Zero to Five Pathfinder: Spotlight Jocelyn Leung, OD

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NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

PathFinder Spotlight:

Jocelyn Leung

Optometry:
University of Waterloo, 2019 Graduating Class

By Jaclyn Chang, OD

Jaclyn:  Tell us about your education and internship experiences.

Jocelyn:  I graduated from the University of Waterloo in 2019, and I currently live and practice in Toronto, which is also where I grew up. I was fortunate enough to have a quite diverse experience during my internships, and that gave me a different perspective on optometry. These included a single doctor private clinic, a multi-doctor private clinic, and a clinic that specialized in dry eye therapy, glaucoma co-management, and myopia control.

Jaclyn:  Is there an area of optometry that you’re particularly interested in right now?

Jocelyn:  I really like dry eye therapy. It’s a growing field in research and new treatment options, which changes the way that we manage our patients. Dry eye is very, very common nowadays with device usage and screen time, and the treatment is personalized for each patient. This gives us the opportunity to talk to our patients and help them figure out the status of their eye health and best treatment. I am also interested in aesthetic optometry, such as IPL and RF therapy, which pairs up nicely with dry eye.

Myopia control is another area of interest of mine as myopia becomes more prevalent globally. The treatment options are soft contact lenses, ortho-K, atropine, and specialty spectacle lenses. This area of optometry, like dry eye, also involves a personalized plan for the patient and is one of the reasons I’m drawn to it as a specialty.

Jaclyn:  How was your start in optometry – can we talk about your first day of work?

Jocelyn:  My first day of work was in September in 2019, and the first day is definitely nerve wracking because it’s your first day seeing real patients on your own. You have a responsibility to give them the best vision you can, and it’s also a new setting.

To mitigate that stress in the beginning, I would recommend going into the office ahead of time before you see patients, whether it’s a few hours or a day before. Learn the EMR, equipment, fees, the staff’s names and roles they play in the office. If the office is dispensing, learn the type of frame lines that you carry and the lenses you offer so you can have that conversation with your patients. For referrals, ask the other associates and the owner of the practice who they typically refer to for cataract surgery, or even other specialties like vision therapy within optometry. Familiarizing yourself with the names of other healthcare professionals in the area, such as pharmacists and family doctors, is very helpful.

There’s also no need to jam-pack your schedule the first day. Take your time with the patients and make sure that everything in terms of procedure is seamless, because you don’t want show that it’s your first day at work to the patient.

Lastly, don’t be too hard on yourself – you’ve been trained for this. Do your best and enjoy that you’ve picked a great profession and are just at the start of an amazing career.

Jaclyn:  I can definitely relate to that first day feeling! Of course, a lot has changed since then. How have or will things change with COVID?

Jocelyn:  With COVID, people are more conservative about traveling and going to do things in person. Since people are staying at home more, convenience is a big thing for everybody. We have one day Amazon shipping, and everything is at our fingertips through apps and the internet.

Utilizing technology is so important post-COVID. Having an online store for contact lenses, drops, even sunglasses is becoming an essential. Communicating via email or text also helps with patient convenience and ensures patients aren’t feeling that they’re forgotten after COVID.

Tele-health was big during the first lockdown. Tele-health can be a great platform to discuss care – to discuss testing or visual field results instead of having the patient come in. However, there are also times you would want to see the physical eye to make a diagnosis.

Jaclyn:  Let’s switch a little bit from optometry and talk more about you! What do you do in your spare time? What are your hobbies?

Jocelyn:  Pre-COVID, I loved working out in the gym. I love weight training and powerlifting. Now I have a makeshift garage gym with some weights, but it’s not the same feeling. I do look forward to going back to the gym because it did help to de-stress and help me feel a bit more accomplished throughout the day.

I love travel – I already have a list as to where I want to go next. I want to go to Japan again. And I’m a big Disney fan, so I definitely want to go to Disney World.

Jaclyn:  What’s your favorite food?

Jocelyn:  Sushi! Good sushi with good quality fish is something that I really love and associate with good memories. Back in university, I used to go for sushi with my friends, and it was always a good time.

Jaclyn:  What’s your favorite TV show?

Jocelyn:  I love reality TV dating shows, but I also like intense storylines such as Game of Thrones, or any sort of action lines. I love Food Network shows that include traveling and eating different foods or cooking challenges.

Jaclyn:  Great to learn more about you! Thanks so much for taking the time to have this discussion with me.

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Dr. Brian Yeung’s Optometry School Experience

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After a few years out of school, sometimes it’s nice to go back and reminisce with old friends about when we were just learning the techniques that we now do expertly on a daily basis.  Dr. Brian Yeung, shares his school experience with Jaclyn Chang, editor of NewOptometrist.ca.

 

Jaclyn:  Can you talk about your experience interviewing at different optometry schools and why you ultimately chose the Illinois College of Optometry (ICO)?

Brian:  I applied to a few schools and got an interview at all of those schools. Waterloo was pretty tough with their interview process and admissions. I decided to go to Chicago for an interview, which was a lot more relaxed, and I really enjoyed the city. After that, I really felt like the ICO was a good place to be.

I interviewed at SCCO in California. That was a nice experience too, but I didn’t have as much of a gut feeling that I was going to be more comfortable there. They put me on a waitlist, but by that time, ICO had sent me an acceptance letter. I did have a third interview in Arizona at AZCOPT, which I declined.

Jaclyn:  I had the same experience at ICO. I think it was the third school I’d interviewed at. I actually didn’t know much too much about ICO at the time, but I felt the most at home there, and I was actually very surprised by how at home I felt there.

Brian:  Right? I had Dr. Pang, Head of Pediatrics. She asked me if I had any questions for her, which I had forgotten to prepare. I kind of freaked out for a second and said, ‘Well, I’m in Chicago for another day, are there any places to eat?’ She laughed it off and was really cool about it and told me where to get the best deep-dish pizza.

Jaclyn:  That’s awesome. Interviewing at schools is similar to how the real world works. When you interview with an optometrist for a job, a lot of it is a personality fit.

Brian:  That’s the most important. Knowledge is one thing, experience is one thing, but if you don’t work well together, even if you know everything, it’s not going to work out in the end.

I had a job offer right out of school, without even interviewing. Someone looked at my resume and saw that I had been the President of the Fellowship of Christian Optometrists (FCO) at ICO and thought I would be a good personality fit.

Jaclyn:  Can you talk about your role in FCO at ICO?

Brian:   After second year, The FCO Board needed incoming third years to take over the leadership positions. All the positions were taken except President. No one wanted to be President. I didn’t necessarily want it either. I just wanted to go on mission trips, but if no one was going to do it, this group wasn’t going to exist.

I talked to the previous Presidents to learn more about the role and ended up accepting it. I’m actually pretty grateful for that because I had the opportunity to coordinate two mission trips with the doctors that worked in Honduras and Guatemala.

It was a really great experience that pushed me out of my comfort zone and developed my leadership skills. Being the President of FCO also put me in contact with the doctor that ended up being my supervisor at my first rotation in Idaho.

Jaclyn:  I remember when you were in Idaho. You had a car, right?

Brian:  I had a free little 1995 truck that I was taller than, and I’m not that tall. I stayed in a trailer for three months for free. It was great; it was the cheapest rotation.

Jaclyn:  How were all your rotations?

Brian:  In Idaho, I did general comprehensive exams. There wasn’t a lot of disease, but that was perfect for first quarter because it allowed me to fine tune my exams and work more efficiently.

That experience prepared me for my next rotation at the Florida VA, which was go, go, go non-stop, and a lot more disease. I’m glad that it worked out that way; I didn’t have to worry about my timing at that point and I could absorb and learn about diseases.

At my ICO rotation, I also saw a lot of disease because we’re on the south side of Chicago. That was another reason I chose ICO – I like that type of learning environment that’s hands-on and I really like to learn from experience.

Indiana was my other rotation and that was just as good, but that was more of an OMD practice. We would see up to 40 patients a day for pre-ops and post-ops, and I would get to observe all the surgeries, following a different doctor every day.

 Jaclyn:  With all of your different experiences, do you have any idea where you want to go in the future?

Brian:  It’s hard because I have a dream of what I want to do. I would love to build a practice from the ground up and build a culture of my own, but I’m also perfectly happy with being an associate because there’s less responsibility. Being an associate in a well-established practice and having good technology at my disposal allows me to make the income I want without sacrificing too much in how I want to practice.

My life is more-so following the path as it comes to me. I’m not one to plan too far in advance, because I know life is unpredictable. I find that if you’re willing to go with the flow, it actually will carry you to good places generally.

Jaclyn:  Makes sense! Thanks again Brian – it’s always a good time chatting with you!

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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New Look Completes the Acquisition While Reporting Strong Increase in Quarterly Results

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The all cash transaction taking New Look Vision Group private announced on March 18th was finalized on June 6th.  Under the deal, FFL Partners (FFL), a San Francisco-based private equity firm, Caisse de dépôt et placement du Québec (CDPQ), a global investment group, and the Dr. H. Doug Barnes Family acquired all of the outstanding Class A common shares of the Company  for $50.00 in cash per Share.

Shares of New Look Vision were delisted from the Toronto Stock Exchange (the “TSX”) as of  May 28, 2021 end of day,  removing the company from public trading, a move which New Look management referred to as a kind of “freedom day’ for the company.

FFL has a strong track record of investing in and building leading eyecare and optical retail businesses, including Eyemart Express, the second largest independent, value-focused optical retailer in the U.S.; and EyeCare Partners; one of the leading vision care providers and a former portfolio company of FFL.

New Look had previously (2019) entered the US market with the acquisition of twelve Edward Beiner banner stores in Florida, marking the first Canadian-based optical acquisition of significance in the US market.

Strong Q1 Posts Gains over prior quarter
As a backdrop to the acquisition, New Look reported strong financials for the period ending March 31.  Adjusted net earnings increased by 69.3 percent compared to the prior quarter and cash flows related to operating activities reached $16.6 million, an increase of 126.2 percent.

New Look continued to pursue its significant acquisitions in Canada and the U.S., acquired 15 stores in the quarter.

President and CEO Antoine Amiel, stated, “New Look Vision showed remarkable resilience this past quarter and year to overcome unprecedented challenges driven by the COVID-19 pandemic and ongoing market headwinds. Despite closures and disruptions in the first half of 2020, New Look Vision continued to execute on its strategy and delivered strong results for the fourth quarter of fiscal 2020.”

Related Posts: 

Dr. Daryan Angle discusses Aquistion with EWO Podcast Host Dr. Glen Chiasson.

View the Full Optik Interview with Antoine Amiel in Optik Magazine

New Look Vision Group Regains its Freedom 

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Controlling Myopia Today for a Better Tomorrow: Recap

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By Jaclyn Chang, OD

On Wednesday, April 7th, I joined over 400 live participants watching the Hoya-sponsored Canadian Myopia Management Event: Controlling Myopia Today for a Better Tomorrow. Speakers included professor and Dean of the University of Montreal School of Optometry, Dr. Langis Michaud; optometrist, Dr. Devan Trischuk; and INNOVA product specialist, Wayne Stobie.

Dr. Langis Michaud: Any Child Progressing is a potential high myope
Dr. Michaud started off with a detailed overview of the current literature in the field of myopia control. With what we now know, myopia control should be a priority in our offices.

Our goal as optometrists is to prevent our patients from progressing to high myopia, which leads to an increased risk of developing severe ocular pathology, including glaucoma, cataracts, retinal detachments, and myopic maculopathy.

While we can assess a patient’s risk factors, we do not necessarily know which of our patients will progress to high myopia.  Thus, any myopic child who is progressing should be considered for treatment as a potential high myope in the future.

Dr. Michaud stressed the importance of using a customized approach to treatment with the many effective evidence-based options that we now have available. Prescribing single vision glasses or contact lenses to a myopic child who is progressing is no longer the standard of care.

Dr. Trischuk:  In-practice Experience
Dr. Trishchuk, owner of Family Focus Eyecare in Saskatoon, SK, talked about his experience as one of the first offices to fit the Hoya MiYOSMART lens, which uses D.I.M.S. (Defocus Incorporated Multiple Segments) Technology. Since starting in July 2020, he has seen good results with refractive and axial length control in his patients.

With a passion for myopia control, and as a focus of his practice in more recent years, Dr. Trischuk shared his management tips based on years of experience; he emphasized that the initial education is not where chair time should be saved and discussed the importance of setting expectations, early treatment, following up, and involving your whole office.

Wayne Stobie: Axial Length Equipment
Finally, Wayne Stobie discussed equipment available from INNOVA to measure axial length, a key measurement for myopia management.

All speakers then joined for a Q & A session with the audience.

This comprehensive talk provided participants with the up-to-date information needed to more effectively educate and manage our patients. The recording was made available to anyone who signed up and I hope you enjoyed this recap in case you missed it!

For more information please contact your Hoya representative and visit the website.

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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The Emotional Roller Coaster of Buying a Practice

Buying-Selling A Practice, Practice, Resources

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When the time comes to take the plunge and finally purchase a practice, there are so many thoughts that race through a buyer’s mind. Everyone is looking for the perfect practice. Unfortunately, it simply does not exist. A buyer can look at 10 different offices and find something wrong with every single one. It is understandable to want the best as this is a major purchase. However, buying a practice requires a delicate balance between logic and emotion.

While some would believe that emotion has no place in a decision this important, in reality, it does. Like it or not, emotion does in fact play a very important role when buying a business. It is critical that a purchaser cannot allow emotion to dictate the decisions that have to be based upon logic. And sometimes, the purchaser should not let logic overtake the decision-making process when emotion is required. The key to this delicate balancing act is knowing how to separate the two, and to recognize when either state may be impacting your decision-making process altogether.

Becoming a well-prepared and knowledgeable buyer is the key to your success. The initial choice to purchase is largely motivated by the desire to better your circumstances. A purchaser is likely tired of working for another doctor. Why build equity for someone else? Why have one’s schedule controlled by another? Why not invest in oneself? Most purchasers have likely reached the point where enough is enough – its time to be the boss. It is important to consider the potential rewards gained from owning your own practice. While everyone has their individual reasons, certainly controlling your own destiny, making more money, having the opportunity to improve your quality of life, and helping others, are just a few of the common reasons. These are all things that most people hope to achieve.

Choosing to buy during a pandemic is truly the time to keep the emotional side in check so that you stay motivated, especially in this economy. There are likely many people advising against the purchase of a clinic. But why would this not be the right time? Interest rates are at their lowest and quite frankly because there are some people who are either afraid or simply do not qualify, you may not be in a competitive situation. This means, you would not need to overpay on a practice that you might have pre-pandemic or certainly one year post pandemic. Fear is important as long as it does not cripple you from making a decision. To be successful, you need to cut a new path to gain success. By no means should you take ridiculous risks either. Ownership is not for everyone. But if you are not prepared to be a career associate, ask yourself if the people giving you negative feedback would still say no regardless of the economy. Trust your instincts. If your inner voice tells you that you are meant to be your own boss, then stop seeking the approval of others and look for guidance from those who are well-informed and knowledgeable.

There are going to be times during the clinic-buying process that you will be knocked off track. You will face situations where deals fall through, you will find it hard to locate any decent practices for sale, or you uncover some issues during your due diligence. These scenarios, plus many others, can surface after you have invested a lot of time, effort, and yes money, to analyze the office. A buyer must, however, have the strength to dust off these little setbacks and carry on towards the finish line or make the decision to walk away. This is definitely where emotions can play havoc on a prospective buyer. On the one hand, you want to stay upbeat and committed to the goal. On the other hand, though, you also need a good dose of logic because you must decide if you can live with some negatives or simply not move forward because it is the wrong deal.

Finally, you may be the best clinician. But you still need to educate yourself and surround yourself with experts. A good accountant, lawyer, and banker are so key to the equation. The right team behind you enables you to further grow the practice you acquire.

Last piece of advice. Please do not think you are an appraiser. Even if you have seen lots of practices, you are still not an expert. For every practice a buyer reviews, guaranteed an appraiser has seen twenty. A qualified appraiser has placed a value on an office based on a variety of factors. You might not agree with the value. That is fine but telling the appraiser they have overvalued the office is simply wrong. If you like the office but do not agree with the value, nothing stops you from making an offer at a price you are comfortable with. It really can be that simple. If your offer is accepted, due diligence will give you the true opportunity to see if the practice really is a good investment. Always remember, the stress you experience as a buyer is very similar to what a vendor also experiences. These are significant transactions and should not be taken lightly.

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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Zero to Five Pathfinder: Spotlight Dr. Brian Yeung

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NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

PathFinder Spotlight:

Brian Yeung

Optometry:  Illinois College of Optometry (2013 – 2017) 

Undergraduate: Ryerson University: B. Sc.  – Biology (2008 – 2012)

Dr. Yeung is currently practicing in Ontario.

By Jaclyn Chang, OD

Before I completed my optometry degree at the University of Waterloo, I spent one year at the Illinois College of Optometry (ICO) in Chicago. My next-door neighbor at the ICO residence was Brian Yeung. We’ve managed to keep in touch over the years and recently we had the chance to catch up. The following is the conversation we had:

Jaclyn:  Tell our audience about your background. Where did you go to undergrad? How did you get into optometry?

Brian:  I went to Ryerson for Biology, and I went through undergrad not knowing what I wanted to do.

I knew being in science, I would have to either go into some sort of medical profession or research. I realized very late in my last semester of fourth year that I didn’t like the research side of things – laboratories, testing, etc., so I decided to go the medical route. I then volunteered in various medical settings to help me figure out what I wanted to do.

I worked at my aunt’s pharmacy and volunteered with an optometrist. That’s when I realized that optometry could be a lifestyle for me. I liked that it was a nine to five occupation and I really enjoyed seeing how personable the optometrist was when dealing with patients.

Over the next year while I was doing the prerequisite courses for optometry school, I had paid work at the office where I had volunteered, dispensing and doing front desk work. I worked with the staff and met patients, and everyone was always so happy to be there.

Jaclyn:  How do you think that year that you had off translates to how you practice today?

Brian:  I’m an introvert but working at the front desk during that year pushed me to be more social and get out of my comfort zone. On the fly, I learned how to socially interact with people and make them feel comfortable because they’re there to get help from us. In a medical profession, interactions and the comfort levels of the doctor-patient relationship are so important.

I was also able to get a look at how the other side of the practice works as well, the admin stuff. I did OHIP remittance, sent error reports back, booked appointments, and answered phones. That taught me to appreciate what the front desk staff has to go through every day. I understand how frustrating it can be sometimes. Being a doctor now, I don’t feel that disconnect; I don’t want the staff to feel like there’s that disconnect.

Jaclyn:  What’s your favorite specialty within optometry?

Brian:  I’m the doctor that likes the social aspect of practicing. There’s maybe not a particular specialty that I’m really invested in at the moment, but if the situation calls for it, I’ll do what the patient needs.

When I first came out of school, I really enjoyed glaucoma, but there were some limitations with where I was working not having the technology available. Now, where I work in Oshawa, we do have a Humphrey field, OCT, and Optomap.

In Oshawa, we also have meibography and recently got a TempSure machine. It’s nice to be part of an office that has the ability to treat these things. Even if I’m not the one to do the treatments, I like being part of a network that allows me to refer to my colleagues.

I have a very personal relationship with dry eyes. At ICO, they did the full workup on me and found out I had pretty bad dry eyes. I even had Demodex at one point. They treated me for it; eventually they put me on Restasis and then Xiidra, when it came out. I did have the taste side effect from Xiidra so I ended up staying on Restasis for a year and realized I wasn’t needing artificial tears as much.  I went from six times a day to two.

Dry eye is a great specialty to be involved in within optometry because it affects a majority of people and it’s something we can treat. It’s definitely an area I can get more into in the future.

Jaclyn:  Do you have any advice from your work experience over these past couple of years that you can share with new optometrists?

Brian:  I’ve heard this and it’s the same thing I would tell others: Don’t be afraid to admit that you don’t have all the answers. Patients come to you looking for advice and solutions, but at the same time, if you don’t know the solutions, don’t lie to them. Don’t hesitate to bring the patient back for a follow up, because it shows the patient that you care and you’re doing what you can to figure out the problem with them. Patients appreciate you more for your honesty.

I also wouldn’t necessarily worry about cost to the patient – if they have to come back and pay for a partial or a test, you’re doing what’s best for them. You’ve worked hard to earn your title as a doctor and patients come to you for a reason.

Also, make sure you always keep a good network of people around you to help you out. Don’t think that you’re the hero and know everything, as I said. If you have a good network of friends, optometrists, and online resources, make use of them.

Another piece of advice is to just be personable with your patients. Take the extra two minutes to talk to your patients. It’s not just, ‘Here’s the problem. Here’s the answer. Goodbye.’ Taking that one extra minute to even tell a joke and relax makes all the difference.

Jaclyn:  Can you tell our audience a little bit more about yourself? What’s your favorite food?

Brian:  Steak and potatoes, mostly steak, fried chicken too. It’s pretty much just any meat.

Jaclyn:  What are your hobbies? What do you do outside of optometry?

Brian:  I love cooking; you can see that on my Instagram. I love anything to do with food. You have to eat anyways, why not put some good stuff in you? I love the creative aspect of cooking. It’s very therapeutic. That’s my version of therapy. Cooking and eating brings me to my happy place.

I also play a lot of sports, and I’ve been working out a lot more when I’m at home, since I can’t go anywhere. I bought a kettlebell and that’s the best investment I’ve made.

Jaclyn:  What’s your favorite sport to watch?

Brian:  These days, the Leafs hockey because we’re doing well. A couple of years ago it was the Raptors because we won. All my life, first things first is baseball. I play baseball too.

Jaclyn:  What’s your favorite movie or a TV show, or both?

Brian:  I’d say Inception, but there’s too many others as well. I don’t have a favorite TV show, but I would say the Sherlock series is one of the better ones.

Jaclyn:  What’s your favorite place that you’ve traveled to? Or where would you want to travel to, when we can again?

Brian:  Southeast Asia – I definitely want to go. I’ve never been, but I want to go there because I know your money goes really far and there’s so much good food. I’m not allergic to anything. I love spicy foods, so I’m down to eat anything and everything there.

Jaclyn:  Thanks so much Brian! It was really to catch up and I really appreciate your time. I’m glad that after one year of school together we’re still friends, especially because we have so many similarities in the way we like to practice.

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Asset Protection Analysis

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Roxanne Arnal, Optometrist and Certified Financial Planner© has made her article available in audio format.

Click the play button below to listen.

Dr. Roxanne Arnal, CFP®

My last article addressed your greatest asset and I introduced the concept of an asset protection portfolio. But what is an asset protection portfolio?

Essentially, it’s a plan that outlines how you will manage various risks to your assets.

For example, Professional Liability Coverage manages the risk you carry of causing real or perceived harm to your patients. In our increasingly litigious society, this coverage is vital to ensure that our livelihoods, our businesses, and our personal lives are not ruined due to a possible misjudgment along the way.

Review your Risks

Comprehensive financial planning includes a review of your potential risks and discusses the strategies to manage those risks.

  • Identify the risks that could threaten your financial security.
  • Quantify the risks.
  • Determine if there is some way to mitigate the risks through planning.
  • Transfer the remaining risks that you are unable or unwilling to assume yourself to an insurance company.

For significant life changing events, like premature death or developing a debilitating illness for example, it may be prudent to transfer as much of the financial impact as possible.

Where transfer is not done, you would ultimately assume the financial burden of unexpected, and potentially catastrophic events. This can have a significant impact on your assets – both on you as the asset generating machine, but also on the physical assets themselves.

From a health perspective, given todays ever advancing care, we often survive, what in the past, would have killed us. Both my husband and I are proof of  how advancements in health care save lives, where previously premature death was inevitable.

As a result, it is more important than ever to ensure that we don’t drain our savings in our fight for survival. Transferring risk permits us to adapt to our new situation while maintaining a manageable standard of living for us and our families.

Asset Protection Process

  1. Evaluate the impact of the risk. Consider: would the risk be of:
    • Minor consequence?: Where the potential financial loss is very low, it is likely very manageable within your overall financial situation. Think of smashing your cell phone. Annoying? Yes. Does it create a financial stress on your family? Likely not.
    • Substantial consequence?: Where you would face serious financial difficulties that would lead to a reduction in your standard of living, you will want to ensure you have reviewed risk transfer options.Your inability to work for six months after an accident is one such example.
    • Dire consequence?: Where it would result in significant financial loss that could lead to bankruptcy or the disposition of most assets, you will definitely want to transfer the risk.The everyday example we live here is the risk of malpractice.
  2. Review the probability of the risk occurring in relation to the impact it would create, and allocate premium dollars accordingly. For example, what are the odds of your house catching on fire? There were only 5,951 residential fires in all of Ontario in 2014. The odds of you developing a critical illness? 26% for a non-smoking 35 year old male before the age of 65! (You can review your own risk through the Insure Right Calculator by Manulife.)
  3. Select the appropriate asset protection strategy. There are 4 basic strategies:
    • Risk Avoidance – can you avoid the potential risk? For example, you can avoid the risk of an ice mountain climbing injury by choosing not to ice mountain climb.
    • Risk Reduction – can you reduce the probability of the risk occurring? For example, you can use your seatbelt every time you travel by vehicle.
    • Risk Transfer/Sharing – can you transfer the cost or share the cost of a risk occurrence with another party? For example, you can’t afford substantial time off work and support your family should you suffer a major injury. You may have an emergency fund equal to 3 months of expenses, but it’s highly unlikely you have sufficient savings to cover your needs until age 65. Perhaps a disability income replacement policy would be wise.
    • Risk Retention – for all risks not avoided, reduced or transferred to a third party, you ultimately retain the risk yourself and assume full responsibility for the financial impact it may have. Replace that broken phone? An inconvenience, but it won’t create financial ruin for years to come. Suffer a stroke? Well that’s a different story.

Have you analyzed your areas of risk and how you will handle them? As your personal CFO, I’m here to help you figure it out and explore the different options so you can make smart financial decisions with confidence.

Business risks? Well, that’s a topic for another day.

 

References:

Manulife Insure Right – What’s your Risk? Which references: Critical illness probability based on combined incidence rates for Cancer (“New cases for ICD-03 primary sites of cancer: 2002-2007”) and the Heart and

Stroke Foundation of Canada (“The Growing Burden of Heart Disease and Stroke in Canada, 2003”).

Fire Statistics in Canada, 2005-2014, published by Statistics Canada, September 2017

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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What’s New in Specialty Contact Lenses from Dr. Rosa Yang

NextGenOD, Perspectives, Products | Services | Industry News

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By Jaclyn Chang, OD

Residency trained optometrist Dr. Rosa Yang shares her knowledge on the ever-changing topic of specialty contact lenses in the following conversation with NewOptometrist.ca editor, Dr. Jaclyn Chang.

Dr. Rosa Yang

Jaclyn: What are the indications for scleral lens use?

Rosa: Scleral lens use has been growing and gaining more attention in recent years. The scleral lens vaults over the cornea and has increased comfort.

Previously, the primary indication for scleral lenses was corneal ectasia; the main one being keratoconus. Now we have learned about other benefits of scleral lenses, for example, patients with dry eye. Scleral lenses provide constant lubrication to the ocular surface. While dry eye is a multifactorial disease and scleral lenses aren’t for every patient with dry eye, there is a specific subgroup of patients who would benefit from them. These include patients with exposure, such as with a facial palsy.

Jaclyn: What equipment is necessary for fitting specialty contact lenses?

Rosa:  Topography is essential to the fitting of specialty contact lenses. When you think about managing glaucoma, you think about how important OCT is to glaucoma specialists. The analogy for a contact lens fitter is topography.

It is an effective method to assess ortho-K treatment, for example. While the patient may have optimal vision and the lens may appear well-fitted open-eye, this may not always correlate with optimal ortho-K treatment overnight. The treatment may be decentered but provides enough treatment through the optical center to give good vision. However, this does not equate to optimal treatment.

There is also value in topography with scleral lens fits. The amount of time needed to select the initial lens can be minimized. The topography can aid us in determining the initial sag of the lens. We have also learned that many scleras have toricity. Some topographers can map out scleral contour to help us decide if the patient would benefit from a toric peripheral design.

Jaclyn:  Can you talk a little bit about specialty soft contact lenses?

Rosa:   Sure, there are specialty or customized soft contact lenses for high prescriptions outside of range. For example, I had a patient whose prescription was -22D. We put this patient in a soft contact lens called Intelliwave. Keep in mind that this lens lasts for three months so the patient has to be diligent with cleaning.

Jaclyn: What is new in the world of fitting specialty contact lenses?

Rosa:  Profilometry is fairly new. With this, the topographer and the software are linked to the contact lens manufacturer. Normally, we would do a diagnostic fit, where you put a lens on the eye, check the fit, and then specify the change in parameters. Profilometry is a method in which the contact lens manufacturer can generate a lens with a specific parameter based on the topography itself.

Aberrometer is also a relatively new technology being implemented. Higher order aberrations (HOAs) can lower best corrected VA and quality of vision. HOAs can be measured and neutralized to improve vision in scleral lens wearers.

Jaclyn:  Great, thanks so much for that refresher and update!

 

Previous discussions with Dr. Rosa Yang: 

Perspectives on Myopia Control
Pursuing a Contact Lens 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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Zero to Five Pathfinder: Spotlight Dr. Dharani Devathasan

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NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

PathFinder Spotlight:

Dr. Dharani Devathasan

Dr. Devathasan received her B.Sc. (Biochemistry) and Doctor of Optometry degree from UW. She further trained at the Eye Foundation of Utah, where she focused on retinal diseases and glaucoma. In 2015, she served on the  Volunteer Optometric Services for Humanity (VOSH) mission team.

Dr. Devathasan has a special interest in contact lens fitting, myopia control and ocular disease.

When she is not busy working at the clinic  doing yoga,baking, working out or enjoying her time with her close friends and family. She loves the fast-paced environment that downtown Toronto embodies.

Why did you choose your field?

I chose optometry because I’ve always had a passion for healthcare and helping people. I enjoy working with others, so I would consider myself a people person.  I can’t imagine myself working a nine to five desk job. With optometry, I am able to help people better their day to day lives by improving their vision and give recommendations suited to their lifestyle. Furthermore, optometry is much more than vision; there have been numerous times I’ve diagnosed serious underlying systemic conditions in a routine eye exam. I believe in preventative healthcare and this field allows me to educate patients on measures they can take to lead a healthy lifestyle for their eyes as well as for their overall health.

What advice would you give a new grad today?

I was born and raised in Toronto and I couldn’t see myself working or living anywhere else. I knew deciding to practice in Toronto after graduating meant I would be working in a highly competitive region with some of the best optometrists in the province. I believe you should strive to practice the way you want and where you want. If you are driven and passionate, you can be successful anywhere. I am currently working at multiple practices which isn’t unheard of for a new grad working in Toronto. However, my long-term goal is to work at 1-2 practices and establish my patient base in predominantly one office. Patients will want to come back to see you if they had a memorable experience and received superior care. Figuring out where you want to work and in what setting can be tough, but being patient with the process while building your brand for the long term is key. It’s all about mindset and working towards your goal and not giving up!

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

I try to take a few extra minutes to educate my patients. The most common feedback from my patients is that I am very thorough and I explain things well. I try to explain things in a way that is simple and easy to remember. I try to explain the significance of certain tests to help patients understand what I’m doing and for improved compliance of their treatment plan and management of their health conditions. For more complex cases, I write it down or email them a summary. This does take more time on my part but if it means the patient will remember and listen to the recommendations I’ve provided, it’s worth the extra effort.  I try to make the eye exam a memorable and positive experience for the patient, especially for those that are more anxious and worried about their eyes!

What’s your Favorite food? Favorite past-time/hobby?

It’s hard to pick one favourite food when I love food in general. I look forward to eating and I have a lot of guilty indulgences because of my sweet tooth. One of the perks of living in Toronto is accessibility to so much great food and its diversity. I love trying new restaurants and brunch spots. I have so many favourite restaurants in Toronto. Some of my favourite cuisines are Italian, Indian, Thai and Japanese. One silver lining of this pandemic for me was that I have discovered a new passion of mine, which is baking. I love baking sweets and sharing them with my family and friends. During the first lockdown when I was unable to work due to the shortage of PPE, I started baking one thing after another. I found it therapeutic and challenging to master complicated pastries and recipes. When I am not working, I am in the kitchen baking up a storm!

What would you do if you won 10 million dollars? What would you do with your practice?

If I won 10 million dollars, it would be truly life changing. The first thing I would do would be to help my family; I’m a first generation Canadian which comes with its challenges. My parents have sacrificed so much for my siblings and I so that we could have better opportunities. As a result, they spent most of their lives working tirelessly. I would want to give them the financial freedom they deserve. Furthermore, I would want to take it a step further and help some of my extended family in Sri Lanka and civilians who are less fortunate who were impacted by the civil war.

I would obviously reward myself as well by purchasing my dream house in Toronto with space for a home gym and huge kitchen to facilitate my passions outside of work, fitness and baking. I would start up a practice in the heart of Toronto where it’s deemed the riskiest and most saturated. I would work because I want to rather than because I need too. This practice would have the latest equipment and the most beautiful dispensary ranging from high end designer glasses to modestly priced glasses so that everyone is accounted for. My dream practice is one that is inclusive and offers the best service and care possible.

What is the best possible future discovery or invention in any field?

One of the greatest discoveries of all time would be the cure to cancer. Working in the healthcare field, I’ve had one too many patients that have been diagnosed with cancer or know of someone who has passed away from it. Being in good health is such a blessing and it is something we often take for granted. Sometimes I remind myself how lucky I am to be alive and healthy, which allows me to do the things I love and to be around the people I love. It’s easy to stress about the little things in life and focus on the negative aspects, but practicing gratitude on a regular basis is truly an art.

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Sublease Opportunities with Bailey Nelson: available across Canada

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We make i t easy to run your practice by providing:
• A fully equipped exam room plus pretest equipment
• Online booking and recall systems
• EMR system
• Support staff for reception & pre-testing
• Onboarding, support and training
• Tools to optimize traffic and expand your clinic

Category:    Sponsor

 

At Bailey Nelson, it’s our mission to work with innovative and caring optometrists who ensure all patients enjoy a friendly, stress-free experience worth remembering. We’re looking for passionate individuals who are highly invested in making a difference for their patients. Is that you?

Founded in Bondi Beach in 2012, Bailey Nelson is a global brand led by an incredible team with boutiques in Australia, London, Canada and New Zealand. Buying glasses should be one of life’s pleasures. And we’ve created a formula to make it one. We start with a process that’s clever and honest. And we hire people who are passionate and genuine. It’s not rocket science. It’s just caring enough about what you’re doing to do it right.

DOWN TO EARTH

We give honest advice to our patients that correlate to their visual needs.

CONSTANTLY IMPROVE

We’re always finding new and innovative ways to improve the patient journey, including a focus on adding to our OD equipment.

TIGHT KNIT

Never feel like you’re practicing on an island by yourself. You’ve got a network of independent ODs to reach out to, an optometrist who serves as the eyecare director for the organization, and support from entire Bailey Nelson team in (and
out) of the store.

“I like the culture Bailey Nelson promotes, which reflects in the awesome store atmosphere and great people you get to work with. My best experiences so far have been meeting and working with various people in the company who come from different backgrounds and cultures. As an OD, you can practice as you choose and there is no pressure from sales.”

Syed Mohammed Moosavi
Optometrist at Bailey Nelson Scarborough town centre

“I enjoy working with Bailey Nelson because of the people both the BN team and the patients. I love having the time to get to know each patient and help improve their quality of life. I also enjoy the team of BN doctors who are always there to help each other through tough cases and and bounce ideas off each other.”

Leah Thorpe Kensington, Calgary
Waterloo, Class of 2012

“Bailey Nelson is a supportive, open, and trusting environment that has helped me grow as a creative leader in eye care. At Bailey Nelson, I get to mold my own clinical approach, implement creative ideas in pursuing specialized care with high efficiency, and deliver care that is not only high-quality but truly accessible and affordable.”

Song Kim, Square One, Mississauga
Waterloo Class of 2021

 

Frequently Asked Questions

What services does the Bailey Nelson team provide?

Along with marketing to drive the appointment books, our team also helps you on the ground by taking appointments for you, and pretesting your patients. You won’t need to hire your own staff to do this.

What equipment does Bailey Nelson provide?

We provide all the equipment you’ll need to see your patients and you get a fully-equipped state of the art exam room and pretest equipment

 

Let’s talk.

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