Zero to Five Pathfinder: Spotlight Sana Owais, OD, FAAO

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NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

Sana Owais. OD, F.A.A.O 

Dr. Sana Owais completed both her Optometry degree and her residency in low vision rehabilitation from the University of Waterloo. During her optometry training she was recognized with the FYidoctors Practice Excellence Scholarship and the Gold Key International Optometric Honour Society Award. She also received her Fellowship with the American Academy of Optometry (F.A.A.O) designation.

Previously she completed a Honours B.Sc. degree from McMaster University where she graduated summa cum laude and with Deans’ Honour. She is currently providing care to patients in Mississauga and Brampton. In her free time she likes to go on hikes and explore new geographical sites. 

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

Although not very uncommon, I have designed and collected informational sheets and brochures for patients on common topics (e.g. dry eye, ocular allergies, hordeola, flashes/floaters) and I give them to the patients when I am educating them on their visual concern. I feel it is important for patients to leave with written information in case they forget something, there is a language barrier, or if they feel over-whelmed with all of the information delivered during the exam. Therefore, they have a hard copy of written material to take home and review on their own time.

What metrics do you track in order to gauge your success?

We can improve only what we measure. One metric I measure is related to contact lenses. For example, I track the number of contact lens fits, types of fit (toric, multifocal, coloured lenses), most popular contact lens brand, and most popular contact lens modality. In the future I am aiming to track contact lens capture rate, revenue per contact lens fit, and revenue per contact lens sale. It is important to track metrics in order to maintain a healthy business and evaluate trends.

What business books would you recommend other ECPs read? 

I haven’t read these optometry business books myself yet, but they are on my reading list:

  • 201 Secrets of a High-Performance Optometric Practice by Bob Levoy
  • But I Don’t Sell: An Eye Care Professional’s Guide to Being More Persuasive, Influential and Successful by Steve Vargo
  • Make Time: How to Focus on What Matters Every Day by Jake Knapp

What advice would you give a new grad today? 

I would recommend to learn to how to do a basic eye exam in the top five most commonly spoken languages in the area you practice. Connecting with patients and their families in their native language really opens doors for building patient rapport and building more referrals.

Last indulgence? 

My last random indulgence was Subi Super juice from the supplements aisle at Wholefoods grocery store. It is a pulverized  powder of 20+ vegetables (mostly greens). Although, the taste was unpalatable at first, it has grown on me! I feel of all of the powdered superfoods I have tried before, this one has improved my energy levels and digestion the most.  I look forward to breakfast every morning!

Favorite past-time/hobby? 

My new favourite hobby is making mocktails. I’m learning how to make virgin mojitos, coquitos, and watermelon margaritas. Mocktails can be healthy, refreshing, and fun!

Describe your perfect day

A day packed with new and exciting activities and learning new skills: e.g. belaying, forest bathing, aromatherapy, adventuring to new geographic sites, taking a hot-air balloon ride, and ziplining. Of course, not all in one day!

There was a lot of good fishing where I was in New Brunswick. I used to love fishing all the time. Sometimes the doctors would also take me out snowmobiling with them, so that was a lot of fun.

 

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Bringing Emotion into the Sale: 5 Tips to Improve Connecting with Clients

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“When dealing with people, remember you are not dealing with creatures of logic, but with creatures bristling with prejudice and motivated by pride and vanity.” – Dale Carnegie, How to Win Friends and Influence People

Most of us believe we make rational decisions. But the reality is that we usually make emotional decisions and then attempt to justify those decisions with logic. This is true of most purchase decisions — we tend to buy not what we really need, but what we really want. How else to explain the enduring appeal of luxury goods and travel when all we really need is bread, clothing and shelter? The major players in the consumer sphere have this figured out. Modern designs, luxury logos and exclusive shopping experiences all provide an emotional jolt for buyers. The social acceptance you get when you visit a Starbucks store, for example, is likely the reason for choosing it, rather than the taste of the coffee. To be truly successful in today’s business world, therefore, you need to sell more than just the product. It’s necessary to also sell the feelings that come with the purchase, the upscale position it suggests and the emotions it evokes in the buyer. Essentially, you are selling a dream of who your customer can imagine themselves to be. How the Brain is Wired It is interesting to note that the most primitive parts of our brains are largely responsible for the decisions we make on a day-to-day basis. Research shows that the brain’s limbic system — the part responsible for emotional responses — has a large role to play in decision-making. Memory synapses (past emotions) create biases within this primitive part of your brain, which then feed into a behavioural response. When we understand that most decisions contain an emotional component, it becomes clear that triggering the right feeling — or evoking the wrong one — will be the differentiating factor on whether a prospect buys from you or not. Emotions as Part of the Sales Process As professionals, our key responsibility is in providing the best solution for our clients’ health and wellbeing. But helping customers achieve a desired state of emotion as part of this process should not be perceived negatively. Most products and services, including eyewear, are designed to satisfy a customer desire or want, and in fact, satisfying those desires will always contain an emotional component. Here are some of the key emotional factors that can drive customer decisions and help you to achieve a satisfying outcome for your clients:

  1. Achievement and status. People have an inherent desire to feel successful and to show off their accomplishments. Cars, jewelry and houses all signal their achievements, and branded products including eyewear are no exception. To tap into this emotional response, be attentive to the vehicle a person drives, the clothes and shoes that they wear or the purse they carry to get a clear indication of how they want to present themselves to the world. It’s then possible to subtly use that desired image as a selling point during your conversations.
  2. Happiness. In today’s world, a sense of ease and comfort greatly influences purchase decisions. Customers love buying easy to use products that create pleasure and simplify their lives. Open-ended lifestyle questions are a great way to understand your clients’ priorities, allowing you to focus on the value of products that will best fit their needs and to emphasize the personal benefits to them. Your customers will love you for it.
  3. A sense of belonging. Throughout our evolution as a species, we have needed the sense of belonging, whether to a tribe, culture, country or family. In today’s more consumer-driven world, this sense of belonging is often satisfied by products; for example, some people identify as iPhone users, while others adhere to the Android camp. Your clients, therefore, will often gravitate towards fashion trends, brands or specific products that align with who they consider likeminded. If all the cool kids are wearing Ray-Bans, some will want Ray-Bans to be part of that group.

As you develop your emotional selling skills, here are FIVE points to remember that will help you to sell more effectively to clients’ emotional needs: 

  1.  Subtly mirror your client:  Your words, clothes and mannerisms will arouse emotions (both positive and negative) in your clients. By subtly mirroring a client’s language and actions you appear more relatable and empathetic.
  2. Take note of non-verbal communication: Non-verbal communication influences a person significantly more than verbal communication. One study indicated that effective communication is based on only 7% of what we actually say, while non-verbal communication such as facial expression and body language accounts for about 55% and 38% is based on our tone of voice.
  3. Understand emotional awareness: Develop your ability to identify and manage your own emotions and the emotions of others. The last thing you want to do is frustrate or infuriate a client.
  4. Understand Emotional Intelligence: Emotional intelligence is distinct from logical reasoning or linguistic ability.
  5. Be cognization of your client’s emotional response: Being able to touch a client’s emotional response rather than simply appealing to logic can expedite decision-making and will leave you and your customer both feeling better about the purchase.

Perhaps the most important point to remember is that by leading with empathy, you will begin to truly understand both your clients’ practical and emotional needs. In doing so, you have the opportunity to create a more satisfying outcome for them and improve your sales results in the process. Reprinted from Optik Magazine – November – December 2021 issue Contribution from shan Khan and Kazeem Merali.

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6 Tips for Successful Recruiting and Team Building in 2022

Human Resources, Leadership, Talent Acquisition

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While the challenges of of recruiting in eye care were evident in 2019, the last two years have added a whole new dimension to the challenge.

Since the onset of the pandemic in March 2020, we have seen significant workplace trends develop from an acceptance of remote working, online meetings, flexible work hours to support home schooling and, overall, a new set of rules and worries – for both employers and employees. There has been a lot of learning!

For the past 10 years or longer employers have been told to prepare for the great resignation/retirement wave that was going to hit the workforce with the baby boomers coming up to 60+ years.

The Pandemic Has Empowered Employees
We were starting to experience this back in 2019 but now the pandemic dynamic has accelerated what was already happening – people removing themselves from the workplace.

Workers are quitting their jobs at unprecedented rates. But here’s the thing; what we’re seeing right now isn’t just a generation of baby boomers stepping into retirement. It’s a bigger phenomena.

People who are leaving their jobs aren’t passively surrendering or checking out. People are actively shifting the narrative about what is acceptable (and not acceptable) in jobs and workplaces.

If your star employees have not left yet, they might be “hunkering down” –  biding their time, ready to pounce on new opportunities. Perhaps they will consider starting their own business, buying a franchise or changing industries entirely.

People are embracing their power and helping to reframe how work can and should look and feel.

Time. Space. Growth. Autonomy. Leadership. Wellness.
Work-life integration. Money. Safety. Engagement. Equity.
All of these things are essential to our mutual success. The problem is that employers and employees are not always on the same page about what these things are or ought to be, in policy or practice.

So, what does that mean for the Optometry Clinic and Optical?  Here is a quick checklist of  6 things you can do to make everything work better at your business.

  1. Programmable Recruiting. Consider who you want to attract and then target them. Social media tools allow you to set the demographics you want to reach and target your spend on the best potential candidates not volume of candidates.  Seek Quality – Not Quantity
  2. It’s Not About You. Shift the narrative in your communications with candidates and your team about what it is they can expect to get from you not what you are wanting to get from them.
  3. Know Your People. Understand what your current people want from work. Are you over-extending them with more hours than they want but they are not speaking up? Do you have the opportunity to support up skilling or professional development?
  4. Measure What Matters. Are the roles in your practice where you can provide training and upskilling? If so, put the focus on who they are, then look at what they know and what they have done.
  5. Always be looking. Be an organization that is always on the look-out for great talent to bring to the team. Don’t wait until you need to fill a position. If someone great comes along see how you can make room for them. If not immediately, keep the contact warm.
  6. Build Your Community. We all have a community around us. The people we work with, the people we serve, the suppliers, friends, family and professional contacts. Keep connected. Share what you know and be a valued member of your community. Give first is always the best approach to building relationships.

TIM BRENNAN

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

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Low Vision Residency Experience at UW

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Young Optometry residents in conversation

Dr. Sana Owais completed both her Doctorate in Optometry (O.D.) and her residency in low vision rehabilitation from the University of Waterloo. Due to her commitment to life-long-learning and patient care, she also received her fellowship with the American Academy of Optometry (F.A.A.O) designation.

She did her Honours Bachelor of Science degree in Biology (Physiology Specialization) from McMaster University where she graduated summa cum laude and with Deans’ Honour. During her optometry training she was recognized with the VSP/FYidoctors Practice Excellence Scholarship and the Gold Key International Optometric Honour Society Award.

 

Dr. Sana Owais, OD, FAAO, talks about her Low Vision Residency experience at the University of Waterloo.

Jaclyn: Why did you decide to do a residency and why did you pick Waterloo?

Sana: Why residency? Three reasons. I am an academic at heart so a formal education program through a residency seemed like a fun way to continue lifelong learning. Secondly, I felt doing a residency may make me a better clinician so I can offer better care for my patients. Finally, I wanted to do a residency so I could potentially earn a fellowship afterwards and I felt a residency may make it easier to apply for jobs.

Why Waterloo? Waterloo is a remarkable instructional and research facility for the provision of low vision services and devices (of course I am biased here!).

The Centre for Sight Enhancement (CSE) is the only vision rehabilitation center in Canada accredited by the National Accreditation Council for Blind and Low Vision Services. The CSE hosts many holistic and interdisciplinary services, such as low vision assessments, CCTV assessments, daily living skills, computer skills training, and mental health support.

Jaclyn: Why did you pick low vision to do your residency in?

Sana: My interest in low vision piqued after my first year of optometry school, when I worked at Vision Loss Rehabilitation Ontario with the Vision Mate Program where I helped match clients who were partially sighted with volunteers. This program allowed me to see the positive impact of social engagement on the mental health of both clients and volunteers.

Additionally, I took a Braille course from the Hadley School for the Blind in order to learn more about tactile communication strategies for people with partial sight.

Regarding the residency discipline, I had three reasons for applying for low vision rehabilitation. The first one being how small changes can make a big impact. There is a theme in low vision that the implementation of small environmental modifications can potentially improve visual function when medical or surgical correction is unable to do so.

The second reason is that I like the creativity and the problem solving required in low vision rehabilitation. For example, I saw a patient who had dual sensory loss; advanced retinitis pigmentosa and age-related hearing loss. The patient’s goal was to play bridge and the patient did not know how to use Braille.

We recommended a sight substitution technique with tactile playing cards where we advised the patient to devise his own system of tactile coding through bump dots. This allowed the patient to play bridge with his friends who were sighted and therefore feel included.

The final reason is the aging population. Given that centenarians are one of the fastest growing age cohort in the Canadian population, low vision rehabilitation services will remain of high value with the continuing aging population.

Jaclyn: What did you do on a typical day as a resident?

Sana: There were three clinics that I participated in: the Centre for Sight Enhancement, primary care, and geriatrics. There were two different arms of the CSE: pure low vision and a concussion clinic which provided visual rehabilitation for those with traumatic brain injury or strokes.

On a typical day, which may start at 8:30 AM, I would begin in the low vision clinic doing a low vision assessment, then be a teaching assistant for the undergraduate low vision laboratory for third-year optometry students, and then finally see patients for direct care in primary care in the evening.

Other days may include travelling to nursing homes and long-term care facilities to do eye exams on residents, or supervising third-year and fourth-year interns doing eye exams in primary care and the low vision clinic.

Jaclyn: How much did you connect with the other residents at Waterloo?

Sana: Our group included three residents: the contact lens resident, the vision therapy resident, and myself (low vision resident). Although we had different schedules, we did convene on days of group presentations such as the ‘short rounds’ or the ‘grand rounds’, during which we built a strong camaraderie.

Jaclyn: Did you collaborate with other departments at the school?

Sana: Yes, we connected with the concussion, contact lens, and ocular health clinics several times. For example, a patient with achromatopsia may get fitted with red-tinted contact lenses from the contact lens clinic and then they would visit the low vision clinic for low vision aids and an ocular health assessment.

Jaclyn: How much research was involved in residency?

Sana: A lot of research and reading! Every two weeks we met with the journal club which was hosted by our residency coordinator. Each resident retrieved articles and we discussed and debated them as a group. We were also assigned a list of readings every month with a different theme in our residency discipline. Finally, we wrote papers for journal submission.

Jaclyn: What was your favourite part of residency?

Sana: Conferences! I loved attended the CE events and meeting clinicians, residents, and researchers from low vision from all over the globe. The first conference I attended was the Envision Conference in Wichita, Kansas (2018). It was a fantastic experience to see the Envision headquarters and to attend a conference purely dedicated to low vision. The second meeting was the Academy conference in San Antonio, Texas (2018). It was an incredible experience to meet other residents and participate in all of the CE events!

Jaclyn: Was there anything that surprised you about residency?

Sana: I found supervising students in the clinic to be a very daunting process. I found time-managing three students simultaneously where each patient has potentially complex ocular health issues to be challenging. I really appreciated our former supervisors afterwards because I realized being a clinic supervisor is a tough job!

Also, I was surprised that in the low vision clinic that we co-manage ocular disease for our patients which made the learning process very comprehensive. This provided a unique opportunity to examine the ocular health of rare conditions such as retinitis pigmentosa and Stargardt disease.

Jaclyn: Who would you recommend a residency to? Is there any advice that you would want to offer someone who was thinking about going into residency?

Sana: I would recommend residency to anyone that embraces academia, enjoys research, and is enthusiastic about enhancing their clinical care. Because residency is a marathon and not a sprint, the applicant must be committed to the rigor and length of the residency.

Jaclyn: Where do you see yourself going in the future?

Sana: In the future, I would be interested in connecting with national and international organizations, such as the Canadian Federation for the Blind, the Canadian Council for the Blind, the Lions Club, the Lighthouse International, in order to advocate for low vision rehabilitation on a national and global scale.

Jaclyn: Thanks so much Sana for the information on low vision and your insight into residency!

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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Thinking of Investing? Should you Invest Personally or in Your Corporation?

Building Wealth, Finance|Wealth, Resources

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Dr. Roxanne Arnal, CFP®

There is never a quick answer to this question. For today, let’s cover a few of the basic differences between personal and corporate investing.

Are there differences in the types of accounts a person and a corporation can own?

A person over the age 18 typically has access to three types of accounts:

  • A registered retirement account (RRSP). In your saving years, the most common is an RRSP.
  • Since 2009, we also have access to a Tax Free Savings Account (TFSA).
  • Lastly, we have open accounts. These are also referred to as Cash Accounts or Non-Registered Accounts.

For further information on these accounts, please refer to my previous article: RRSP vs TFSA.

A corporation only has access to Open Accounts.

How do contribution dollars differ?

Investing in an RRSP is done with a pre-tax dollar and is a fully tax deferred account.

All other investments are done with an after tax dollar.

Personally, both the RRSP and TFSA account types have contribution maximums.

An Open Account, whether personal or corporate, is funded with after tax dollars and is not subject to any maximum contribution cap.

What is the difference between corporate and personal after tax dollars?

This is where things start to get interesting.

For our discussions, we are assuming that you are the sole owner of your Professional Corporation (PC) and that the dollars you are using to invest in your PC have been generated from Small Business Deduction paid tax dollars.

Let’s assume you live in Ontario and earn $155,000 of taxable employment income. This will place you at a combined federal and provincial marginal tax rate of 41.16% and an approximate average tax rate (ATR) of 28%.

The SBD corporate tax rate in Ontario is 3.2%, and the federal rate is 9.0%, for a combined tax rate of 12.2%.

Therefore, if you take $1,000 from your personal income, you will have $720 to invest. If you keep the $1,000 inside your corporation, you will have $878 to invest.

Why this matters?

Compound interest can be a beautiful thing. The more money you invest in a compounding investment, the more wealth you ultimately create.

Assuming a 5% year over year rate of return, after 20 years with no additional deposits, the personal investment will have grown to $1,910.37 and the corporate investment will be worth $2,329.60. Of course, the tax story isn’t over yet.

On open accounts, all earnings are taxable, and because the Canadian Tax system is so simple (insert very obvious sarcasm), taxation on investment growth varies by the type of income received in that investment (which is of course related to the tax that the investment company has paid before paying you). That being said, interest, dividends, and capital gains are all currently taxed at different rates.

For today, let’s attempt to keep things simple by assuming that 100% of your investment growth is a capital gain and therefore the entire tax bill on the investment in our example won’t be triggered until it is sold in year 20.

The difference in the last column may not seem like much, but what if you took that $1,000 of income amount every month and invested it using the same assumptions over that entire 20 year period? After the 20 years of investing, you have input an additional $37,920 into the corporate investment and have grown your overall investment by nearly an additional $65,000 before taxes.

Now, keep in mind, the net after tax account value in the personal account is ready to spend, while the corporate account value is still locked in the corporation.

In order to get the corporate dollars to your personal bank, you will be subject to personal tax. For simplicity we will assume that you will remove the money from your corporate account as an eligible dividend over a ten year period of time. Using the current Ontario eligible dividend marginal tax rate (after gross up and dividend tax credits) for those with a taxable income of $150,000 at 25.38%, the $323,195 is now $241,168 of spendable cash, for a total spendable cash loss of $37,535.

So does that mean I shouldn’t invest in my corporation?

…Well not so fast! This example made several assumptions, including the massive assumption that the future tax rates will remain the same and that your taxable income in retirement will place you at the same tax rates that you are currently at. I didn’t pick a $155,000 annual employment income amount at random either. For 2021, you earn the maximum RRSP contribution limit of $27,830 when your employment income is above $154,611.

All of these factors matter when we build a holistic plan that involves multiple different accounts and wealth creation strategies to help insulate you from the unknowns of future tax rates and provide for multiple sources of income draw – some taxable and some not.

It is therefore critical that your financial planner review all pieces of your puzzle and strategies to set you up for a future that has considered multiple sources of retirement revenue, possible future tax changes, and estate priorities.

As your Chief Financial Officer, I’m here to help you ask the right questions. I help you manage a team of financial professionals and ensure that you have thought about the potential issues. The more we learn, the more we realize the need to learn more, and yes, another topic for another day!

Have more questions than answers? Educating you is just one piece of being your personal CFO that I offer. Call or email today to start your plan.

 

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission to Empower your Finances.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. The values provided here are subject to change and should not be construed as fact. Tax rates illustrated were in effect as of January 1, 2021. 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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Looking for a New Career Direction? There has Never Been More Choice.

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Career Pathfinders

On Monday November 8th a virtual presentation and networking event was hosted by Eye Care Business Canada.  Spokespersons representing Canada’s leading eye care organizations provided short and spirited presentations of the benefits that each offers to eye care professionals that might join or partner with their organization.

Roxanne Arnal, a former independent OD practice owner, now Certified Financial Planner© moderated the event. Citing this unprecedented time of changes and challenges which has led many to emotionally reflect upon life choices and career alternatives, Arnal invites the attendees to understand choices with clear logic, reason and cultural fit.

Start the YouTube video

Here is a summary of the presentations.

Tim Brennan, Chief Visionary Officer Fit First Technologies/EyePloyment.com provided a summary of the Canadian ECP Employment survey results, pointing to the % of practices with current and expected job vacancies, as well as non-managerial employees intentions to seek employment elsewhere and their main reasons for doing so. Brennan wraps by providing key 6 tips to hiring in a post COVID world.

Dr. Michael Naugle, VP, Optometric Partnerships, FYidoctors provided a nuanced definition of the spectrum of ownership models  (including corporate/employee, Franchise and Joint Venture) and how FYidoctors fits into the spectrum. He delved into key characteristics which separate the various models, including:  Doctor ownership, autonomy to set fees, influence on ability to earn income and degree of control.

Dawn McIntyre,  Optometry Support Director, Specsavers outlined the global presence of Specsavers and the founding purpose and values they intend to pursue in Canada. McIntyre outlined the Specavers career pathway starting from support of student ODs, developing early clinical expertise and professional community development to, ultimately, business ownership, which may also include international opportunities as evidenced by her own career path.

Nick Perry, Bailey Nelson Co-founder & Managing Director and Dr. Laurie Lesser, Eyecare Director Canada/UK, teamed up to share the rapid growth of the company from 2012 to 2021 and four keys to their business model: focus on people, commitment to Optometry, quality products at attractive prices and achieving a relaxed, inviting customer experience. Dr. Lesser outlined the support that Bailey Nelson brings to ODs building their practice base.

Dr. Daryan Angle, VP Business Development IRIS Group, explained the values that underpin the 31-year history of the IRIS group in Canada. Angle pointed out the various career path options available for Opticians and how they are integral to the group’s success. He outlined the path for ODs from independent contractor to local partnerships and potential leadership positions and optometric specialization opportunities.

 Dr. Trevor Miranda, sponsored by Bausch + Lomb, owner of 5 independent practices on Vancouver Island shared what excites him about building a dream independent practice and the benefits that accrue around lifestyle, building wealth, and learning and leadership opportunities for ODs. Miranda challenges younger ODs to consider benefits of rural practice locations connected with lifestyle benefits outside of the big cities.

Dr. Kyla Hunter, practice owner of Aurora Eye Care, Grand Prairie, AB and Eye Recommend member addressed “why Independent Optometry” and how Eye Recommend supports members. Dr. Hunter cites choice of products and service offerings, and freedom to set pricing and her own schedule as key benefits of independent practice.  She provides the example of how her group practice is structured to provide the freedom follow her passions. She outlines the how the myriad of support services from Eye Recommend facilitate her choice to thrive as an independent practice.

Following the presentations, Arnal invited Dr. Maria Sampalis, founder of Corporate Optometry, to forum discussion for a US perspective on consolidation. Among the questions posed specifically to the larger groups was if professional services fees are discounted within their operations.

 

Event sponsors included:

Bausch + Lomb Canada,  Clarity Financial Services, Eye Recommend,  FYidoctors/Visique, IRIS GROUP, Specsavers, EyePloyment.com, Corporate Optometry, CRO Online CE

 

Other  “Changing Landscapes Events:
October 25: Technology Drivers of Change

November 1:  Selling & Buying a Practice

 

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Practice Consolidators and Independent Practice Advocates Meet to Pitch Their Case

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Buying & Selling a Practice

In a first-ever event bringing together Canada’s major eye care practice consolidators and independent practice advocates, over 200 eye care professionals gathered virtually on November 1 to hear pitches for practice partnership.

Roxanne Arnal, a former independent OD practice owner, now Certified Financial Planner© and owner of Clarity Financial Services moderated the event. Roxanne shared her own practice exit outcome in 2021 saying, “it was fueled by fear, disappointment, and ultimately a lack of understanding of my options,” and wished she had the opportunity then to the information that was presented in this webinar. Click Here to View the Slides.

Start the YouTube video

Here is a summary of the presentations.

Dr. Robert Allaway, Chief Optometry Officer of newcomer Vision Alliance Corporation advocated that, “the best solution is to sell to another Independent Optometrist”. Allaway explained the Vision Alliance model where the OD owner provides all the professional direction and Vision Alliance takes away Human Resources and other ownership headaches.

Dr. Wes McCann, owner of 6 independent practices representing Eye Recommend shared his formula for acquisition fueled growth while utilizing resources from Eye Recommend to maximize the bottom line. McCann put emphasis on ensuring that the practice reflects the needs and flavor of the local community working together to improve independent optometry.

Dr. Trevor Miranda, sponsored by Bausch + Lomb and owner of 5 independent practices on Vancouver Island, drew the parallel of building a strong practice to building a fantastic home. Miranda stressed the importance of knowing your numbers, measuring what counts and adding revenue streams with Optometric sub-specialties.

Dr. Daryan Angle, VP Business Development IRIS Group, shared the IRIS story, its mission and values. Angle explained the IRIS four-step selling and partnership process: alignment, valuation, due diligence, and integration. While the process is consistently applied, each situation is unique and therefore personalized to the OD or optical vendor. Click Here to View the Slides

Mike Protopsaltis, Partnerships Director, Specsavers, an optician and former Specsavers franchisee himself, outlined the market leadership position Specscavers has reached in each of the markets in which they compete. He emphasized that “partnership” is at the core of the Specsavers franchise model and the low $ value entry cost. Click Here to View the Slides.

Dr. Michael Naugle, VP, Optometric Partnerships, and Gord McFarlane, Managing Director of Corporate Development FYidoctors teamed up to share their views on what considerations come into play when selling or merging a practice and outlined FYidoctors valuation methodology.  They noted that FYIdoctors has the most Canadian experience among all the consolidators, having closed over 300 individual deals. Click Here to View the Slides.

Drs. Skylar Feltis and Warren Toews, OD owners of the YXE Group of 4 practices in Saskatchewan, members of Optometric Services Inc. (OSI), explained how, with OSI’s support and technology, they were able to successfully expand and find new partners. The spoke about OSI’s Vision Entrepreneur Program which offers coaching and training to ODs intent on becoming clinic owners,  supporting OSI’s mission to champion independent optometry.

Jackie Joachim, Chief Operating Officer, ROI Corporation, had the opportunity wrap up the evenings presentations by sharing her experiences as a leading Canadian health care brokerage. Jackie conveyed her experiences with the selling/buying process from a numbers and valuation perspective and outlined how bankers’ view the current market situation.  Good news:  “Health care is alive and well.”

The formal presentations were followed by a Q&A and networking section in the highly interactive event platform. Attendees who entered the prize pool through sponsors’ digital signage were able to enter into draws for prizes.  Nearly $1000 of prizes were subsequently awarded to attendees

Event sponsors included:

B +L Canada,  Clarity Financial Services, Eye Recommend,  FYidoctors/Visique, IRIS GROUP, Specsavers, Vision Alliance Corp,  Optometric Services Inc. (OSI) and ROI Corp.

Care1,  Digital ECP, CRO Online CE, Eyeployment.com

 

Other  “Changing Landscapes Events:
October 25:  Technology Drivers of Change

November 8:  Career Pathfinders: Making Informed Choices

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Which Technologies Will Drive the Future of Eye Care?

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Technology rivers of Change

Canadian eye care industry experts gathered virtually on Monday October 25th to share their views on how technology is impacting eye care.

Representatives from leading organizations including  Bausch + Lomb, Eye Recommend, FYidoctors, IRIS Group, F12.net and newcomer to the Canada, Specsavers, provided a precis on the top important and possibly disruptive technologies they feel will affect eye care within a 3-5 year time horizon.  (Click here for a full list of speakers)

Start the YouTube video

Roxanne Arnal, a former independent OD practice owner, now Certified Financial Planner© moderated the event including a Q&A panel discussion to address attendee questions. Roxanne set the technology discussion stage with a review of how quickly, over the decades, new technologies reached a saturation point among consumers. Automobiles took decades from innovation to saturation, whereas new technologies, such as tablets, took only a few months – seemingly “in a blink of an eye”.

Here is a summary of the speaker presentations: 

Dr. Trevor Miranda (Cowichan Eyecare) and Ravi Tanna (Professional Relations Manager, B+L  Canada), discussed the threats provided by pervasive technologies including subscriptions and e-Commerce. They emphasize available solutions as opportunities for independent optometry against these threats.  Dr Miranda underlines the important point that innovative products are the differentiating lifeblood of independent Optometry.

Dr. Damon Umscheid (Eyes 360) representing Eye Recommend, cited omni-channel retail as a key driver and offered a nuanced definition of omni-channel versus multi-channel retail. His other technologies discussed were Artificial Intelligence (AI) and Telehealth. Dr. Umscheid concluded on the benefits of independent practice and how the support of Eye Recommend helps independents navigate through the new technology landscape.

Dr. David Schwirtz, VP Innovation, IRIS Group spoke about the evolution of e-commerce from brick and mortar to what he sees as the future. He framed the topic of telehealth related to optometry in a functionality spectrum including Online refraction, remote optometry and telemedicine. Finally, Dr. Schwirtz revealed IRIS’s focus on virtual try on and dispensing technology that keeps the professional and patient at the centre of care.

Naomi Barber, Director of Optometry, Specsavers Canada provided an overview of the international Specsavers organization. She explained how Specsavers looked at the major causes of vision loss and identified that OCT was clearly the technology with the most potential. She explains that a new way of using this existing technology will have the most impact on serious eye health issues, including on Glaucoma, Diabetes and AMD in the next 3-5 years.  Ms. Barber shared the results of an Australian pilot program which Specsavers plans to implement in Canada.

Dr. Alan Ulsifer, FYidoctors | Visique CEO & Chairman of the Board, shared his views on an expanded concept of Omni-Channel, e-commerce and Tele-Optometry. He presented interesting results of a survey of patients on satisfaction levels with “at home exams”. Results broken out by age demographics provided some revealing patient perspectives. Finally Dr. Ulsifer addresses the concept of “Kiosk Optometry”; its history and possible future.

Alex Webb, is the Founder and CEO of F12.net which provides managed IT services to health care and other businesses to offload the risk and complexity inherent in IT infrastructure. Mr. Webb provided a sobering review of cyber incidences in Optometry and outlined the 5 top security challenges in clinics and the spectrum of risks from extortion to unrecoverable business loss. Finally he offers a prescription for a cyber security cultural shift for practice owners.

Upcoming “Changing Landscapes Events: 

November 1:  Selling & Buying a Practice
November 8:  Career Pathfinders: Making Informed Choices

October 25 Event Sponsors include:
B +L Canada,  Clarity Financial Services, Eye Recommend,  FYidoctors/Visique, IRIS GROUP, Specsavers,
Care1,  F12.net, Digital ECP, CRO Online CE, Eyeployment.com

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Episode 23: Confidently Reintroduce Your Astigmatic Presbyopes to Contact Lenses

Podcasts, Products | Services | Industry News

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Dr. James (Jim) Hoffman, shares insights on how to get former contact lens patients with presbyopia and astigmatism back into contacts and WOW them them in the process with new ULTRA Multifocal for Presbyopia from B + L.

About the Guest

Dr. Jim Hoffman graduated from the University of Houston College of Optometry in 1981 and was awarded fellowship in the American Academy of Optometry in 1985. Dr. Hoffman excels in pediatrics and advanced contact lenses and often lectures to his peers in USA and Canada.

Dr Hoffman is an independent practice owner with two practices in Orange Park Florida (south of Jacksonville), where he practices with his wife Dr. Karen Larson.

 

Episode Notes

Dr. James (Jim) Hoffman, enthusiastically shares insights on how to get former contact lens patients with presbyopia and astigmatism back into contacts and WOW them with new Bausch + Lomb ULTRA Multifocal for Astigmatism.

While multifocal toric contact lenses have been around for some time, the combination of a contact lens for presbyopia and  astigmatism in a stable, easy to fit format has been an unmet need for both practitioners and patients.

In the past Dr. Hoffman acknowledged that he had reluctantly informed patients, “there’s no contact lens for you” that could satisfy both their desire for uncompromised vision and freedom from glasses.

As an early adopter of Bausch + Lomb ULTRA Multifocal for Astigmatism contact lenses, Dr. Hoffman shares tips on how to bring back astigmatic presbyopes that had given up on contacts.

In this podcast Dr. Hoffman shares in detail:

  • how his office prepares specifically for these patients,
  • his in-office protocol,
  • patient communication strategies, and
  • follow up protocol.

Until the availability of this new lens he hadn’t realized just how frustrated the patients were. He and his patients now have the satisfaction of returning to contact lenses and regaining freedom from glasses without compromise to vision.

Key Tip: Since there’s never been a contact lens like this, he stresses the importance of following the Fitting Guide.

Resources

 

Dr. Glen Chiasson

Dr. Glen Chiasson

Dr. Glen Chiasson is a 1995 graduate of the University of Waterloo School of Optometry. He owns and manages two practices in Toronto. In 2009, he co-hosted a podcast produced for colleagues in eye care, the “International Optometry Podcast”. He is a moderator of the Canadian Optometry Group, an email forum for Canadian optometrists. As  a host of  “Eyes Wide Open”, Glenn  looks forward to exploring new new technologies and services for eye care professionals.

Dr. Chiasson enjoys tennis, hockey, and reading. He lives in Toronto with his wife and two sons.

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

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The Best Time to Sell

Buying-Selling A Practice, Practice, Resources

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After the last 18 months we’ve experience, people are always asking,”Is it time to should sell my practice”. Today most owners want to know if one should sell during a pandemic.

Pandemic Effect on Practice Valuations
The easiest, and yet ironically most complex, answer is simple: sell when you are really ready to let go of ownership as long as you can afford to.

There are many factors that determine the best timing for selling a practice — the financial position of the owner, valuation of the office, potential for further growth, past performance and history, as well as the current market.

Healthcare has proven over the last 15 years to be both recession and now pandemic resilient. Practice values have not gone down and in fact, during the pandemic, values have increased.

The best place to start is to ask 2 simple questions: can you afford to sell and are you ready to walk away without looking back?

The financial question is easier because it is all about the math. Has financial security been achieved? If yes, then by all means, pass go and collect.

The second question, is truly the toughest. An owner might be very attached to their office and maybe even more than they think.

After all, many owners feel they have invested a significant portion of their life to its success and handing their “baby” over may not be easy.

Do the Math
Most owners want to sell when they know they can maximize the price. However, owners should also consider what they are giving up in order to delay the sale for the ultimate price.

Doing a cost-benefit analysis is a worthy exercise to undertake. For example, let’s say a clinic is valued at $1,000,000. The owner, after 30 years, is getting tired of managing all aspects but if they can sustain their current pace for another 2 years, they may achieve a price of $1,200,000.

In other words, is $200,000 worth it when someone feels they are reaching their limit? For some, it may definitely be the case but what if the owner wants to work less, travel more? What if the current pace is causing health issues? How much are these factors truly worth?

Engage your Expert Team
Before any decision is made, the most important step to take is to have a valuation completed. Knowing the value of the clinic helps the owner to determine if a sale would meet their objectives.

The next step is to discuss the sale with an accountant. Understanding the tax position of the owner is critical. Too many times, the owner wishes to sell but the professional corporation is not in its purest state to facilitate the best possible outcome.

Personal Considerations
The next key factor to consider is what will the owner do post-sale. Is the owner ready to stop practising? If the new owner wants the vendor to stay on, is this realistic? An owner needs to truly do some soul searching and decide after so many years of ownership if they can go back to marching to the beat of another owner’s drum. Relinquishing control sounds easy but for many owners it is not as simple as it sounds.

A sale does not mean the end of an owner’s identity. It also does not mean the end of a career either. A vendor can certainly discard the chains of administration and management in order to seek other opportunities – such as working part-time, doing locum work, or teaching.

So going back to the original question, when is the best time is to sell. Practice owners can quite honestly sell whenever they are ready. The present economic environment most definitely facilitates the successful sale of a practice.

In our current economy, buyers continue to exceed sellers which always creates a robust exit market. We have yet to see the flood of baby-boomer business owners ready to sell. Banks continue to provide 100% financing over 12 years to buyers.

Healthcare in general – be it for people or animals, despite or in spite of a pandemic, has proven to be a profitable business with a continued good economic future.

Therefore, a vendor never needs to feel forced into a sale. Instead, every vendor must simply decide if the time is right for them. Vendors need to do some homework and then move forward with confidence.

 

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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