Dr. Michael Naugle discusses OD Compensation models

The following subject matter is usually not discussed in an open forum, but is essential information for NextGEN Optometrists looking to land their first practice experience. Dr. Michael Naugle, VP of Optometric Partnerships FYidoctors, addressed attendees of the “Opportunities & Options for New Optometrists” event March 29.

The hybrid event reached over 150 attendees, including a live audience at University of Waterloo and online webinar participants.

While Dr. Naugle emphasized the importance of matching personal values and clinical interests with prospective practice opportunities, he noted that compensation is an important factor that can vary considerably in different situations.

USA vs. Canada | Rural vs. Urban
Dr. Naugle addressed the realities of how the geographic setting of a practice could impact OD compensation. He covered the expected differences in net earnings for optometrists in USA versus Canada. He explained how the different compensation models generate the perception that OD incomes are higher in the USA but further explained how other factors come into play to make Canadian compensation potentially more attractive.

Dr. Naugle elaborated on the “pillars of compensation” and presented details on how compensation might vary in different Canadian provinces and in urban versus rural practice settings with specific examples.

How Practice Geography Impacts OD Compensatin
View Dr. Naugle’s full presentation by clicking the play button above.

He advised new optometrists to dive deeper than the simple “percent of total gross billings” as other critical factors will outweigh this “top line” figure, citing specific questions that associate NextGen ODs need to ask to determine the income potential in specific practice situations.

Recently, Dr. Naugle was interviewed by NextGEN OD Ambassador, Nyah Miranda regarding the FYidoctor’s Future Vision Leadership Program.  
Click the link to listen to this recent discussion.

 


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Opportunities for NextGEN Optometrists

Dr. Sophia Leung is at the cutting edge of the transformation of primary care Optometry to the medical model.

As a residency-trained and fellowship-trained optometrist with a clinical emphasis on the cornea, advanced glaucoma, and anterior segment disease, she calls upon her own experience to provide insights on the benefits of residencies and fellowships and provides concrete advice on finding the right match for young ODs.

After spending five years in private practice, Dr. Leung pursued an Ocular Disease and Refractive Surgery Residency in the US followed by an Advanced Glaucoma and Cornea Fellowship.

This led her to her current position as Principal Optometrists at a high volume corneal, cataract, and refractive surgical centre in Calgary, AB.  Dr. Leung is developing an OD-to-OD referral model the enhance patient access to ophthalmologic care that also increases time efficiency for ophthalmologists.

Dr. Leung is a Diplomate of the American Academy of Optometry in the Anterior Segment Section, the first Albertan and Canadian to do so.  She is President-Elect of the Alberta Association of Optometrists.

You can view her full presentation by clicking the play button below.

Dr. Sophia Leung discusses Residencies and Fellowships

Earlier this year, Dr. Leung was the guest on Eye Care Canada’s Eyes Wide Open Podcast.

She and host Dr. Roxanne Arnal discuss their personal and professional insights on mentorship, professional collaboration, and the evolution of optometry. They also delve into stress and practitioner burnout and point to a few interesting reads on the topic.


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next Gen OD webinar

In a uniquely formatted event, Canadian Optometry students were treated to the perspectives of both recent OD grads and insights of seasoned experts showcasing the opportunities and options available to them as they forge their professional careers.

The event was held simultaneously live to 100 students at University of Waterloo, School of Optometry and Vision Science and via online webinar to an expanded North American audience of young Canadian optometry students, including those studying in US Schools, including New England College of Optometry and others.

Bausch + Lomb Canada and Eye Care Business Canada | NextGen OD co-presented the event which was sponsored by B+L partners including Bailey Nelson, Eye Recommend, FYidoctors, and the IRIS Group.

NextGEN OD ambassadors Jenny Lee (OD-4 Univ. of Waterloo) and Nyah Miranda (OD-1 NECO) co-hosted the event, which presented six speakers, which was capped off with a panel Q&A and prize draws of over $1000 valiue.

YouTube Ravi Tanna
Watch Ravi Tanna’s Introduction to the NextGen OD Event – March 29, 2023. Tanna opens the event with his deeply personal account of his Best and Worse days relating to his own eye care.

Speakers Share Perspectives

Dr. Sophia Leung, President-elect of the Alberta Association of Optometrists provided advice on pursuing residencies and fellowships based on her own experience.

Dr. Michael Naugle, VP of Optometric Partnerships, FYidoctors, provided a very detailed assessment of the various OD compensation models, particularly as they relate to practicing in USA versus Canada and in various geographical settings; urban versus rural within Canada.

Dr. Mark Langer, IRIS Practice Owner in BC, shared his unique path to to practice ownership from Pacific College of Optometry (Oregon) to ownership of a community-based practice in the Okanogan Valley, having to wrestle with the decision to practice in Canada versus USA along the way.

Dr. Matthew Harrison, practicing in an Eye Recommend Practice in SW Ontario, shared his perspectives on the benefits of “Independent Practice”, including details on the Associate Signing Bonus Program offered by Eye Recommend.

Dr. Laurie Lesser, Eye Care Director, Bailey-Nelson North America and UK, provided a history of the chill Aussie Brand retailer addressing the importance of work-life balance in an optometric career.

Over $1000 of Prizes

Following the Q&A  , all event attendees were entered into a random prize draw. Here are the winners:

Clinical & Refractive Optometry Annual Subscription/Complimentary CE:
Amanda Leong (UW 2026)

Bailey Nelson Quality Sunwear:
Bethany Lo (UW 2023)

Eye Recommend $100 Gift Cards award to three attendees:|
Amy Wang (UW 2024)
Sarah Long (UW 2025)
Jean Nasta (UW 2026)

FYidoctors $100 e-gift card:
Alexander Rozbacher (UW 2024)

IRIS Group iPAD winner:
Vyshnavi Satyajit (NECO 2024)

Photo Gallery – Live Event Univ. of Waterloo

Live Event Univ. of Waterloo Live Event Univ. of Waterloo Live Event Univ. of Waterloo Live Event Univ. of Waterloo

 

 


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The Optical Metaverse in Omniverse City

In 1999, selling websites to Optometric practices was a very tough gig! “Who needs a website, we have the “yellow pages!” was a common refrain. I know this because it was my personal experience.

Well, history proved the naysayers wrong, and “web 1.0” technology, for better or worse, prevailed and is still an omnipotent force for any (serious) eye care practice or optical industry player. Then web 2.0 came adding with interactivity (like Virtual Try On)  and e-commerce with the same observed development curve from naysayers to advocates to an essential element for business and interactive “Omnichannel” everything.

Today the buzzword is “metaverse” and the technology confuses and confounds many, including me, I confess. Some call it Web 3.0 to dumb it down for those who like simple concepts. Guilty again.

Why do I need to be “on the Metaverse? 
I am not going to answer that question (because I honestly don’t know), but metaverse developments at large and within the optical and eye care world do require all forward thinking individuals and companies to keep a watchful eye.

No one in our optical world is more attuned to this future than Charlene Nichols, passionate founder of The Optical Metaverse, a  new platform which is built on a metaverse engine called The Omniverse City. Through the Optical Metaverse, Nichols is creating a path for the optical industry to go along for the journey.

“The Optical Metaverse is designed to unit individuals, businesses, and organizations within the optical industry to create a shared virtual space. This space enables stakeholders to connect and collaborate in a way that has never been possible. Through this platform, industry players can share ideas, innovations, and solutions to create a more sustainable future for the industry,” says Charlene.

“I strongly believe that the Optical Metaverse represents a significant development for the optical industry, and I encourage you to explore this exciting platform further,” says Nichols.  And on that I agree.

She adds,  “… if you’re an eye care provider and you’re not a part of that direct-to-consumer messaging channel, then you’re missing an opportunity to properly educate. Not only are you missing out on an opportunity to make money, you’re missing out on an opportunity to provide people correct information.”

Stepping Into a New World
As part of her “next”, Charlene is taking The Optical Metaverse and The Omniverse Village to the BREATHE! Convention which will demonstrate the utility of Web 3.0 technology in daily life.

Exhibiting at The Omniverse Village grants access to participate in pitch sessions, meet other insiders, and grow audience reach and influence. Companies in the Web3, optical, and eye care industry will benefit from direct exposure to over 5,000 professionals looking for solutions, tools, and innovations.

BREATHE! Convention is set to provide a historic, native Web3 experience, with 5,000+ anticipated attendees, 200+ brands, 150+ media partners, 100+ exhibitors, and 80+ speakers. The attendees will comprise 70% founders and C-level executives. BREATHE! Convention is the first of its kind featured directly on the show floor at the Las Vegas Convention Center.

For more information on The Omniverse City, visit: https://theomniverse.city/ Contact info@theomniverse.city

For exhibiting and sponsorship opportunities with BREATHE!, visit the BREATHE! website and book a call at: https://breatheconvention.com/ 

With the launching of The Omniverse Village, Web3 adjacent eye care and optical projects and companies have the opportunity to exhibit at BREATHE! at a group rate, allowing brands to bring innovative new use cases and applications that revolutionize the optical and eyecare industry.

Even if you choose not to participate at this time in Web 3.0 you do need to track developments.

Click here to view the full Press Release.

David Pietrobon

David Pietrobon

President | Publisher

David is the President of VuePoint IDS, Publisher of the Optik, Eye Care Business Canada and CRO – Clinical & Refractive Optometry and IMAGINEM, an independent eyewear fashion magazine.

Prior to founding VuePoint, David was an executive in several large International eye care companies in ophthalmic lenses, contact lenses and pharmaceuticals. He founded/co-founded  several information technology start ups providing services to Eye care Professionals.  He’s worked in 5 countries in over 30 years in the optical industry.


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Opportunities & Options for New Optometrists

On the evening of March 29, young Canadian Optometrists and Optometry students will gather simulataneously online and in person for a unique hybrid event. The event will be live at University of Waterloo, School of Optometry and Vision Science and livecast via ZOOM to an online domestic and international audience. Click here for more information about this event.  The event is co-presented by Bausch + Lomb Canada and Eye Care Businesss Canada.

Optometry Students and recent graduates will hear from both industry experts and recent graduates about their various career experiences, exposing the young ODs and students to the opportunities and options that are available to them. The evening will be co-hosted by NextGEN OD ambassadors, Jenny Lee (OD-4 UW) and Nyah Miranda (OD-1 NECO).

The live portion of the event will begin at 7:30 PM (EDT) with light fare/refreshments. The remote attendees will join in at 8:00 PM for the guest presentations (See details here). The presentations will be followed by a  Q&A session and prize raffles for attendees. Nearly $1000 of value prizes will be awareded.

Interested persons should reserve their place soon as soon as possible due to space limitations for the live event.  There is no cost to attend, but available reservations will be made on a first-come first serve basis.

Other sponsors of the event include FYidoctors, IRIS Group, Bailey Nelson, ROI Corporation, Eye Recommend and CRO (Clinical & Refractive Optometry).

Registration is now open for both the live and online event. See you there on Wednesday March 29th.

 


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Tom Bollum, a seasoned optical industry executive shares valuable insights on practice real estate in a conversation with EyesWideOpen host, Roxanne Arnal. They discuss the importance of location and how a change of location could impact the practice. Must read lease negotiation tips are provided!


Tom Bollum

About the Guest

Tom Bollum combines a unique skill set:  Commercial real estate expertise with extensive C-suite experience in the optical world.

Tom successfully founded and built several optical retail businesses and was awarded the Canadian Entrepreneur of the Year award for this work.

He always enjoyed the “real estate” aspect of his optical career and made the leap in 2008 to become a licensed real estate Broker focusing on the marketing and sales of residential and retail development properties, as well as tenant representation.

Episode Notes

Tom provides an overview of his “optical world” history which included executive positions with some of the largest players in the Canadian Optical market including NewLook and Greiche and Scaff (Montreal).

He became quite familiar with the high-volume optometric practices with strong retail sales. Tom explains how and why he moved into the real estate business in 2008.

He delves into the importance of location when it comes to retail eye care, explaining why location is still a critically important decision for any practice and what patient retention a practice can expect from a move in physical location.

His objective view of the impact of moving a practice is advise worth heeding for any practice considering it.

He and host Roxanne Arnal each share their experiences with real estate ownership while Tom opines on the value of owning your own premises.

Finally, Tom has some great “insider tips” for practice owners negotiating a new lease. He reveals some of the hidden leverage points that eye care practice owners have and offers specific tips on getting the best deal.

Resources

Click the play button at top of page to listen.

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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Eye Care Business Canada Sponsors CAOS

Eyecare Business Canada and NextGen OD are pleased to announce their 2023 Sponsorship to the Canadian Association of Optometry Students (CAOS).

NextGen OD is a digital resource specifically for recent Canadian Optometry grads and Optometry students studying in Canada and in the USA. The site provides resources for Optometry Students and recent OD graduates, including information on career options in all facets of optometric practice.

As students enter their final academic years, progress through internships and externships, and possibly residency and fellowships, a host of options and opportunities lay ahead.  NextGen OD provides insights from students making these choices as well the paths of recent grads who are dealing with these important decisions.

The NextGen OD eco-system consists of a website (www.NextGenOD.ca), Facebook page, Instagram, and a Linked In Showcase Page.

APERTURE Magazine Contest Sponsorship and More
A unique aspect of NextGen OD’s sponsorship is to reward winning contributions to CAOS’ online magazine, APERTURE.

Student winners of the APERTURE writing contest will be recognized by publishing the winning entries in Optik Magazine in 2023, reaching over 10,000 Canadian eye care professionals.  Additionally $500 of prizes will be provided by the publisher to the winning entrants.

“As a broad spectrum B2B publisher in the eyecare space, identifying the next generation of leading peer influencers is an excellent opportunity to acknowledge the talent that lies within the student cohort and bring their fresh perspectives to the industry at large.said David Pietrobon, president of VuePoint IDS, which publishes both Eye Care Business Canada and NextGen OD, Optik Magazine and CRO (Clinical & Refractive Optometry) Journal.

In addition to the APERTURE Magazine contest sponsorship, NextGen OD is planning webinars bringing together Canadian students from across North America with various subject matter experts. Plans are also underway to provide peer-reviewed clinical pearls to both students preparing for Board Examinations and recent graduates that require continuing education credits. These will be provided through CRO (Clinical & Refractive Optometry) Journal and CRO Online CE, a division of VuePoint IDS Inc.

.About VuePoint IDS
VuePoint IDS Inc. is a private 100% Canadian-owned media and marketing services company focused on serving the information needs of the eyewear and eye care industry’s professional service providers including optometrists, opticians and affiliated personnel. VuePoint publishes print and digital titles for eye care professionals under the media brands Optik, (CRO) Clinical & Refractive Optometry, Eye Care Business Canada/NextGen OD and co-publishes IMAGINEM Magazine, a multi-lingual global eyewear fashion publication published in 5 languages.

VuePoint also offers services to eye care professionals, including accredited continuing education program development and delivery for Optometry through CRO Online (www.crojournal.com)  and for Opticians through OptikConEd (www.optikconed.com).

About  Canadian Association of Optometry Students (CAOS)
CAOS represents Canadian Students enrolled in optometry faculties across North America. CAOS has two chapters in Canada, University of Waterloo and Université de Montréal. There are currently nine chapters in US-based optometry schools. CAOS provides optometry students with a unified voice and advocates on behalf of students in shaping the future of optometry in Canada.


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Kicking off the Holiday Season is also a time to ensure that you have done the necessary year-end tax planning which can help lessen your tax bill come the new year.

Personal Year End

Regardless of the year end you have selected for your corporation, every person in Canada has a taxable year end of December 31st. Therefore, it’s important to review some key tax considerations prior to December 31st.

RESP

A Registered Education Savings Plan has some rules around both withdrawals and contributions. On the contribution side, eligible grant recipients are not only lifetime capped, but also annually capped. As a result, timing of contributions that generate grants is important to review prior to year end.

Withdrawals can be a little, I mean a lot, more complicated. You have six months after you have completed your post-secondary education to make a final request for grants, bonds and growth withdrawals (known as Education Assistance Payments or EAPs). In addition, for the first 13 weeks of a program, you can only request a maximum EAP of $5,000. Keep in mind that EAPs are deemed fully taxable income to the student. Therefore, as year end approaches, you may have an opportunity to withdraw a second EAP for a first year student who might have low taxes for 2022.

RDSP

You have until year end to make a contribution to be eligible for 2022 grants in a Registered Disability Saving Plan. These plans and associated grants are available to qualified disabled persons in Canada.

Strategic TFSA Withdrawals

Any withdrawals that you make from your TFSA are added back to your contribution room come January 1, 2023. Therefore, if you are looking to withdraw funds from your TFSA, it might be wise to do so prior to year end. This can be especially valuable if you are moving from a bank TFSA savings account into an investment early in the new year for example.

Paying Corporate Dividends

If you plan to pay dividends over the winter, consider the tax timing for both you and your corporation. Any 2022 dividends declared for a corporate year end prior to December 31 will be taxable on your 2022 personal tax return. You will want to weigh out the timing based on other income you have earned in 2022 and what you expect to earn in 2023 to determine the best timing.

Corporate Investment Earnings

Because corporate investment earnings over $50,000 in a year will erode your small business deduction tax break, it is important to review the earnings regularly and make adjustments either through strategic payments, setting up an Individual Pension Plan (IPP) or purchasing corporate owned exempt life insurance for example.

Tax Loss Selling of Investments

Given the market volatility we have seen this past year, your non-registered accounts may have capital losses. These losses can be triggered and used to offset taxable capital gains from the past three years (and can be carried forward indefinitely – so be sure to keep track of them). Therefore, if you have been sitting on a shareholder loan repayment, it might be a great time to liquidate some corporate investments to pay yourself back, all the while triggered a tax credit for your corporation and transferring tax free money to your pocket!

Likewise, it may be a good time to withdraw from your personal non-registered accounts to cover off some debts you are carrying, pay for home renos, or create cash to reinvest in your RRSP.

Income Splitting & Prescribed Rate Loans

The use of prescribed rate loans might be worth looking at if one spouse is in a high tax bracket while the other is in a lower tax bracket. The current prescribed interest rate is 3% and is set to increase to 4% January 1, 2023. Once the loan is set, the interest rate remains for the duration of the loan. This is higher strategy planning that also needs to involve your accountant and lawyer and should be discussed in greater detail should you wish to review this option.

Charitable Donations

Receipted donations are grouped together and are eligible for a 15% federal credit (and typically additional provincial credit) on the first $200. On amounts exceeding $200, the federal rate jumps to 29% (and is actually 33% if your taxable income exceeds $221,708). So if you are thinking of donating in January, you might want to move that forward!

RRSP

I know you are wondering why this is so late in the list – but the 2022 RRSP contribution deadline isn’t until March 1, 2023.

As you finalize your earned and taxable passive income for 2022, your next step is to review optimal RRSP contributions for overall average tax rate management, now and in retirement.

Understanding your 2022 income and available cash flow is key to ensuring you have drawn out appropriate salary and dividends from your professional corporation prior to December 31.

So Many Options

There are so many options and opportunities to save tax if you plan ahead. Of course, the best fit options are based on your personal situation and goals.

Advisory

As your Chief Financial Officer, I am here to help you sort out the options that make the most sense for you. 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 do. 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 of Empowering 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.


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