Tag: eyecare professionals

Get to Know FYidoctors – Meet Dr. Devin Almond

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FYidoctors is Canada’s largest network of optometrists. Doctor-led, professionally managed, and patient-focused, the organization concentrates on delivering outstanding eye care with patient-centric products and services.

In this article, we will be getting to know Dr. Devin Almond, Lead Optometrist at the FYidoctors Kelowna Spall Plaza clinic.

Dr Devin Almond, Lead Optometrist at the FYidoctors Kelowna Spall Plaza clinic

  1. Tell us about yourself!

I was introduced to Optometry through my father Dr. Brad Almond. He was an Optometrist in Calgary and Kelowna for many years. I always gravitated towards healthcare and decided to become an Optometrist after job shadowing at a few clinics in Kelowna. I went to Pacific University and graduated in 2014. Upon graduation, I moved back to Kelowna with my wife and opened a cold start practice with my dad in 2014. It was a humbling but invaluable experience building up a patient base from 0 to what it has become today. During the first few years of opening the practice, I locumed at FYidoctors in Penticton, and that was how I became introduced to the FYi organization.

 

  1. Why did you choose to join FYidoctors?

In 2022, my dad had decided that he wanted to retire so our practice was going through a transition. I had to choose between buying him out, bringing on a partner, or merging with FYi. I chose to merge with FYi because it would allow me to have more work-life balance, reduce the stress associated with running a business by myself, stay competitive against large optometry chains, and still maintain autonomy over my optometric practice. I am very grateful that I made this decision. I believe that FYi is the future of optometrist-owned practices in Canada. With climbing interest rates, excessive amounts of student debt, and rising costs to buy existing practices, I don’t think it’s realistic for many new grads to buy-in to practices anymore. FYi provides a way to not only own shares within a single practice but of the entire company as well. In my opinion, this is a better investment than owning your own practice in this market.

 

  1. What was it like to switch over to FYi?

Anytime a practice is going through a transition, it is difficult. The staff must learn new processes, new products, new sales techniques, and have more meetings. When transitioning, there will always be some resistance and you can expect it to take around a year before everyone has fully adjusted. FYi has a great management team at Home Office for support to make the transition as easy as possible. After getting through the transition period, I believe my staff is performing at a higher level than before due to the training and support they received from FYi. The best thing about FYi has been the centralized recalls. This has taken the burden off my staff from taking time out of their days to call patients and it has improved our patient retention. We have been getting lots of patients returning to the clinic for their eye exams, some of whom haven’t seen in 4 or 5 years! FYi is also great at ensuring its practices have state-of-the-art technology, which some independent practices may not be able to afford – when our OCT machine went down a few months ago, we received a new one very quickly, which is a powerful benefit of being part of a larger organization.

 

Overall, I am very grateful to have joined the FYidoctors team. They provided me with competitive compensation and being able to optimize my work-life balance has improved my quality of life. If you’re an optometrist in Canada, definitely consider joining FYi if your practice is going through a transition or you’re looking for a new job.

 

Looking for career opportunities with FYidoctors?

Contact me at Michelle.Melnyk@fyidoctors.com

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.

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Vision Entrepreneur by OSI Group: Empowering Independent Optometrists

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OSI Group ECP with child doing an eye exam

In today’s eye care landscape, the optometry sector is undergoing a dynamic shift toward independent practice. This movement is driven by a desire for greater professional autonomy, personalized patient care, and the freedom to innovate beyond corporate constraints. This shift is evident in the rise of boutique optometry practices offering tailored services and the growing presence of rural optometrists delivering crucial care in underserved areas. Amid this transformation, the OSI Group has launched Vision Entrepreneur, a trailblazing program designed to empower optometrists to build and sustain their own practices. This initiative offers a multifaceted approach to professional development, blending hands-on experience, personalized guidance, and a robust support network.

 

Jumpstart Your Career: Hands-On Internships

One of the standout features of the Vision Entrepreneur program is its extensive internship placement service. With connections to over 850 independent clinics, the program offers budding optometrists invaluable onsite experience. These internships provide an immersive look into the daily operations of thriving independent practices, delivering insights that textbooks simply can’t offer.

Moreover, Vision Entrepreneur goes beyond the standard approach, matching you with practices and communities that align with your career goals— whether you’re drawn to the buzz of urban clinics or the unique opportunities in rural settings. By working alongside experienced practitioners, you’ll gain a comprehensive understanding of patient care, clinic management, and the business intricacies that come with running a practice.

Your Personal Guide

Through the Professional Maze

Starting your journey in optometry can be daunting. There are regulations to navigate, finances to manage, and patients to attract. Vision Entrepreneur understands these challenges and provides personalized guidance calibrated to your career ambitions. Whether your goal is to join an established clinic as an associate, launch a new practice, or invest in an existing one, our seasoned Practice Advisors offer strategic advice and support. Their wealth of experience helps you sidestep common pitfalls and make savvy decisions about your professional path.

From Dreams to Reality:

Custom Coaching for Entrepreneurs

Ready to take the plunge and start your own practice? Vision Entrepreneur offers a coaching program designed to turn your dreams into reality. This program covers every critical aspect of establishing a practice, from crafting a rock-solid business plan to creating impactful marketing strategies. You’ll benefit from the expertise of a dedicated coaching team, receiving ongoing support that addresses immediate hurdles and long-term objectives. This tailored approach builds your confidence and skills, preparing you to go toe to toe with the complexities of optometry’s business side.

Connect, Collaborate, and Conquer: Join Our Community

Beyond its practical offerings, Vision Entrepreneur fosters a vibrant community of passionate vision care professionals. This network of emerging optometrists is a platform for collaboration, idea sharing, and mutual support. Connections are essential for those just starting out, and Vision Entrepreneur knows this well. While the program provides a wealth of resources and expert advice, it’s the community at its core that drives its success. By nurturing a sense of belonging and shared purpose, Vision Entrepreneur helps you forge relationships and opportunities that last a lifetime.

 

Shaping the Future of Independent Optometry

In an era where independent optometry practices are becoming increasingly vital to the healthcare landscape, Vision Entrepreneur shines as a beacon of support and innovation. By combining practical experience, expert guidance, and a strong community network, the program empowers aspiring optometrists to achieve their full potential and build thriving independent practices.

Ready to embark on your entrepreneurial journey? Vision Entrepreneur by OSI Group provides the tools, knowledge, and support you need to succeed. Contact Vision Entrepreneur today at entrepreneur@opto.com to unlock your independence and kickstart a successful optometry practice!

visionentrepreneur.ca

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Confronting Patient Fear

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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.

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So, You Want to Own Commercial Real Estate ?

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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.

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Why Toilets Matter: The Unseen Impact on Practice Value

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Dont flush practice value down the toilet!

While originally spun from the dental world by Tim Brown, President of ROI Corporation, this story resonates just as profoundly within the realm of optometry.

Reflecting on Tim’s eye-opening narrative. “Why Toilets Matter”, it’s clear that the nuances of practice environment extend far beyond mere aesthetics or functionality. They’re crucial to the very valuation of an optometric practice.

Here’s a curious tidbit that Tim shared, illustrating the point perfectly: A dental office in an older medical building introduced door codes for bathroom access, changing them occasionally.

Sign in dental practiceImagine, if you will, a patient viewing this sign!

This isn’t just about security or modernization; it’s a testament to how amenities, as mundane as bathroom access, can significantly impact a practice’s perceived value.

Amenities such as these aren’t just physical attributes; they’re reflections of how a practice values its staff, patients, and overall operational ethos. And guess what? This wisdom utterly applicable to the optometry world as well.

Tim draws from a decade of hands-on clinical experience before venturing into the appraisal and valuation arena, He has navigated diverse practice settings, each with its unique challenges and comforts. The conclusion? The quality and availability of facilities like bathrooms genuinely matter.

Imagine the daily grind in an optometry practice – it’s a marathon of mental and physical exertion. From the moment you step through those doors, it’s non-stop. The availability of a private space to catch a moment’s breath between patients isn’t a luxury; it’s a necessity.

Yet, disappointingly, this basic requirement remains elusive in many settings. Consider a working mother returning from parental leave, the absence of a private, comfortable space for necessities like breast milk pumping – relegated instead to a cramped public restroom! Disheartening.

Key Point: Minor Details Impact Practice Value

We’ve witnessed firsthand the discomfort of staff and patients sharing a too-close-for-comfort restroom adjacent to the waiting area. The thought of a healthcare professional emerging from such a space, only to engage closely with a patient, underscores a glaring oversight in hygiene and privacy standards.

The dialogue around these issues isn’t new. These seemingly minor details can profoundly affect the morale of your staff, the satisfaction of your patients, and ultimately, the financial valuation of your practice.

In echoing Tim’s sentiments, it’s clear: The gold standard for any healthcare practice, optometry included, must advocate for private bathroom and a dignified, clean space for staff. Let’s not overlook the basics, for in them lies the foundation of our practice’s value and integrity.

Link to Previous Jackie Joachim Articles,

Link to Tim’s original article.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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