PlenOptika named 1 of 5 MassVentures START Stage II winners

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Cambridge, Massachusetts, 3 August 2021 – PlenOptika, Inc., creator of QuickSee™, the world’s most accurate handheld autorefractor, has been recognized as a Stage II “START” winner by MassVentures, a venture capital firm that helps transfer research and early-stage innovations into technology businesses and jobs in Massachusetts.

Last year, PlenOptika was one of 10 Stage I winners in the START program. From this group, PlenOptika was selected as one of the five “most promising” and named Stage II winners for 2021. The winning companies receive grants and other valuable support.

“PlenOptika is grateful for the recognition of our technology and its value to people here and around the globe,” said Shivang Dave, PhD, CEO and Co-founder of PlenOptika. “We are honored to be among a select cohort of companies that have had significant local and worldwide impact.” Past MassVentures awardees include such household names and industry giants as Genzyme, iRobot, Zipcar, Keurig, and many more.

The Mass Ventures START program helps deep tech startups convert their Small Business Innovation and Small Business Technology Transfer research (SBIR/STTR) into businesses and jobs in Massachusetts. Over 10 years, $28.2 million has been granted to 95 companies that have gone on to raise more than $2.5 billion and employ more than 3,000 people in the Commonwealth.

“START plugs the gaps in federal grant programs by providing the critical business development funding that early-stage tech companies like PlenOptika need to move from zero to commercialization,” said Charlie Hipwood, CEO and president, MassVentures. “With its mission and sound strategy for growth, PlenOptika has a lot to offer to Massachusetts’ innovation economy.”

QuickSee is rapidly becoming an essential tool to address the challenge of uncorrected refractive error, a matter of major global concern, including wealthy nations. A report published by The Lancet in February 2021 estimated that over 1 billion people worldwide had distance-or near-vision impairment, resulting in at least $410 billion in productivity loss annually. Poor vision tremendously impacts quality of life, education, and workforce opportunities. This is the challenge PlenOptika set out to solve.

A new paper recently published by Ophthalmology found that eyeglasses made from QuickSee handheld autorefractor measurements were accepted equally to those made from subjective refraction measurements. The findings indicate QuickSee could be used to radically expand access to eyeglasses in low resource settings, where there are insufficient professionals and clinical equipment to meet the demand for accurate prescriptions.

This is just the most recent of several peer-reviewed papers that document the unique value of QuickSee technology in a wide variety of eyecare settings.

“Recognition and support from MassVentures comes at a critical time for PlenOptika,” said Dave. “With their help, we are advancing our business to achieve impact on the scale of their remarkable alumni.”

About PlenOptika

PlenOptika designs and produces tools to help vision professionals perform their best care anywhere. Inspired to solve the global burden of poor vision, we developed QuickSee™, the world’s most accurate handheld autorefractor. Vision professionals and NGOs have used QuickSee on over 3 million patients in more than 45 countries to transform their lives with clear vision.

You can find our press release of the news at https://plenoptika.com/massventures

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Buyer Beware

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Caveat-Emptor-Buyer Beware

Recently, I had the privilege of delivering a webinar for buyers. I invited 3 owners to join me so that they could share their wisdom with the audience. It was a jam-packed hour of information and conversation about the market, the value of practices, buying during COVID and of course, the reality of ownership.

Many buyers that I speak to are concerned about a myriad of things – practice values, finding the perfect office, understanding goodwill and the great fear of potentially paying too much. That was the impetus for doing such a webinar.

The key takeaways from the session were:

  1.  Have a business plan – as a young banker, I will admit, that I did ask these of buyers because it was a financing requirement. Deep down, I believed that one doctor was buying from another doctor so what else could possibly be required?Fast forward to today. Boy, was I wrong! Age and experience have certainly opened my eyes. The choice a buyer has is to either stay as an employee/associate or become an owner. However simply buying and entering ownership is not a plan. A buyer needs to look at a potential office to purchase and see how many of the boxes are ticked.If a practice meets 70% of what someone is looking for, then this is something worth considering.A business plan will address how the new owner plans to increase revenue, what marketing/social media plans can be implemented, what services and procedures can be added etc. After all, the goal should be to purchase with the intention of improving not maintaining the status quo. However, keeping things as is, is also okay.
  2.  Practice values are not going down. If a buyer is waiting for the market to cool off, unfortunately that is going to be a long wait. In the last 13 years alone, practice values have never gone down. If you are able to purchase a practice below the appraised value, then likely there was a good reason for this.Certainly however, the norm is that buyers are paying the appraised value or higher. Therefore, if one truly wants to own a practice, this thought must be put aside. Now, I am not saying to rush into any purchase, however, if a buyer is waiting for prices to decrease, it will be a very long wait.
  3. Age of equipment or the facility. An older practice will not have the polish or sparkle that a brand new one will. However, when one is buying an old, more established clinic, the true value is in the patient base/goodwill.While the equipment and facilities may be older, this is still what is being used to generate the revenue reported in the appraisal. And more importantly, those coming for treatment are perfectly happy.For example, 2 clinics can both be appraised at $1,500,000. Clinic #1 is 4 years old with state-of-the-art equipment and generating approximately $500,000. Clinic #2 is 20 years old billing $1,000,000 with existing equipment. Which one should a purchaser buy? I know I would go for #2 because equipment can be replaced as well as a new coat of paint to freshen the place up. While it might not be the perfect clinic for the buyer, it is perfectly fine for those who visit the office for treatment. Office #2 has one huge advantage – established patients which produce strong cash flow.After all, cash flow is king (or queen) and definitely pays the expenses, the loan, and the owner.

The best advice we can offer, which was echoed by our panel of experts, is to find something that meets most of your requirements (level of revenue, location, well-trained staff). Then you can take over, expand/improve so it can be perfect for you.

If you wish to listen/watch our webinar, feel free to visit our website, www.roicorp.com or use the following link, https://vimeo.com/582924776/dd272694b8

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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Will New Adaptive Focus Glasses be a Game-Changer?

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Will disruptive new technology spell relief for sufferers of presbyopia? With new smart lens technology from DeepOptics, an Israeli start up, wearers adjust the focus of their lenses with a simple swipe of a finger.

While adaptive focus lenses have made a significant investments in the past in attempts to establish a credible market beachhead, adjustable focus glasses remain a curious niche segment and have never quite gained a serious market position.

New Tech and Big Backers Could Make the Difference
DeepOptics has refined the use of liquid crystal technology in adaptive lenses to come up with their 32°N sunglasses, a sleek solution ready for the commercial market.

Funding and support from Essilor and Samsung Ventures have given DeepOptics a strong foundation on which to produce the glasses at scale and increase the probability of marketing success.

Eye Care Business Canada recently spoke to CEO and co-founder Yariv Hadad about the development and funding process. Here’s  what’s next for DeepOptics.

The Shift Towards Smart Eyewear
Hadad already had several years of experience working in high-tech R&D companies before he founded DeepOptics in 2011.

While working as the Director of Imaging at Dblur Technologies, he met his future co-founders. When they started the company, their research began as an investigation into technology to improve focus for 3D TVs. However, once they found a tech solution for the glass display, they shifted efforts towards applying it to eyewear instead.

Currently, AR gaming is one of the key market drivers for smart glasses, but Hadad worked towards developing a product for people who need reading glasses.

DeepOptics’ first product, 32°N, uses pixelated Liquid Crystal technology to switch the focus of the lenses, allowing an unlimited number of optical lenses to materialize in the same frames.

Wearers can swipe the side of the glasses to switch between “reading mode” for close up focus, and “scenic mode” for long-distance focus. They can also personalize the settings of the glasses with an app, for a reading magnification that matches their needs.

DeepOptics’ Product Launch
DeepOptics’ 32°N sunglasses recently launched on Kickstarter on June 15. The product was fully backed in just a few hours, ultimately raising $314,852 from 1,204 backers.

Hadad plans on bringing the product to stores next year, with the first 32°N glasses commercially available in the US in the last quarter of 2022. However, he isn’t sure whether they will be available in Canada at the same time, or later.

There are already a few competitors in the space using Liquid Crystal technology for their lenses as well, but Hadad says DeepOptics has some key technological advantages that make their solution more flexible: “Our lens is built from pixels—millions of tiny elements that can be controlled to form all kinds of lenses. We can realize plus or minus lenses, or control the diameter and centre of the lens.

This advantage is even more significant when the technology is combined with an eye tracker and can position the lens dynamically in the direction of the user’s gaze. It gives us a wide range of possible solutions.”

The Next Steps for DeepOptics
While the launch of 32°N glasses is an exciting accomplishment, 32°N glasses are just the beginning for DeepOptics. Hadad says that the company plans to roll out prescription-based dynamic focal lenses, and then clear dynamic focal lens glasses.

After that, they plan on releasing an automatic version of the eyewear that wearers won’t have to adjust manually: “Unlike 32°N, focal change will not be manual, but rather automatic and continuous. The glasses will have an integrated sensor to constantly assess the distance of interest and accommodate the dynamic lens accordingly.“

DeepOptics also has plans for a private label. Hadad said the company is negotiating with eyewear companies about branded eyewear powered by DeepOptics technology: “We believe our core competence is technology and hope to collaborate with as many glasses companies to offer glasses from well-known brands with new powers.”

North American Plans?
When asked specifically about North America, Hadad confirmed, “We plan to make 32°N commercially available in the US in the last quarter of 2022. We still can’t say if it’ll be available in Canada at that same time, or later.”

The Future: Fully Integrated Eyewear
Speaking to Tech Times, Hadad says he anticipates that the future of smart eyewear will be glasses that integrate adaptive lenses, AR technology, and headphones.

While the smart glasses market is still an emerging one, the future for prescription glasses is bright: “Dynamics is not only about people aging; we need different correction in different illumination, conditions, when we’re tired. The missing piece is the technology that really allows you to do dynamic correction. So the opportunities are endless. It’s not only about presbyopia, it’s about applying different corrections to different conditions, to different people, to different situations.”

The technology potentially changes the mind-set on buying new glasses, as wearers can update their prescription on the same device. For now, consumers will have to wait until next year to see 32°N sunglasses hit the market. Canadians, maybe longer.

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Transitioning A Practice

Buying-Selling A Practice, Practice, Resources

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Transition

The time has come to sell and hand over the reigns to a new owner. Truly an exciting time but also one fraught with apprehension, nervousness and perhaps a bit of regret.

When an owner makes the decision to sell and continues to work for any period post close, one knows life must be different. But can the vendor accept the changes?

The Emotional Challenge of Selling
Regardless of the reason for the sale, every vendor believes he or she has poured their heart and soul into establishing, building, and maintaining the practice. After all, by the time the clinic sells, years of developing relationships, assembling a good team, creating a brand, and achieving success, are the reasons someone is willing to buy the practice.

But this is where the challenge starts. Handing control over to a new owner after holding this position for many years, often 25 plus years, is no easy feat.

The vendor must be prepared to accept change. New owners will have a new management style, will want to make changes, and will most definitely make their own share of mistakes. Vendors must be prepared to stand by and watch without interfering.

Good Intentions Notwithstanding… Reality Sets In
In the simplest terms, a practice transition is an event or transaction that results in a change in the effective ownership of the clinic.

Transition is all about the existing owner taking a back seat in the clinic while allowing a new owner to shine. And expectation, transition means the vendor will focus on putting the new owner in the best position possible by supporting the team that was once the vendor’s as well as the plans of the new owner.

Transitions are not easy, and they often come with a myriad of finite details. Most vendors hope for synergies between themselves and the buyer. They initially welcome the new energy to the practice. Everyone starts off with the greatest of intentions.

The vendor says they will support the new owner in any possible way and reassures the buyer that the office is now theirs. They are welcome to do as they see fit. The buyer has tremendous respect for the previous owner.

They want to ensure the vendor is happy and assures them their presence is welcome for as long as they wish to be there. But then reality sets in very quickly. Previous owners feel that the new owner is making many mistakes and of course, the new owner is not happy that the prior owner is “stuck” in his/her ways. And so, the dance begins!

Prepare for Change
The best piece of advice we give to vendors is to expect and prepare for change. When they sign the listing agreement, we warn them that the time post close is not going to be easy. Eventually, it can be quite harmonious but like any relationship, finding the synergy and sweet spot of co-existence takes time.

If both parties are truly patient and willing to work at it (just like a marriage), then a mutually beneficial relationship can certainly be the result. A vendor needs to remember that a purchaser now has a significant loan that requires repayment. The new owner may make choices or decisions that are not what the previous owner would make, but that is to be expected. A purchaser also needs to remember that change is never easy.

If you want a vendor to stay, the most important thing is open communication. Deliver messages directly to the vendor, not through staff.

The most successful relationships in life are based on both parties taking the time to share their thoughts, and concerns while also doing their utmost to truly listen to the other person. Strong communication does not take place by accident; planning, idea sharing, and discussions must be scheduled and practiced.

Bottom line
A successful transition does not simply happen. It takes work, patience, and mutual understanding. If both the vendor and the purchaser are willing to have open dialogue and accept that change is inevitable then the success rate increases.

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 Pathfinders: Four Eyes Optometry Podcast

NextGenOD, PathFinders

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NewOptometrist.ca puts the spotlight on Zero to Five Pathfinders

Four Eyes Optometry Podcast Founders

PathFinder Spotlight:

Four Eyes Optometry Podcast  

Founders

  • Dr. Alex Coon, Wasilla, Alaska, US
  • Dr. Amrit Bilkhu, Brampton, Ontario
  • Dr. Deepon Kar, Lethbridge, Alberta
  • Dr. Ravinder Randhawa, Vaughn, Ontario

 

Four enterprising female ODs from the Illinois College of Optometry class of 2019 started the “Four Eyes Optometry” podcast, combining their talents and cross-border interests to educate, enlighten and entertain ODs on both sides of the border.

The Four Eyes Optometry founders:

  • Dr. Alex Coon, Wasilla, Alaska, US
  • Dr. Amrit Bilkhu, Brampton, Ontario
  • Dr. Deepon Kar, Lethbridge, Alberta
  • Dr. Ravinder Randhawa, Vaughn, Ontario

…  combined their answers to questions posed by NewOptometrist.ca Editor Dr. Jaclyn Chang.

After reading their responses below, make sure you sign up to their podcasts. You can view the entire list of podcasts from Four Eyes Optometry here:  See the list (the ladies have been busy!)

Jaclyn: Are there any resources that you can provide for new graduates that you found helpful?

Four Eyes Optometry: Besides the Four Eyes Optometry podcast, we all found that joining our provincial and state associations tremendously helped with information about licensing, job searches, and the overall process of transitioning from a student to an independent optometrist.

Other valuable resources we all use on a regular basis to keep up to date with what is occurring in the eyecare industry are various digital publications such as, Eyes on Eyecare, Modern Optometry, Review of Optometry, and 20/20 Glance.

Jaclyn: Can you provide job search/interview/contract advice?

Four Eyes Optometry: Since all of us have been working full time in various practice modalities for the last couple of years, our most important piece of advice is to not always accept the job that pays the most.

You may be offered a position where the compensation is great, but you are questioning yourself about the hours, equipment available, staff, and the number of patients that need to be seen.

These feelings of uncertainty will not eventually disappear as you practice, they will often return until you decide to address them.

Money will seem like the priority when you first graduate because of those pesky student loans that need to be paid off, but from our experiences, money is definitely not everything when it comes to avoiding burnout and finding an appropriate work-life balance.

Jaclyn: Describe your first day of work.

Four Eyes Optometry: We have all talked about similar anxious experiences from our first day of practicing as an independent optometrist. Most of us were working as solo practitioners and were very aware that we did not have an extra set of eyes to help with diagnosis, treatment and management if we were ever unsure of the clinical situation.

The first day, and even the first week, was very nerve wracking for all of us, especially since there is no Attending to double check your work and guide your clinical decisions. Even during those initial anxious moments practicing on our own, we would constantly text each other in our group chat hoping one of us would have the correct answer, and what we all eventually came to realize is that it is absolutely okay if you do not have the immediate answers, you can always follow up with patients at a later time and systematically plan your approach to their care.

Jaclyn: What advice would you give a new grad today?

Four Eyes Optometry: If you or a group of your friends have been thinking about creating something, starting a project, or reinventing a product that is already out there, whether or not it has to do with the eye care industry or not, without a doubt, just start it!

The most difficult step is to start, and then the second most difficult step is to be consistent with your efforts towards your creative project.

Even if you do not know all the steps to get to the result you want, you will figure out everything as you trudge along. This is exactly how we started the Four Eyes Optometry podcast. We began not knowing everything that could potentially go wrong, and when they did, which was often, we figured it out together and learned a great deal from the process.

Jaclyn: What is your definition of success or what habits make you a successful person?

Four Eyes Optometry: In our opinion, any person with a goal in which they are consistently putting in those tough and long hours towards achieving it every single day, is already a successful person.

It really is all about the process. Being able to look back on those rough experiences and hard lessons during the journey will always make reaching the destination so much more rewarding.

Jaclyn: What is your most effective marketing tool/platform?

Four Eyes Optometry: “Do it for the gram!” All jokes aside, Instagram has been our podcast’s platform of choice because of the multitude of opportunities to network with so many of the amazing and different eye care professionals we have connected with in the past and plan to connect with in the future.

Jaclyn: What was the last time you laughed?

Four Eyes Optometry: We always have belly aching laughs when we are together recording our weekly podcast episodes; we definitely do not take ourselves too seriously. Our regular Happy Hour podcast episodes definitely show off our goofy personalities!

Jaclyn: What is your favorite TV show / Netflix series?

Four Eyes Optometry:  All of us have lived with one another at different points of time during our optometry school days. The TV genre that always excitingly brought us together in the living room, along with various snacks in hand, was tacky reality TV. These TV shows included everything from Netflix’s bakeoff challenges to MTV’s Floribama Shore. Quite a range, we are aware. Even though we do not have much time to watch these entertaining TV series now, we once did schedule time to live vicariously through these so-called TV characters on a regular basis, and shamelessly loved every moment of it!

Sign up to their podcasts.

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Buying The Perfect Practice

Buying-Selling A Practice, Practice, Resources

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Every buyer that I have ever met, has the same goal, to buy the perfect practice. Is this reasonable? Emotionally yes, practically no. A buyer can visit 20 different practices and find something wrong with everyone. This does not mean that the practices are not good options. It just means that the buyer will never find the perfect one. News flash: THERE IS NO SUCH THING AS A PERFECT PRACTICE. The best anyone can do is to find one that they like with a good location and potential for improvement. This practice has bones. The buyer can make it perfect for themselves.

The best place to start in your quest for the perfect practice is to be realistic about your strengths and weaknesses. In other words, what are the ways you can bring value to a practice? Before you start looking at the possibilities available, its essential that you think through key personal and market factors.

Many buyers, when looking at purchasing an existing practice should have an appraisal in hand. The appraisal should present the facts that are critical in evaluating whether this is the right opportunity for you. However, many get fixated on multiples of EBITDA. If you are not planning on working in the office and are purchasing for investment purposes, a multiple of EBITDA is more relevant. Because this is an investment, the new owner needs to pay an associate to perform the services. However, it is truly not uncommon for a purchaser to buy a clinic at 10- or 12-times EBITDA because they will be the new owner and operator. Personal payment can be more flexible for the owner versus paying an associate an industry standard. Many may ask as to why they should pay such a high multiple. The answer is quite simple, as an associate, one could make more money. However, the associate never builds equity. For example, if the practice being considered has $100K left after all expenses and the loan payment is made, if the new owner can live on $100K, then why not pay the higher multiple? Afterall, ten years from now, hopefully revenue has increased due to improvements made but more importantly, the new owner has equity in a practice that has been completely financed.

So many times as an appraiser, we do hear from a buyer that the practice is over valued. If a multiple of EBITDA is the way one determines value, this may be a fair statement to someone who will never work in the practice. However, practice values have never declined in the last 15 years. In fact, quite the opposite. Organically a practice will increase at a minimum 5-8%. Depending on location and other critical factors, the increase can be greater. What is most important for a buyer to ask themselves is the following:

• Can I qualify for financing?
• Do I like the actual location? (highly visible, new housing developments)
• What are the patients like? (age, cultural background, socio-economic background)
• Are the staff well trained?
• Can I increase services?
• Has revenue been consistent year over year?

There truly are so many factors to consider. However, if a buyer looks for the perfect practice,
one will likely not be found. Buy a good practice that has a solid foundation that you can build
into your perfect practice. And remember, the ultimate value of a practice is the final price
that is decided between the buyer and the seller.

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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Should I invest in a RRSP or a TFSA?

Building Wealth, Finance|Wealth, Resources, Tax & Legal Matters

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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®

Good question. Let’s start with some general information. What is an RRSP and a TFSA? Both are account types that have been given special tax treatment with the CRA. Both account types, along with open accounts, RESP and RDSP accounts for example, can hold a number of different kinds of investments within them.

RRSP

An RRSP is a Registered Retirement Savings Plan. It was designed to create a personal pension and really came into favor when businesses took a step back from offering those juicy Defined Benefit Pension Plans (DBPP). If you know of anyone who works for the government, chances are they still have a nice DBPP. For the rest of us, it is really our own responsibility to build a retirement nest egg that will allow us to live the lifestyle of our choosing when we no longer want to see patients in the little dark room. (You should also be aware that there are a couple of special withdrawal programs tied to an RRSP, such as the Home Buyers Program (HBP) and the Lifelong Learning Program (LLP). These are topics for another day.)

An RRSP at it’s core is a tax deferral vehicle. It allows you to take some of your income from today, invest it according to the program, and on withdrawal, pay tax at your then current rate. So from a planning perspective, an RRSP works best when you anticipate moving from a current high tax rate to a future lower tax rate.

Of course, there is no way to know what the future tax rates are going to be – so yes, this is a bit of a gamble. But historically, the income tax banding system used in Canada doesn’t change significantly and typically, year over year, they are adjusted for inflation. Planning does require various assumptions, and the future tax regime is one such set of assumptions we use.

TFSA

A TFSA is a Tax Free Savings Account and takes your current after tax money on deposit. In this case however, the investment growth is 100% tax free on withdrawal. Sound enticing? Well it should be! A TFSA works especially well if you are currently in a lower tax bracket and expect to be in a higher tax bracket in the future. And I don’t just mean in retirement.

Contribution Room

Both a TFSA and a RRSP have contribution room maximums that are calculated completely different.

You start to earn TFSA contribution room the year you turn 18 (provided you turned 18 on or after 2009 when the program started). Currently, the annual increase in your contribution room is $6000. Your contribution room continues to grow every year you are alive. When you make contributions, the room for future contributions decreases. When you make a withdrawal, the contribution room is returned to you the following January. This makes TFSA accounts a great place to park money for future large expenses, short and mid term goals. However, their very best use remains for retirement.

The contribution room in a RRSP is based on your annual tax reported income. So if you started filing tax returns at 14, you were already creating a contribution room pool based on 18% of your annual income, up to the annual maximum. Your annual income is defined as regular income and does not include dividend or other investment income. This of course opens up the question for self employed people – do you take salary or dividends? Yup – that’s a topic for another day.

But which one is best?

For most of my clients, we utilize both account types. The split is really dependent on how you create your cash flow, manage your tax strategy and organize your goals.

There are some general tax guidelines, but what you want your money to do for you should always be the most important guiding principle in how you invest. Your goals provide the framework for all the planning work we do together – because at the end of the day, it’s all about you!

If you have any questions, please don’t hesitate to reach out.

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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FYI Acquires First Medical Aesthetics Clinic in Ontario

Practice, Products | Services | Industry News

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Kingston Laser Clinic

Kingston Laser Cosmetic Clinic (“Kingston Laser”)  is the latest cosmetic clinic to join FYidoctors expanding network of aesthetics clinics in Canada.  The acquisition marks FYidoctors’ first aesthetic medicine clinic in the Province of Ontario.  11 previous aesthetics acquisitions have been announced by the company, all of which were located in Western Canada.

Kingston Laser Cosmetic Clinic provides  non-surgical rejuvenation, skin care, and aesthetic treatments in the area.  Drs. Kerri Hoffman and Diane MacGillis, both Medical Doctors specializing in Laser & Cosmetic Medicine, founded the clinic in 1998.    along with a team of professionals a team of dedicated professionals who are committed to providing exceptional care and personalized service to the clinic’s patients.

“We’re excited about our new partnership with FYidoctors, who share the same values and standards of excellence as Kingston Laser,” shares Dr. Hoffman. “While this is an opportunity for growth, we’re also connecting with leading aesthetic medicine clinics from across the country and integrating with one of Canada’s most trusted, doctor-led, organizations. We are enthused to enhance the quality of care we are able to provide to our patients.”

“As the aesthetic medicine industry in Canada continues to experience exponential growth, we are excited to bring doctor-led treatments into communities across the nation,” said Dr. Alan Ulsifer, CEO and Chairman of FYidoctors.

Dr. MacGillis received both her undergraduate Degree in Life Sciences and Medical Degree from Queen’s University in Kingston and has since received extensive training and certifications in laser and cosmetic medicine. Dr. Hoffman completed her undergraduate Degree in Life Sciences at Queen’s University and her Medical Degree at the University of Ottawa.

Kingston Laser is an active supporter of non-profits and community-led groups which will continue through FYidoctors’ own Enhancing Life Foundation. Past recipients over the last two decades include local sports organizations and the United Way. Kingston Laser have also been the proud recipients of the Kingston Chamber of Commerce Business of the Year Award, and the Consumer’s Choice Award.

View the original Press release Here.

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Getting a tax refund is exciting, but should it be?

Finance|Wealth, Resources, Tax & Legal Matters

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Tax refund strategies

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®

It’s that time of year again – when most of us have had to open up our wallets and make a special contribution to the CRA. As many optometrists receive income in multiple formats such as salary, dividends, and self-employment, we typically find ourselves owing additional taxes at this time of year. But not always.

If you haven’t strategized your annual tax bill well in advance, you may have found yourself with a refund coming your way.

Do you get excited when you hear you are receiving a REFUND? I’d like to challenge you to think differently about this.

Strategize your Tax Bill

What? You mean I can strategize my tax bill? Yes you can! Every year after you file your taxes and receive your notice of assessment from the CRA, I highly recommend that you spend some time with your Certified Financial Planner working out the best strategy for your income draw over the balance of the current tax year.

Adjusting your RRSP contributions is one simple task that everyone should review annually. Reviewing your tax installments is another. Salary and dividend splits need to be reassessed on an ongoing basis. Although your accountant has calculated your tax contributions for the coming year, this does not mean these figures are written in stone. Yes, there are CRA guidelines, but these are based on your tax bill from your previous two years of filing.

Your tax contributions for the year can always be adjusted based on a number of projections that we review in our annual tax meeting. Will your RRSP contributions increase or decrease this year? Have you had your payroll deductions adjusted for variances from the standard table? Do you anticipate placing a hefty medical expense submission on your next tax return? And on that note, do you know that medical expenses are any 12 consecutive months and not tied to the calendar year? Changes to your charitable contributions? Disability tax credit qualification change? Has there been a fundamental shift in taxation that will directly impact you?

We all know these things matter when we submit our paperwork to our accountant annually, but have you taken the time to plan for them earlier in the year and adjusted your tax contributions accordingly?

Why does planning ahead matter?

We all appreciate the social services that Canada offers. If you’ve ever been sick or seriously injured, you recognize the value of our health care system. Pandemic? Well you probably appreciated several of the government programs. Free highway access – yes please. Our social services are part of what makes this country great. But they do come at a cost and our tax system is designed to fund these costs – in one form or another.

So yes, pay your taxes, but don’t go donating extra to the government. When you make installments in excess of your tax bill, you are actually lending the government your money for free. FOR FREE!

With all due respect, if we owe them money, we will be charged interest and penalties. So don’t just ignore those tax installments, but adjust them to make them closer to target.

Do you like getting a tax refund? Well I don’t know about you, but I don’t like lending out my money interest free. Savings accounts might be paying dismally low interest right now, but they are still better than zero and maintaining the control of your own money is directly linked to opportunity flexibility,

Let’s get smarter about our money.

Need help planning your next tax year? Start with your tax return and an understanding of your year ahead – and let’s talk.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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

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

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

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Episode 21: Is Now a Good Time to Sell Your Practice?

Eyes Wide Open, Podcasts

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It’s been just over one year since COVID-19 interrupted life as we know it casting uncertainty on practice valuations in all health care sectors.  How has optometry held up over this period?   Jackie Joachim offers her perspective in conversation with Dr. Glen Chiasson based upon real-world experience.

 

Jackie Joachim, COO ROI Corp

About the Guest

Jackie Joachim is the Chief Operating officer for ROI Coporation. ROI specializes in assisting healthcare professionals in the Optometry, Dental and Veterinary spaces appraise and sell / transition their practices.

 

 

Episode Notes

Optometrist practice and health professional practices in general have proven to be resilient in the face of economic downturns in the past.  Jackie Joachim shares her experiences on practice valuations, transactions occuring during the pandemic and outlook with podcast host, Dr. Glen Chiasson.

Jackie offers an insightful perspective on how the pandemic effects the perspectives of sellers, buyers and, importantly  bankers, who fund the transactions.

She explains why and how practice valuations take into account the historical performance of a practice  – pandemic notwithstanding.

The key question addressed: Is now a good time to sell?

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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