Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC.

Nathan joins me back on the show and we put a quantitative spin on our conversation today. We talk all things benchmarks and margins in an optometry practice. We discuss how to use benchmarks to make smart practice decisions and ways in which benchmarks can actually give you a false sense of anxiety and stress in your practice. We explain (defend?) why it’s better to focus on increasing your revenues in your practice than focusing on shaving small percents off of a limited number of expenses in your practice. We also spend time defining and talking through optometric net in a practice, why it’s important, and how to use that number to better inform you about the efficiency of the OD time in your practice.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the the 20/20 Money Membership, please check out the link in the show notes to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Nathan Hayes.

Resources:

IDOC Books & Benchmarks Link

20/20 Money Community Information

Interview with Dr. John Ormando

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In the spirit of managing information overload, I wanted to take a week to pause on new information and rather share a process or organizing and prioritizing your thoughts, goals, and actions that can often stem from listening to shows like 20/20 Money and the consumption of other content.

Resources:

20/20 Money Community Information

reMarkable 2 Tablet

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Welcome to this episode of 20/20 Money! My guests on today’s show are Dr. Todd Cohan and Sadie Blair.

Todd & Sadie join me on the show today to talk about the successful dynamic that exists between both of them as owner and practice operations manager. Todd shares how impactful it’s been to have a great team member and integrator like Sadie in the practice and how that has allowed the practice to continue to grow. They share how they’ll both process all of the ideas, strategies, and concepts that they (and their team) will have learned at IDOC Connection and how they decide which ones they’ll implement and how they manage timelines. Sadie shares how she successfully transitioned from a larger corporate-structured practice into Todd’s smaller, private practice and how she earned the buy-in from the team that Todd already had in place. I enjoyed recording this conversation because it shows the different vantage points from owner and operations manager—and why open lines of communication on all fronts is so important for practice success.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with

Resources:

20/20 Money Community Information

All in by Mike Michalowicz

6 Types of Working Genius

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Welcome to this episode of 20/20 Money! My guest on today’s show is Bethany Fishbein, OD.

Bethany joins me on the show live from Vision Expo East to talk about one of the most important relationships in an optometric practice: the relationship between the practice manager and the owner/OD. In this conversation, she talks about the evolution of the managerial role in the practice as the practice matures and grows, the characteristics of a valuable practice manager, the mistakes that both she and others have made when filling the practice manager role in the office, and the importance of the practice owner's vision for how they want the practice to function. She also shares how to think about creating a job description (and why you should use a templated job description as a starting point for creating your customized version) and how you can use an honest conversation with your practice manager to align expectations in your office...ultimately using that conversation as the launch point for future performance and goal reviews.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD.

Resources:

20/20 Money Community Information

www.leadersofvision.com

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Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart, OD.

Jen joins me on the show today to talk through her journey launching her tepid start practice, Look New Canaan. I’ve had Jen on the show multiple times in the past, and this was admittedly one of my more enjoyable conversations with a podcast guest. Maybe it’s because it was live, or maybe it’s because Jen’s passion for this profession is so, well…passionate. But we hit on so many amazing and pointed topics that I would challenge any listener to NOT find at least one actionable or impactful idea, strategy, or concept. We talk about the interesting dichotomy that exists between the risk that’s needed to start a business from scratch and the generally conservative nature of ODs—and how she’s been able to so successfully reconcile those two opposed forces.

And just one additional point to clarify that I don’t think we made explicitly clear later in the conversation: Jen does see medical patients, it's just cash pay. She doesn’t take medical insurance…but she does see patients for medical reasons on a cash pay basis. People will think that "she doesn't do medical" because she doesn't do medical insurance...she does medical, it's just cash pay.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with

Resources:

20/20 Money Community Information

Jeremy Ciano interviews

Kyle & Chris 20/20 Money Takeover

Three River Optical

IDOC

Derek Sivers CD Baby Story

Look New Canaan

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Welcome to this episode of 20/20 Money! My guest on today’s show is Kayla Ashlee from Spexy.

Kayla joins me live on location at IDOC Connection 2024 to talk all things optical. Optical is admittedly an area of practice management that has always been intriguing because of the retail component—I feel like there are a lot of “retail 101” lessons that we can take from how other retailers manage their business. While practice owners may not have the multi-million dollar IT and inventory management systems that large, big-box retailers have, Kayla illustrate why it doesn’t take an incredible amount of time, energy, or expertise to significantly improve the way you run your optical, and thus the profitability of your practice. We talk about best practices for frame reordering and the common mistakes and missteps she sees opticals making, whether it’s beneficial to be “an inch wide and a mile deep or a mile wide and an inch deep” with regards to frame lines and designs, a case study on how one optical was able to increase their sunglasses sales, and how to think about showcasing different brands to increase sales of a particular line.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!

And with that introduction, I hope you enjoy my conversation with

Resources:

https://learn.bespexy.com/courses/frameturnintro

20/20 Money Community Information

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Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Adam Ramsey, OD, representing VA Healthcare. In this episode, we talk about the role that a virtual medical assistant can play in your practice’s patient flow and how to think about the changes that you’d have to make in your practice for this to be a viable option. Adam provides a list of responsibilities that they’re doing in his practice and how he thinks through capacity for this person while ultimately striving to deliver the best experience for his patients.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!

And with that introduction, I hope you enjoy my conversation with Dr. Adam Ramsey.

Resources:

20/20 Money Community Information

Weave

https://socialitevision.com/

www.hellorache.com

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Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes from IDOC.

Nathan joins me back on the show to discuss and dialogue about the two basic ways practice owners can think about the way in which they hire associates for their practice: easing into it by bringing them into the practice gradually or proactively planning ahead by stockpiling cash in the practice and thus then “making the leap” by hiring an associate full-time—and then intentionally stewarding the practice to success by ensuring profitability in as timely manner as practicable for the practice.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you!

And with that introduction, I hope you enjoy my conversation with Nathan Hayes.

Resources:

20/20 Money Community Information

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Please rate and subscribe to 20/20 Money on these platforms

Apple Podcasts

Spotify

Google Podcasts

Stitcher
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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!