COVID-19 Archives - Page 2 of 3 - Eye Care Business Canada

Episode 15: IRIS Sees Silver Lining Behind COVID Clouds

Dr. Daryan Angle, IRIS VP Business Development recounts how the COVID crisis accelerated the group’s advanced technology adaption and customer flow management. IRIS continues to be bullish in acquiring partnerships and sees little impact on valuations as a result of COVID closures.

About the Guest

Dr. Daryan Angle graduated from the University of Waterloo School of Optometry in 2001. He joined IRIS in 2002 as a practicing optometrist in British Columbia, and shortly thereafter became a franchise partner with IRIS. In 2006 Dr. Angle relocated to Ontario. He currently holds the title of Vice President Business Development and in that role, primarily focuses on buying, partnering and integrating optical stores and optometry practices into the IRIS network.

Episode Notes

Dr. Daryan Angle recounts how IRIS, a 400-location network across the country subject to a variety of provincial regulatory edicts, not only withstood but excelled out of the COVID calamity.

IRIS took an early decision to lock down the entire network and then marshalled the organization’s significant resources to support staff through the various government programs to protect their livelihood.

Dr. Angle explains the intensity of the communications effort to keep everyone on the same page and informed of the group’s actions, including taking a centralized approach to secure Personal Protective Equipment (PPE).

He also explains how IRIS managed suppliers and landlords in their effort to preserve cash.

Daryan explains how the IRIS model, with relatively lower patient numbers with more personal service time, fit nicely with mandated appointment-only retailing. The pandemic actually accelerated IRIS’ move forward in their efforts to rigoursly manage the timeline of the customer journey for eye exams and dispensing.

The necessity to reduce patient contact time, also advanced e-commerce initiatives and their 3D technology partnership with Topology Eyewear, which can deploy remote facial scans to adjust the frame even without the patient on site.

Finally from the IRIS perspective, he explains how 3-year averaging and accommodation for the COVID closure period mitigates the impact on practice valuations. IRIS remains bullish on the market and actively seeks partnerships with independent opticals and optometric practices.

Resources

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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Positive Trends Coming Out of COVID Shut Down

Marketing, Practice, Resources

As offices returned to seeing patients, I started noticing some trends. Higher eyeglass capture rates, higher diagnostic capture rates and fewer patients per day are some of the most notable.

For years, SIMI has advocated for a “work smarter not harder” philosophy that recommended seeing between 8-10 patients for every 7 hours of chair time. Our data analytics showed us that this formula consistently led to more diagnostics being offered and more glasses being sold.

COVID offered offices an opportunity to put this theory to the test. As they returned, doctor’s schedules were close to half of what they were pre-COVID. The result? In every office, gross revenue went up over last year, though they saw significantly fewer patients. Offices have made more money by seeing fewer patients.

Prior to COVID, eyeglass capture rates were trending around 40% on average through SIMI Analytics. In the past two months, that average has increased to 78%. Diagnostic testing has also increased. When not included in a full eye exam, the average capture rate changed from 20% to over 80%.

I am also cognizant of the fact that there are other factors that have contributed to these results. After 4 months, my own family has started to mistake blowing leaves for squirrels and are taking wild guesses at the ingredients listed on food packages. We ALL need our eyes checked, new prescriptions and glasses! So certainly, there is some pent up business that is being realized. Savvy receptionists are ensuring that patients with the greatest need are getting in first. Patients are less likely to leave with their prescriptions to “shop”, as they avoid too many unnecessary stops.

But I don’t think that’s the complete story. With more time allocated for each patient, doctors are able to spend longer with each patient, in a more focussed manner. It has become necessary to anticipate how much time each patient will spend in the office. This includes in the dispensary. Suddenly, the entire office is anticipating and prepared for patients to be assisted in the gallery. Is this is self-fulfilling prophecy?

As part of my consulting advice, I have often suggested that practices make a “plan” for each patient that day. Do we anticipate that they will do additional diagnostic testing? When did they purchase glasses last? Are they due to reorder contact lenses or drops? This plan becomes the goal for each patient. As well as ensuring that every solution is considered for and by the patient, the “plan” also helps everyone stay focussed.

My hope is that offices will take this opportunity to made a lighter schedule and “pre-planning” permanent routines in their office. There are benefits for everyone, patients, staff and doctors alike.

KELLY HRYCUSKO

is the co-founder and managing partner of Simple Innovative Management Ideas (SIMI) Inc. and expert Practice Management contributor for Optik magazine. She can be reached at info@simiinc.com.

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Contactless Intake, Payment, and Reputation Management for ECPs

Digital Marketing, Marketing, Practice, The Patient Journey

With the economy reopening, one of the biggest questions for clinics looking to ramp up their business again is: how do I keep my customers and employees safe? And how can I get my revenue back to what it was pre-COVID? With safety being top of mind for customers now, clinic owners can remove fears entirely with physical distancing measures and hygienic practices, while simultaneously attracting new customers and boosting revenue.

A recent survey of over 1000 consumers was conducted by OneLocal and results indicated that 63% of people said they felt unsafe sitting in a waiting room with other people. What this necessitates is letting customers in one at a time. Significant costs are added to the business from having to spend salary on staff checking in clients manually and ensuring that everyone is kept safe.

In the same survey OneLocal conducted, 89% of people said they prefer checking in over their phones versus having to stay in a waiting room. So by sending out check-in forms via text message, clinic owners are able to eliminate the physical waiting room and efficiently take in customers, without having dedicated staff to manually manage how people check-in.

LocalVisits manages the check-in and payment process digitally, so face-to-face contact is minimized and customers can come to your business efficiently.

The check-in link contains customizable Surveys that can screen users for COVID-19 symptoms and can even be tailored to your health forms. When it’s safe to do so, you can let your customers know when to come in without having to clutter waiting rooms.

Lastly, the software sends a text message to handle the whole payment process, so that instead of using a point-of-sale system which comes into frequent physical contact with staff, everyone is kept physically distant during this part of the process.

The whole process is managed simply in a virtual waiting room, so the staff knows where customers are in their journey, whether it’s checking-in, booking an appointment, or collecting payment. Staff can monitor cancellations and send check-in links when the clinic is ready to take in new customers.

After you leveraged physical distancing software to ensure everyone is kept safe, the next step is to make your safety processes visible to customers. There are a handful of marketing strategies that you can pursue, but it really boils down to gearing your online presence towards safety. You can add to your homepage exactly what physical distancing practices you are using during your processes. Use keywords like “safest work practices in Toronto” and “COVID safe clinic in Toronto” to help you rank on Google when people look for the safest clinic in your area.

Last but not least, when the payment link is sent out, you can send automated Google review requests with reputation management software. Right after the payment, the customer experience is top of mind so if you’ve done your job right, the chance of them leaving a positive review is higher then ever. Automated software like LocalReviews can prime users on their experience and ask for testimonials via the same text messaging system. When new customers search for a clinic in your area, they will see testimonials from customers who can attest to your safety measures and overall good experience.

About OneLocal

OneLocal helps thousands of small businesses across North America get more customers with a series of best-in-class and affordable marketing automation tools. As part of an effort to help restart the economy, OneLocal is currently offering many of their tools for a fraction of the price and creating new tools to help clinic owners operate more efficiently. They are a Toronto-based tech company that has been around for over 5 years and is backed by the same company that backs Airbnb.

MATTHEW CARNEVALE

Matthew Carnevale is the VP, client relations for OneLocal, based in Toronto.

With safety now being top of mind for clinic owners, employees, and patients, it is important that you provide an experience that makes your customers feel safe. Find out how OneLocal has been helping clinic owners implement digital check-in, contactless payment, and virtual waiting rooms through LocalVisits by filling out this form: https://info.onelocal.com/ECP

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Episode 13: Update on COVID Related Employment Law Issues from Paul Martin

Eyes Wide Open, Podcasts

Paul Martin, founding partner of Wilton Martin Litigation Lawyers, updates employment law issues as clinics and employees start to reopen from the COVID-19 mandated practice shutdowns.

About the Guest

Paul is a founding partner at the law firm of Wilton Martin Litigation Lawyers. Paul provides civil litigation representation and advice in a broad range of matters to both businesses and individuals, with a particular emphasis on employment/labour, commercial litigation, professional discipline and health law. Paul devotes a large part of his practice strategizing with his clients to ensure that they avoid the litigation process altogether. However, when litigation is necessary, Paul will work tirelessly to protect his clients’ interests.

Episode Notes

Host Glen Chiasson explores hot button topics surrounding COVID back to work issues with lawyer Paul Martin (Wilton Martin Litigation Lawyers).

While the federal talking-point around 10 days paid sick leave is an apparent hot new button, Paul explains why the issue is not likely to be of any immediate consequence.

Paul delves deeply into the issue of unpaid leave and how the new “Infectious Disease Leave” provision impacts employers. He also suggests how this new provision may unfold as various legal interests start to challenge the regulation on behalf of employee clients.

They explore a number of legal issues around getting employees back to the clinic, including the implications for practice owners wanting to selectively hire back employees. Paul discusses various scenarios around employees who, for any number of reasons, may not want to return to the workplace.

Throughout Paul articulates how the Employment Standards Act (Ontario) legal framework and common law framework apply to various situations, and underlines the need for sound employment contracts with every employee.

A great overview of labour legal issues as clinics re-open.

Resources

Dr. Glen Chiasson

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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Episode 12: HOYA Advice for a COVID Rebound

Eyes Wide Open, Podcasts

Ahmos Henry, Hoya Canada president, in discussion with podcast host Dr. Glen Chiasson, offers insights and advice to Canadian eye care professionals in order to bounce back even stronger in the COVID rebound.

About the Guest

Ahmos Henry is a professional healthcare business and operations executive with extensive global experience with many multinational firms. He has held a wide range of executive positions (GlaxoSmithKline, Bristol Myers Squibb, Procter and Gamble, ratiopharm and ESSILOR). In 2014 he was appointed as the president of Hoya Vision Care Canada.

Before joining Hoya Canada, Henry was Regional VP of Atlantic Labs, Essilor, for 8 years. Prior to the optical industry her worked for 18 years in the Pharmaceutical industry in different sales and management positions across Canada and internationally. Henry holds a Bachelor of Veterinary Medical Sciences (1987) and an Executive Masters of Business Administration (2008).

Episode Notes

Ahmos Henry, president Hoya Canada provides a brief history of the company. He provides a comprehensive outline of all the activities that Hoya is undertaking to help eye care professionals weather the COVID storm and resources that have been made available to help practices emerge even stronger.

He provides tips, garnered from the Hoya experience world wide, to address the stress that both staff and patients will be facing as practices reopen across the country.

Ahmos advocates that practitioners prepare to increase the “capture rate” to a level much higher than that which was observed prior to the COVID shut-down by implementing an effective, efficient and safe , “one-stop” patient experience combining the eye health exam and eyewear purchase.

A key tenant of his message is that the business bounce back needs to be strongly and deliberately focused on increasing patient satisfaction and practice revenue.

A Key Take-away: “Even patients that have been with a practice for 10 years, will be seeing everything for the first time through a new set of eyes.”

Resources

Dr. Glen Chiasson

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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Is This Really The Best Time To Buy A Practice?

Buying-Selling A Practice, Practice

ABSOLUTELY!!! And here is why. If your ultimate goal is to own your own practice, then do not pass on a good office because of the times we are currently in. An economic crisis can be the best possible time to invest in yourself! As an associate, this could be the moment you buy yourself a job because no one knows what life will be like once the doors re-open.

Every recession creates opportunities. And inaction does not mean safety in uncertain times. Rather than simply hoping things will get better, you should act to improve your situation and position yourself for growth when the things recover.

If you are an associate, your income has and will be controlled by the principal you work for. If you work in an office with the principal, there is a very high chance your schedule is going to be impacted particuarly because the principal will be in the negative due to the clinic being closed. Therefore, a principal may choose to work longer hours to make up for this. You cannot blame someone for choosing to work more or take the better quality patients when they have owned the practice during this financially critical period. Is it not better to be the owner of a closed office when the doors finally open rather than an associate waiting for the return of consistent hours?

Buyers are reluctant to spend money to make acquisitions during an economic downturn. However, downturns can be an ideal time to invest in your own practice.

1) As an associate, how long will it take for you to personally return to work? How long will it take you to return to your same level of billings prior to COVID-19?
2) The country’s key lending rate has now fallen from 1.75% at the start of the month to its current rate of 0.25%. The last time the overnight rate fell so much in the span of a month was in 1992. Therefore, prime rate as of today (March 31, 2020) is 2.45% and will most likely decrease by end of year. There has never been a better time to borrow.
3) The sale will not close until the doors re-open. Again, with the closures, revenue is not lost but deferred. By default, there will be a demand for visits.
4) During this time as you prepare to take over the practice, you can engage the team to brainstorm and generate new ideas that could help you when the doors re-open. After all, the employees of an established practice are on the frontline and have a lot of insight into patient and practice needs.
5) Yes, there will be stricter protocols required for infection control. That will not change regardless if you are an owner or currently an associate.

While our situation today is different from the Market Crash of 2008, it is worth noting that Warren Buffett in a 2008 Berkshire Hathaway shareholder meeting said that the market might go up, the market might go down, the economy might fluctuate, but there will always be intelligent things to do. What an empowering message!! He went on to further say, “In the 20th Century alone, we dealt with two great wars (one of which we initially appeared to be losing); a dozen or so panics and recessions; virulent inflation that led to a 21½% prime rate in 1980; and a Great Depression of the 1930s, when unemployment ranged between 15% and 25% for many years. While COVID-19 is something we have never seen, the fact is that globally, we will overcome it just as we did these other significant crises.

Buying an office now gives you the opportunity of time. Usually, when people are purchasing an office, they do not have enough hours in the day to plan a successful transition. A personal marketing plan rarely is made, staff training to ensure the smooth transition does not happen and you as a new owner do not have the time to develop critical business skills such as financial management, effective communication. If you buy an office that does not close until the doors are to open for business again, you have the benefit of this time to make serious and achievable plans.

History has proven that during challenging times that all the great fortunes were made. The most successful self-made people did not sit home in fear because of a financial crisis.

Ultimately, during tough times, it’s important to keep a positive outlook rather than focus on a bleak picture. It takes courage to invest in times of uncertainty, but if you do it wisely, you’ll see positive results down the road. The reality is that people will still need to see their Optometrist. Healthcare has proven its ability to manage during and post financial crises.

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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Episode 8: FYidoctors’ Al Ulsifer on COVID-19 and L Catteron Capital Injection

Eyes Wide Open, Podcasts

Al Ulsifer, Chair & CEO of FYidoctors shares his views on how COVID-19 may change optometric practice, and what the capital injection of over $100 million means to the FYidoctors group in a free-ranging discussion with EWO podcast host, Dr. Glen Chiasson.

About the Guest

Al Ulsifer graduated from the University of Waterloo as an optometrist in 1990. After graduating, he became one of the founders and the managing partner of Northern Vision Centre, which developed into one of Canada’s largest independent optometric practices.

In 2008, Al oversaw the creation of FYidoctors, which still stands as the largest business merger in Canadian history in terms of the number of companies involved. He was awarded the Ernst and Young Emerging Entrepreneur Award for Western Canada in 2008 and the Prairies Entrepreneur Award in 2012. Currently, Ulsifer serves as CEO & Chairman of the FYidoctors Board of Directors.

Episode Notes

Glen and Al discuss the impact of COVID-19 on optometric practice, including what the future may hold for online purchasing and tele-medicine in the industry.

They discuss direct-to-consumer brands and capital investment, including Warby-Parker, and the difficulty these companies are facing in meeting investors’ expectations even before the COVID-19 event. (See link in resources.)

On the recent announcement of an minority equity stake by the L Catteron group, Al explains what it means to the group and the individual practices as well as the implications for eye care in Canada as a whole.

Key Quote: “Being doctor controlled has always been our story and continues to be.”

Resources

Dr. Glen Chiasson

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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Financial and Legal Experts Provide Practice Owner Advice

Finance|Wealth, Resources, Tax & Legal Matters

A live webinar, “Financial Advice for Turbulent Times brought financial and legal subject matter experts to provide information on the newly available federal government COVID-19 support programs and provide a perspective on the longer-term impact on practice value. The webinar was sponsored by BMO Bank of Montreal and ROI Corporation, Canada’s largest health professional brokerage.

Many questions posed by attendees are of interest to all practice owners. Below, we have recapped the key points and questions for the benefit of practice owners.

The Canadian Emergency Wage Subsidy (CEWS) and Canadian Emergency Business Account (CEBA) were the key topics reviewed.

The experts noted that both of these programs are very new. The government announcements are made with high level bullet points that don’t often drill down into the necessary details that clarify the benefits.

The general advice to practice owners is to make the claims even if there is some uncertainty as to the eligibility or requirements. If in doubt… SUBMIT THE CLAIMS.

Canadian Emergency Wage Subsidy (CEWS)

The CEWS provides a wage subsidy of up to 75% of wages for retained employees to a maximum amount of $847 per week retroactive to March 15 until June 6.
There are two key eligibility factors:
- Employers with an annual payroll of $50,000 to $1,000,000
- Show a 30% year over year decline in revenue for the periods of March, April and June.

Canadian Emergency Business Account (CEBA)

The CEBA provides a $40,000 line of credit with specific terms and conditions.
Balance owing as of Dec. 31, 2020 is converted to a 5-year term loan until Dec, 2025
The is no interest until Juan 2023, and thereafter 5% interest
If 75% if the loan is paid back on/before Dec. 31^,2022 – 25% of the loan is forgiven
Apply to the CEBA through your principal business banking institution

Q&A recap:

Can the CEWS be used to pay ourselves as practice owners?
So long as the practice owner is on the payroll it appears as though the CEWS applies. Employers will be asked to provide a summary T4 report for the year 2019 to provide evidence of payroll eligibility.

As a business owner am I eligible for CEWS benefit?
IF you are on the official payroll of the business, YES, otherwise, the rules are not clear. Individuals including self-employed and independent contractors experiencing loss of income due to COVID-19 should refer to the Canadian Emergency Response Benefit (CERB) program to check eligibility. https://www.canada.ca/en/services/benefits/ei/cerb-application.html

What if I have one employee and the annual salary falls just below the $50,000 threshold?
While technically short of the total annual wage eligibility, the advice is to apply. The “rules” are fluid and may be adjusted in the future. There is no harm in applying.

I hired staff before the COVID-19 crises and they did not start, is he eligible for the CERB?
This situation is not covered under CEWS. We suggest to refer the person to CERB (see above). As written so far, he is not eligible for CERB, but as mentioned, the rules are fluid and subject to change.

Are professional corporations eligible for the CEBA?
YES.

What other eligibility requirements are there for the CEBA?
As with the CEWS, business require to have an annual payroll of $50,000 to $1,000,000 to be eligible for this load.

As a business owner not on the payroll can I receive the Canadian Emergency Response Benefit and the Wage Subsidy?
You cannot “double dip” into these programs. If you are on the business’s payroll, the CEWS applies. IF not, you should evaluate the CERB.

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Keeping Remote Associates Engaged and Motivated

Human Resources, Managing Others, Webinar

Nava Sarooshi, President of MDP Corporation, lays out a prescription for keeping practice associates engaged and motivated under the constraining circumstances of COVID-19 closures and stay-at-home directives.

CLICK HERE TO VIEW THE RECORDED WEBINAR.

Sarooshi advises owners consider their practice culture and above all, ensure that practice leaders remain authentic to their own style and remain calm. She lays out a specific plan-o-gram of Monday – Friday activities from which practice owners can choose to implement. Saroochi emphazises that consideration must be given to the various ages and stages of practice associates in choosing which activities will be most effective.

Her message, “Don’t underestimate how you can strengthen your team’s coherence and culture! Don’t be afraid to share your anxieties, hopes and dreams.”

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Special Episode: Employment Legal Issues Around COVID-19

Eyes Wide Open, Podcasts

Paul Martin, founding partner of Wilton Martin Litigation Lawyers, shares his views on how health care professionals might approach labour issues arising as a result of the COVID-19 mandated practice shutdowns.

About the Guest

Episode Notes

Paul Martin shares his experience in dealing with employment matters in health professional corporation settings. He discusses the conflict between doing what business owners might want to do versus what they are doing given the financial realities of the COVID-19 shutdowns. He explains why the current situation is exceptional and what he is advising clients regarding staff layoffs. Martin outlines how the standard layoff provisions apply within the Employment Standards Act (Ontario) and what the consequences might be if layoffs are extended beyond the period defined in the Act.

Resources

Dr. Glen Chiasson

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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