Patient centered strategies

In the ever-evolving landscape of optometry, increasing revenue per patient is a key objective for any practice. By implementing strategic approaches and leveraging innovative technologies, optometrists can not only enhance patient care but also boost their bottom line. Here are some effective strategies to achieve this goal:

1. Set Your Eye Exam Fees Higher: Make it a World-Class Experience

● Elevate the standard of your eye exams by offering a premium experience to patients.
● Invest in state-of-the-art scanning technology such as OCT, Wide Angle Retinal Imaging, Glaucoma Management, Telehealth, Neurolens, and Meibography.
● Emphasize the value proposition of your comprehensive eye exams and the advanced diagnostic tools used, which justifies higher fees.

2. Hand Off in the Exam Lane: Doctor Recommended

● Encourage doctors to recommend additional services or products during the exam.
● Studies have shown that implementing this approach can increase revenue per patient by up to 15%.
● Ensure clear communication of recommendations and echo them during the handoff to the optical team.

3. Offer Multiple Glasses Solutions

● Cater to diverse needs by providing various glasses solutions such as office pairs, progressive addition lenses (PALS), hobby-specific, sport-specific, and prism glasses.
● Present multiple options to patients and emphasize the benefits of each solution tailored to their lifestyle and preferences.

4. Retain Your Spectacle Prescriptions

● Provide patients with a detailed quote that includes features, benefits, and lifestyle dispensing options.
● Offer budget-friendly packages and be proactive in addressing objections to ensure a successful sale.

5. Sunwear Selection and Promotion

● Curate a wide selection of sunglasses, including premium brands like Maui Jim and Ray-Ban, and integrate them with ophthalmic frames.
● Educate patients about the health benefits of wearing sunglasses and demonstrate the advantages of polarized lenses.
● Encourage browsing by displaying sunwear prominently and offering trials while patients wait.

6. Contact Lens Sales

● Streamline the process of obtaining contact lenses by reducing barriers to access, such as offering trials and including contact lens fees with exams.
● Simplify pricing structures with a per-box strategy and ensure transparency by providing quotes to all patients.
● Specialize in fitting multifocals and complex contact lenses like orthokeratology (ortho-K) to meet diverse patient needs.

7. Myopia Management and Vision Therapy

● Offer comprehensive solutions for myopia management, including glasses, contacts, and vision therapy.
● Utilize advanced techniques such as axial length measurements to tailor treatments for each patient.
● Emphasize the long-term benefits of myopia control in reducing the risk of vision-related complications.

8. Dry Eye Centres and AMD Wellness

● Establish dedicated dry eye centers offering a range of products and services, including drops, cleansers, masks, and dry eye packages.
● Incorporate innovative treatments like Retina Rejuvenation techniques for managing conditions like Dry AMD, along with recommending vitamins and at-home photobiomodulation (PBM) devices.

9. Premium Boutique Frame Lines and Events

● Differentiate your practice by offering exclusive boutique frame lines and hosting trunk shows and special events to showcase new collections.
● Create a buzz around these events to attract both existing and potential patients.

10. Recalls and Follow-Ups

● Implement a proactive recall system to schedule follow-up appointments and keep patients engaged with their eye health.
● Utilize tele-optometry for convenient follow-ups, improving patient compliance and satisfaction.

By implementing these strategies, optometric practices can enhance patient satisfaction, improve clinical outcomes, and maximize revenue per patient, ultimately achieving sustainable growth and success in the competitive healthcare market.

Other tips from Dr. Trevor Miranda – Click Here.

DR. TREVOR MIRANDA

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

He is a strong advocate for true Independent Optometry.

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


Share:
Rate:

0 / 5. 0

FYidoctors logo trade mark

FYihealth group makes two new additions to its senior leadership team: Jim Black as Senior Vice President of Information Technology, and Damian Zapisocky as Chief Financial Officer.

With eye health and enhancing the lives of each patient at the forefront of FYihealth group’s values, Dr. Alan Ulsifer, CEO and Chair of FYihealth group describes 2024 as a time for “growth and further establishing our position in the eye care industry.”

Jim Black
Jim Black

Black is a senior technology and digital business executive with over 20 years of experience at the leadership level. Black has a Bachelor of Science from the University of Alberta and an MBA from the Ivey Business School at Western University. Working in three different industries at the Chief Information Officer level, Black is also recognized as a strategic partner to the CEO, Executive Team, and Board of Directors in translating business needs into process and technology solutions that move businesses forward during times of rapid technological change.

“I’ve been nothing but impressed with the quality and authenticity of the people that work here and am very confident in the future trajectory of this organization,” shares Black. “The culture is what most attracted me.”

Jim Black, Senior Vice President of Information Technology

Damian Zapisocky
Damian Zapisocky

Zapisocky has experience in CEO, COO, and CFO roles previously, where he developed his skill sets in financial management, strategy, acquisitions, governance, budgeting, forecasting, and treasury. Damian has a Bachelor of Commerce and a MBA from the University of Alberta, is designated as a Chartered Accountant, as well as is designated as a Certified Internal Auditor, has received the ICD.D designation from the Institute of Corporate Directors, and awarded the honour of Fellowship by CPA Alberta in 2024.

“What got me hooked on joining the team was the amazing people I met through the hiring process. FYi has had tremendous growth in the past few years, and I am thrilled that I can be part of its next stages as the company continues to expand.”

Damian Zapisocky, Chief Financial Officer

“I am pleased to have Jim and Damian join our organization. Culture is everything for us and it was important to find exceptional individuals who fit our servant-leadership model. Both check these boxes for our organization, and they bring years of valuable skills and experience to the team.”

Dr. Alan Ulsifer, CEO and Chair of FYihealth group

FYihealth group was named one of Canada’s Top Growing Companies in 2022 and 2023 by Globe and Mail’s Report on Business. The addition of Black and Zapisocky is part of the organization’s strategy to continue its growth in 2024, with plans to continue its expansion to provide eye care access to more Canadians.

This is a sponsored post.


Share:
Rate:

0 / 5. 0

worried person waiting

Picture this scenario: A brightly lit, sterile-looking waiting room of an optical clinic. The reception desk buzzes with activity as patients come and go. A nervous patient, Emma, sits fidgeting in a chair, leafing through a magazine. She periodically glances at the entrance, her anxiety palpable.

When she checked in, Emma had mentioned to the receptionist “I’ve never been very comfortable with eye exams. The thought of someone poking around my eyes makes me squirm.”

After checking her in, the receptionist instructs her to sit in the waiting area like they would for any other patient and let’s her know someone will be with her shortly. And so here sits Emma, waiting, worrying, and contemplating leaving the office due to her increasing anxiety. At this point, she’s not sure she will be able to make it through the appointment.

Finally, the pre-tester comes to get her, and she makes it through the pretesting and is seen by the optometrist. She doesn’t voice any concerns, even though she has a few, because she has already maxed out her mental bandwidth for managing her own anxiety about this appointment for the day.

Even though she is handed a prescription for some simple anti-fatigue lenses, she quickly pays for her exam and goes home to order online. Emma would describe this experience as “Terrible. I felt a huge lack of empathy from the staff, and no one answered my questions.”

The staff who helped Emma would view this appointment as being a success, because they got her through the whole appointment, and she didn’t vocalize any complaints at the time. Sure, she didn’t purchase anything, but she wasn’t angry, upset, or irate in any way. That’s a win in our books, right?

As eye care professionals, we must remember that fear isn’t always loud. Sometimes it takes the form of quiet and polite.

We focus on the loud individuals; however, we need to keep in mind that there are quiet and reserved patients whose needs can often get missed and overlooked if you don’t have the skills to spot it and take preventative action.

So how can we do this?

We increase our emotional intelligence! Specifically social awareness.

This will change their perspective and can stop those walkouts from buying online!

Cues to watch for:

Body Language:

  • Tense posture, such as crossed arms or legs.
  • Fidgeting, such as tapping feet or playing with objects.
  • Avoiding eye contact or shifting gaze frequently.
  • Clenched fists or jaw, indicating tension.

Withdrawal or Avoidance:

  • Attempting to delay or avoid the examination.
  • Pulling away from the optometrist or medical equipment.
  • Expressing a desire to leave or reschedule the appointment.

Gestures:

  • Rubbing or massaging temples or forehead.
  • Clenching fists or wringing hands.
  • Restlessness, such as shifting in the seat or pacing.

By attentively observing these social cues, you can start to provide some simple strategies to alleviate the fear, stress, and/or anxiety that your patient is experiencing.

If we think back to Emma’s story, she gave a very direct verbal cue to the receptionist: “I’ve never been very comfortable with eye exams. The thought of someone poking around my eyes makes me squirm.” That was her way of outright telling her “I’m uncomfortable and fearful”.

If the receptionist had picked up on this, she could have done multiple things to help start Emma off on the right foot.

Bonus Tip: Describe the pre-tester to the patient and let the patient know she is very friendly and kind.  This helps build Emma’s perception of her interaction with the pre-tester as being a friendly and kind person.

We have can hone our skills to become more aware of these cues in our patients and provide an amazing experience for them. The first step is becoming more aware of those cues and the next step is having clear steps to help guide them through the experience and influence their perception in a positive way.

If you are one of those amazing individuals that can see the values these skills hold, I invite you to visit https://www.emotionalintelligenceconsultinginc.com to increase your social awareness and skills for influencing a patient’s experience from a negative to a positive one.

Jade Bodzasy

Jade Bodzasy

Jade Bodzasy, Founder of Emotional Intelligence Consulting Inc., is a dedicated Coach and Consultant for Optometric Practices. Her extensive background includes over 20,000 hours of expertise focused on customer relations, work structure refinement, training method development, and fostering improved work culture within Optometric practices.

Certified in Rational Emotive Behavior Techniques (REBT), Jade possesses a unique skillset that empowers individuals to gain profound insights into the origins of their behaviors, as well as those of others. Leveraging her certification, she equips optometry practices with invaluable resources and expert guidance to establish and sustain a positive, healthful, and productive work environment.


Share:
Rate:

0 / 5. 0

FYidoctors logo trade mark

Approximately a year ago, I had the privilege of meeting Dr. Mary-Kate Alliston during her signing journey with FYidoctors in July of 2023. Her unwavering dedication and passion for optometry left a lasting impression, prompting us to offer her the opportunity as the Lead OD of one of our clinics.

FYidoctors Dr. MK ALLISTON
FYidoctors Dr. MK ALLISTON

What truly stood out about Mary-Kate’s journey was not only her signing as a new graduate in a leadership role but also her confidence in serving as the sole OD in that clinic.

FYidoctors is fortunate to have been chosen as her inaugural practice space, and is happy to share a little about herself:

  1. Tell us about yourself

I am originally from Ancaster, Ontario and I have worked with FYidoctors in different capacities since 2018. I began my post-secondary education at Western University and obtained a Bachelor’s of Science degree with a double major in Physiology and Biology. I then went on to study Optometry at the University of Waterloo School of Optometry and Vision Science and graduated in spring 2023.

  1. What made you choose optometry?

I knew from a young age that I wanted my career to be centered around helping people, becoming involved in my community, and making a difference in people’s lives. I entered my undergraduate studies with the ambition of becoming a medical doctor but with the goal of exploring other healthcare-related options that fit my lifestyle and priority of work-life balance. I always endeavored to work in primary healthcare because I love interacting with others and building relationships over time.

  1. What do you love about your job?

I love so many things about the job. I love that at the very least, we are improving patients’ lives simply by improving their vision with either glasses or contact lenses. I love that the profession has so many different facets, including eye health and binocular vision, and that we have the potential to make a difference in the patient’s overall health as well as being a part of their larger healthcare team. I love that, as optometrists, we are always learning new information that can benefit our patients and the profession is always evolving. I love the lifestyle and the work-life balance the career provides as well, and that I get to do what I always aspired to do in my career, which is help people and enhance their lives every day.

  1. What advice would you offer soon-to-be graduates?

I have placed a lot of importance in my life on experiences, and have made that a priority throughout my post-secondary years. I have volunteered, shadowed, and worked in a variety of different clinics including other FYidoctors locations, and have learned so much about what my goals are as a practitioner and what I prioritize in a workplace environment. I took an opportunity to do one of my externship rotations in another province I had never been to before, and I have worked in both rural and urban areas. My advice would be to seek out new experiences outside of your comfort zone to gain different perspectives and discover what your goals will be once you become a practitioner. I would also recommend starting the job search early and taking your time to decide what is right for you, and do not be afraid to ask the “hard questions” of your future workplace.

Dr. Mary-Kate Alliston currently practices at our Kitchener-Waterloo clinic and is happy to chat about her experience with future graduates.

Looking for career opportunities with FYidoctors?

Contact me at Michelle.Melnyk@fyidoctors.com

This is a sponsored post.

FYidoctors Michelle Melnyk

Michelle Melnyk

With over a decade of dedicated service, Michelle Melnyk has been proud to have influence across various roles in Talent Aquisition. At FYidoctors, she began as the Optometrist Recruiter for the Ontario region, and soon after, stepped into her current role as Manager of Campus Engagement. Her journey began with a Bachelor of Arts in Psychology from Mount Royal University with a minor in Human Resources, where she developed an understanding of human behavior and organizational dynamics. Beyond her professional endeavors, Michelle is known for her advocacy for work-life balance and her passion for family, plants, and travel. With her background and dedication, Michelle continues to shape the careers of individuals while making meaningful contributions to the field of talent management.


Share:
Rate:

4.3 / 5. 10

Creating a Will for Optometrists

Many young doctors, grappling with the demands of their profession and burdened by student debt, often postpone addressing critical aspects of wealth management and legacy planning. Even amidst the hustle of daily life and financial obligations, there are compelling reasons why executing a will should be a priority sooner rather than later.

  1. Distribution of Assets:

    While starting with a negative net worth is common for many young professionals, it won’t be long until your assets exceed your debts. Dying intestate, or without a will, results in your assets being distributed according to provincial laws.

  1. Increase Costs:

    Legal proceedings, particularly involving courts and lawyers, entail significant expense. In addition, settling your estate will require the court to appoint an estate administrator, who also has a right to charge a reasonable fee for their services. Without a will, these costs can quickly eat into the estate, potentially diminishing its value to the point where the distribution of valuables become negligible.

  1. Probate Fees:

    Probate is the legal process validating a will and is a standard procedure for most estates. Having a named beneficiary on life insurance policies and registered investment assets can bypass probate. Probate fees are set provincially and vary substantially across the country.

  1. Family Disputes:

    Intestacy laws dictate how assets are divided among family members, leaving no room for your personal preference. Siblings, parents, a common-law partner – everyone will be hurting and likely feel differently about what is fair, especially compared to a court definition. Many familial relationships have been permanently damaged because you didn’t plan ahead.

  1. Care of Minor Children:

    In the absence of a will, the court determines guardianship arrangements for minor children, a critical decision particularly if you have been their only parent. In addition, if there is any residual of your estate when they turn 18, they will receive the full amount in one lump sum!

Often we believe that everything will pass directly to our spouse. Common-law relationships don’t have the same rights as legally married spouses, and can differ across provincial borders. In addition, if you have children, only a fraction of your estate will be distributed directly to your spouse.

Proper planning will also ensure that your corporation or business interests are handled efficiently to maintain their highest value, and that tax strategies have been included to limit significant liabilities.

Failure to address these issues can lead to many unintended consequences.

Crafting a will empowers individuals to assert control over the distribution of their assets, safeguarding their interest and those of their loved ones. By addressing these considerations proactively, individuals can navigate the complexities of estate planning, ensuring a smoother transition of wealth and preserving their legacy.

Advisory

Have more questions? As your Chief Financial Officer, I am here to help you make smart financial decisions that align with your business growth, personal wealth creation strategy and long term interests. Helping you understand your money and assisting you in making informed decisions about your estate planning are just some of the ways that I work as your fiduciary.

Educating you is just one piece of being your personal CFO that we excel at. Call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) today to set up your next conversation with us.

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

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

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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

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

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


Share:
Rate:

0 / 5. 0

VuePoint appoints Louise Courville

VuePoint IDS, the publisher EyeCareBusiness Canada and NextGEN OD Canada is pleased to announce the appointment of Louise Courville, a distinguished leader with an extensive background in both the optical and medical device sectors as well as in digital marketing, as Account Executive and Business Development Manager.

With over 25 years of dedicated experience, Louise has made significant contributions to the industry, demonstrating a deep commitment to excellence and innovation.

Louise’s professional journey is highlighted by her tenure at leading global optical device companies, where she utilized her expertise to foster growth, spearhead strategic initiatives, and guide teams towards notable achievements.

As a seasoned digital sales and marketing expert, Louise has excelled in full-cycle sales, adapting to the dynamic changes in marketing automation and AI. Her strategic insight and commitment to excellence have made her a trusted adviser in the industry.

Notably, as a regional sales manager for top ophthalmic device companies in the US, she led her teams to innovate marketing strategies and significantly influence the market.

Louise has now repatriated to Canada, ready to apply her experience to her new role at VuePoint.

Looking Ahead with Louise:

As Louise Courville steps into her new role, she brings a wealth of knowledge and a proven track record of success. Her extensive experience in the optical sector and with digital marketing positions her as a valuable asset to the VuePoint team.

“Louise’s strategic vision and leadership abilities are set to play a pivotal role in driving VuePoint’s growth and innovation, ensuring we continue to lead in the optical industry,” said David Pietrobon, President of VuePoint. “The VuePoint family is excited about the expertise and passion she brings to the team and look forward to the contributions she will make towards our continued success.”

 

View Louise Courville’s Linked In Profile


Share:
Rate:

0 / 5. 0

Eye Recommend NextGenOD_sponsored post April 1 2024

Whether you’re a first-year student or gearing up for graduation, you’re about to shape the future of independent optometry – and we’ve got your back every step of the way!

Imagine diving into clinical practice with the guidance of our stellar mentorship program. Our vibrant community of independent optometrists is eager to help you succeed, whether you’re passionate about tackling dry eye treatments, mastering myopia management, or delving into the world of vision therapy and aesthetics. With our connections, you’ll have the keys to unlocking exciting opportunities!

But that’s not all – our mentorship initiatives aren’t just about advice; they’re about exploring YOUR purpose through delivering invaluable personal testimony and opening doors to potential partnership opportunities, giving you a head start in your professional journey. With our network of industry pros and collaborators, you’ll build lasting connections and fuel the future of independent optometry.

Ready to hit the ground running as a new grad? We’ve got you covered with top-notch training and career development opportunities. Score scholarships, grants, and access to job opportunities, internships, residencies, and summer gigs within our network.

And here’s the best part: We understand that finances can be a hurdle, so we’re offering signing bonuses of up to $25,000 for grads who join an existing Eye Recommend practice or kickstart their own journey after graduation!

Don’t miss out on this incredible opportunity to dive into the world of independent optometry with a supportive community behind you. Want to learn more? Check out all the amazing things Eye Recommend has to offer!

This is a sponsored post.


Share:
Rate:

0 / 5. 0

Commercial real estate

For over a decade, the Canadian real estate market has experienced growth that far surpassed any rational expectations.

In 2023, the reset of interest rates slightly cooled the market’s fervor, yet the core momentum remained unabated.

Currently, the prospect of rising interest rates looms, driven by increases in the Government of Canada’s five-year bond yields—a precursor to changes in the bank’s prime lending rate.

This development casts doubt on the possibility of interest rate relief in the spring or summer of 2024. I could be wrong.

Understand Ownership and Operating Costs

This context underscores the substantial costs of owning and operating commercial real estate for business owners.

While the residential market garners extensive coverage in media, this discussion will focus on the less-discussed commercial occupancy costs. I recently spoke with a Vancouver practitioner who highlighted a modern, high-tech development in an upscale neighborhood.

The going rate for a vacant commercial condominium there is $2,400 per square foot. Consequently, acquiring a 1,000-squarefoot space demands an investment of $2.4 million, excluding closing costs.

This price tag does not cover the additional expenses for leasehold improvements, which could ascend to another $500,000. Moreover, equipping the practice with necessary technology and equipment may require a further six-figure investment.

Hence, the total initial investment for launching a fully operational new practice in a 1,000-square-foot commercial condo in this elite Vancouver area could reach over $3 million.

This figure represents the debt burden from day one. A metaphorical $3 million ribbon-cutting ceremony, indeed. The journey to debt freedom begins thereafter, patient by patient, potentially spanning decades for the ambitious doctor.

To some, this scenario may resemble a perpetual commitment to a financial institution.

  • Amortized over 20 years
  • At the current prime interest rate of 7.2%
  • Monthly payment: $27,557
  • Total payment over 20 years: $6.6 million
  • Interest cost alone: $3.1 million!

A Harsh Reality

The financial strain on a young doctor would be immense, with the pressure to generate income being nearly insurmountable. Including wages, supplies, lab fees, and other operational expenses, the breakeven point for such a practice is a minimum of $60,000 per month.

And this calculation hasn’t yet accounted for personal living expenses. Therefore, anticipate an additional $250,000 in line of credit usage within the first year, with potentially more in the second year. In summary, within the initial years, this scenario could see the doctor facing $4 million in debt.

By the third year, with some fortune, they might manage to draw a salary between $50,000 and $80,000, yet still grapple with a $4 million debt and over $25,000 in monthly interest payments.

This is the harsh reality of real estate ownership for a new, state-of-the-art practice occupying 1,000 square feet in downtown Vancouver.

For illustration, consider doubling the space to 2,000 square feet and recalculating the figures—truly startling!

Navigating this level of debt while adhering to ethical standards in practice is a formidable challenge for any doctor.

Do you have a debt repayment story to share?

Contact me at:  jackie.joachim@roicorp.com – I might feature your story anonymously and enter you into a draw for a free appraisal.

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.


Share:
Rate:

0 / 5. 0

Business Owned insurance

Business-owned life insurance presents a unique opportunity for business owners to leverage insurance as a strategic investment tool. Here’s why it’s worth considering:

  1. Protection Against Business Risks:

    First & foremost, insurance should be used to cover off a risk. Business-owned life insurance can serve as a safeguard against business risks such as pre-mature death. Having an investment portion to your policy adds flexibility funding for other risks such as disability, loss of key personnel, or the buyout needed on retirement of a partner.

  2.  Tax Advantages:One of the most compelling reasons to opt for business-owned life insurance is its tax benefits. The growth from corporate investments is considered passive income and is taxed at the full corporate tax rate, currently 50.2% in Ontario. By utilizing life insurance with investment potential, business owners can effectively shield financial growth from excessive taxation, maximizing the potential of their investment.
  3. Preserving the Small Business Deduction:Investing in a business-owned life insurance policy can help preserve the small business deduction tax rate on active income. Typical investment earnings in a corporation exceeding $50,000 will grind down this tax rate benefit. Growth in the life insurance policy can mitigate this grind down.
  4. Wealth Accumulation and Protection:Beyond tax benefits, business-owned life insurance serves as a powerful tool for wealth accumulation and protection. It provides a vehicle for building assets within the business while simultaneously offering protection against unforeseen events such as the death of a key employee or business partner.
  5. Legacy Planning and Succession:

    Business-owned life insurance can play a crucial role in legacy planning and business succession strategies. It can help ensure that the business has sufficient liquidity to cover expenses, settle debts, and facilitate a smooth transition in the event of the owner’s death or retirement. Additionally, the death benefit can provide financial security for heirs and facilitate the transfer of ownership in a tax-efficient manner when utilizing the capital dividend account.

  1. Flexible Access to Funds:

    The life insurance policy’s cash value can be accessed through various means, including collateralized loans, policy loans, or partial surrenders. This flexibility allows business owners to access capital when needed without disrupting the business’s operations or incurring significant tax liabilities. Additionally, this flexibility can be utilized as an alternative source of retirement income.

In conclusion, business-owned permanent life insurance offers a range of benefits, including tax advantages, wealth accumulation, legacy planning, and protection against business risks. By leveraging insurance as an investment tool, business owners can optimize their financial strategies and secure the long-term success of their company.

Advisory

As your Chief Financial Officer, I am here to help you make smart financial decisions that align with your business growth, personal wealth creation strategy and long term interests. Helping you understand your money and assisting you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation, are just some of the ways that I work as your fiduciary.

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

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

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

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

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

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

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


Share:
Rate:

0 / 5. 0

In the bustling environment of an optometry clinic, where precision and empathy intertwine, the relationships among staff members play a pivotal role in shaping the patient experience and clinic efficiency. From receptionists to optometrists, each member contributes to the seamless functioning of the clinic. Therefore, prioritizing and nurturing inter-staff relationships isn’t just an idealistic pursuit; it’s a practical necessity. Here’s why it’s crucial to focus on maintaining these relationships and how it can positively impact the clinic’s dynamics and outcomes.

Ask yourself this question:

When I walk into any healthcare setting, what is the thing I observe the most?

Answer: The staff.

Next question, “What influences my perception of how this appointment is going to go?”

Answer: Interactions between staff members.

We all do it. We are born observers. That’s how we learn, survive, and thrive as human beings. We watch and we make assumptions as to what’s coming next. It makes us feel safe and more at ease to do this.

Now for those of you that are thinking “That’s not a good enough reason to invest in supporting these inter-staff relationships” here are a few others that might peak your interest.

 

Clinics with Strong Inter-Staff Relationships Experience:

  1. Enhanced Communication and Collaboration:

Effective communication lies at the heart of any successful organization, and an optometry clinic is no exception. When staff members maintain healthy relationships, they are more likely to communicate openly and collaborate effectively. Whether it’s discussing patient cases, sharing insights, or coordinating schedules, a cohesive team fosters an environment where information flows seamlessly. This not only reduces the likelihood of errors but also enhances the quality of patient care.

  1. Boosted Morale and Productivity:

A positive work environment characterized by camaraderie and mutual respect is conducive to high morale among staff members. When employees feel valued and supported by their colleagues, they are more likely to feel motivated and engaged in their work. This, in turn, translates to increased productivity and efficiency. A team that works well together is better equipped to handle challenges and adapt to changes, leading to smoother clinic operations and ultimately better outcomes for patients.

  1. Culture of Trust and Support:

Inter-staff relationships built on trust and support form the foundation of a healthy organizational culture. When employees feel trusted and supported by their peers, they are more likely to take initiative, innovate, and contribute to the overall success of the clinic. Moreover, a culture of trust encourages open dialogue and constructive feedback, allowing staff members to learn from each other and grow both personally and professionally.

 

  1. Reduced Turnover and Enhancing Recruitment:

A clinic that prioritizes inter-staff relationships is more likely to retain its employees and attract top talent. Staff members who feel connected to their colleagues and supported by their workplace are less likely to seek opportunities elsewhere. Additionally, a positive work culture characterized by strong relationships can serve as a powerful recruitment tool, drawing in skilled professionals who are eager to be part of a collaborative and supportive team.

Now are you starting to see why focused effort on creating these strong relationships can benefit your clinic?

I hope so at this point! Because you can clearly see that this is a win, win for all people involved.

Here are a few ideas to get you started on fostering these inter-staff relationships:

  • Increase your approachability: Take trainings on self regulation, self-awareness, self-management, and social awareness to increase your team’s comfort around you.
  • Recognize and appreciate staff members for their contributions and achievements through verbal praise, written commendations, or employee recognition programs.

 

  • Celebrate milestones, birthdays, and work anniversaries to show appreciation for the dedication and hard work of the staff.
  • Acknowledge personal achievements in life. Congratulate team members on personal accomplishments that they share. This will encourage others to share their own and increase connection among the team.

What it comes down to is if your staff have relationships that they value and have been encouraged to value, the clinic performance increases and so does the positive perception of patients.

If you can see the value in fostering inter-staff relationships I invite you to visit https://www.emotionalintelligenceconsultinginc.com to learn more about how you can start implementing this in your own clinic.

Jade Bodzasy

Jade Bodzasy

Jade Bodzasy, Founder of Emotional Intelligence Consulting Inc., is a dedicated Coach and Consultant for Optometric Practices. Her extensive background includes over 20,000 hours of expertise focused on customer relations, work structure refinement, training method development, and fostering improved work culture within Optometric practices.

Certified in Rational Emotive Behavior Techniques (REBT), Jade possesses a unique skillset that empowers individuals to gain profound insights into the origins of their behaviors, as well as those of others. Leveraging her certification, she equips optometry practices with invaluable resources and expert guidance to establish and sustain a positive, healthful, and productive work environment.


Share:
Rate:

0 / 5. 0