, my experience with TalentSorter has been terrific.”

– Patti, FYidoctors Owner-Operator

Results

Feedback from users was that the system started saving them time right away. Owners spent less time in interviews and instead spent their time with better people. New hires onboarded faster, fit in better, were productive sooner and stayed longer. Locations in tight labour markets reported that though they received fewer applicants, they were of far higher quality.

Significantly, when looking across the network, we discovered the most successful locations, with the lowest turnover, were also the ones that were having the highest ratio of candidates completing the assessment. Based on that finding, FYi made TalentSorter® a mandatory tool. Since then, they have used TalentSorter® to assess over 8,500 applicants.

Success

In September 2022 FYidoctors was named among Canada’s top growing companies, with more than 375 clinics across the country. Doctor-led, professionally managed, and patient-focused, the organization concentrates on delivering outstanding eye care and medical aesthetics treatments along with patient-centric products and services.

At Fit First Technologies, our mission is to make hiring practices and career discovery easier, more human, and more effective for everyone. The executive team has extensive knowledge and understanding of HR, employee engagement and retention, human analytics, and computer science.

Our suite of cutting-edge products and proprietary software is used by thousands of businesses, educational institutions, workforce development agencies, and job seekers every day. Our technology opens new doors for job seekers, students, and even those who face employment barriers. Our ultimate goal is to enable a more functional, efficient workforce ecosystem for everyone.

If you are interested in more information on how our platforms can work for you, please feel free to reach out to us at info@fitfirsttech.com or call 1-800-513-7277 (toll free).

TIM BRENNAN

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

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The Importance of Social Media

Digital Marketing

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Twenty years ago, I thought practice owners investing in a website was silly. Afterall, don’t most patients ask a friend or relative for a referral? Who would ever choose a practitioner just from a website? I could not even imagine other platforms such as LinkedIn, Instagram and Facebook could shape and influence us.

Today, if you don’t have a website, you are seen as a dinosaur. Patients are interested in knowing more about you and your office. The pandemic taught us the importance of staying together. On a side note, my 92-year-old mother, who never used a computer in her life, grabbed onto a tablet and started surfing the net. She even has an Instagram account.

Your presence on social media is important.
Google reviews are important. Social media by itself is not enough to drive growth but social platforms can help you connect with your patients, increase awareness about your brand, and boost not only new patients but keep the ones you have informed, connected and loyal.

Think of social media as another way to communicate your authority. In general, people are increasingly savvier and more discerning about which businesses they support. Before deciding, they will do a quick search to browse your website and social media. When they do, what will they find, a generic site or something that is a rich source of information? It is very important to not only set up robust profiles but to also update your site frequently with relevant content. This goes a long way to building your brand’s authority and making sure you make a positive first impression through social media, showing that your office is trustworthy, knowledgeable, and approachable.

Sometimes, a seemingly simple social media post, such as one promoting a charity initiative or team members having some fun in the office, can receive several likes, comments, and shares. Remember, with social media you get to tell your own story. Having an online presence on any of the social media forums like Facebook or Instagram is a great way to interact with your audience and to really connect with them on a personal level. Through these platforms, you are given the opportunity to inspire through your success or past failures. Social media is a place where interacting with your audience gives you more exposure and helps you better understand your audience and as a result, your patients. Stories help show people how relatable and personal you are. Consistency is also key.

Social media opens the conversation for instant interaction, relationship building, and customer loyalty. It gives you the opportunity to demonstrate your expertise as a leader in your neighbourhood or community. Sharing information on various health issues helps people see your expertise and helps with the building of confidence and trust. Social media allows you to let your personality shine through everything you share. Your authenticity has an opportunity to be seen. And to make sure that your story is heard and spreads at a faster rate, you might want to work on your content so that it is appropriate enough to impress the audience.

On a final note, it is critical that you define what you want to get out of social media and to develop a social media strategy. Do you want new patients to discover your services? Do you hope to generate referrals from existing patients? By keeping your strategy specific, you can determine which social media channels are the best fit for you and your practice.

From my experience, the number of doctors I have met via Instagram is incredible. Please follow me @jackie_joachim_. I would absolutely love to connect!

Jackie Joachim 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.

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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Student Loan Update

Building Wealth, Finance|Wealth, NextGenOD

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Optometry Student Debt

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

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

Many Forms of Student Loans

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Advisory
As your Chief Financial Officer, I am here to help guide you through the various adult decisions you will need to make and the next steps you will be taking. Helping you understand your money and assisting you in making smart financial decisions about your debt repayment, insurance protection, tax management and wealth creation, are just some of the ways that I work as your fiduciary.

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

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

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

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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

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

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Partnering with Associates: Retaining and Engaging Associate Optometrists

Independent SightLines

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

Profitability

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

Mentoring

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

Collaboration

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

Generational Gap

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

Pathway to Ownership

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

Servant Leadership

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

Culture is Crucial

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

 

 

 

 

 

2024 Trevor Miranda

DR. TREVOR MIRANDA

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

He is a strong advocate for true Independent Optometry.

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

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The Independent Advantage – Dr. Matthew Harrison Eye Recommend

Career Options, NextGenOD, Sponsors

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The independent advantage

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

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

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

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

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

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

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

 

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

Career Options, NextGenOD, Sponsors

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

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

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

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

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

Q: How has your experience partnering with Specsavers been?

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

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

 

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

Q: What inspired you to become a business owner?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 This Post is Sponsored by Specsavers.

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Path to Practice Ownership with IRIS – Dr. Mark Langer

Career Options, NextGenOD, Sponsors

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NextGEN OD

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

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

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

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

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

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

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

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

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Episode 32: Dr. Scott Mundle on Optometry Giving Sight

Eyes Wide Open, Podcasts

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

Dr. Scott Muncle

About the Guest

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

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

Episode Notes

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

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

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

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

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

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

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

Resources

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne 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.

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Adulting 101: Part 2

Building Wealth, Finance|Wealth

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Adulting

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

Part 2: Understanding your Money

Money, Money,—Money  Money!

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

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

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

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

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

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

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

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

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

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

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

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

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

Easy as Pie (if pie were easy!)

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

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

Adulting 101: Part 1

Advisory
As your Chief Financial Officer, I am here to help guide you through the various adult decisions you will need to make and the next steps you will be taking. Helping you understand your money and assisting you in making smart financial decisions about your debt repayment, insurance protection, tax management and wealth creation, are just some of the ways that I work as your fiduciary.

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

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

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

 

 

 

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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

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

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Myopia Management Practice Experts to Present in Vancouver

Differentiation | Business Strategy, Practice, Specialty Practice

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Myopia Practice Experts

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

Dr. Gary Gerber
Dr. Gary Gerber

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

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

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

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

Harbir Sian, OD
Dr. Habir Sian

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

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

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

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

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

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

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

 

 

 

 

 

 

 

 

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