Tag: New in Practice

Life Insurance That Changes With You

Finance|Wealth, NextGenOD, Planning, Resources, Sponsors

|

0
(0)

Before we leave all the insurance talk,  I wanted to draw your attention to a few of the opportunities with life insurance.

Despite life insurance paying out on death, it does have the ability to not only support the lives of your loved ones when you are not there, it can also provide you with several living benefits.

Living Perks of Life Insurance
All life insurance policies can be assigned to a lender.

We often see this where a bank, offering a sizeable business loan for example, will request that key persons for the success of the business be insured. Best practice is to set up personally or corporately owned insurance as the case may be, rather than creditor insurance, which does not provide you with flexibility down the road.

In addition, you can also borrow directly from the cash surrender value of a permanent life insurance policy. This can be set up multiple ways and can be a great source of funds to help set up your business expansion while maintaining insurance coverage and offer an alternate source for income in retirement.

How Does Life Insurance Change with You?
The more advanced concepts of using life insurance to provide benefits while you are still alive is often something that doesn’t become relevant until your mid or late career.

In many cases, the initial cost of permanent life insurance premiums deter clients from setting up these policies at the beginning of their career.

As a result, most clients will purchase more premium affordable short term life insurance early in their adult lives. In order to create a policy that can change with you, you will want to ensure your term insurance is both renewable and convertible.

Renewable Term Life Insurance
Renewable term insurance means that after your initial purchased time period of insurance coverage, say ten years, the policy will automatically renew for a new term at the contracted new rates, up until it’s expiry, usually at age 85 for term life insurance.

These rates are printed in your policy so you are aware of how the premiums will change with your increasing age. Renewing a term life insurance policy also means that you don’t need to undergo the application process again. This is especially valuable if your health has changed since your initial application.

Convertibility For Changing Needs
On top of any need for ongoing life insurance to financially assist your loved ones, you may also find yourself looking for additional long-term strategies as your career advances.

In addition to the above mentioned living perks of life insurance, you may need final taxation management and estate strategies, such as maximization, equalization and charitable giving.

Convertible term policies will permit you to change your plan to permanent insurance, thereby moving from a rental form of insurance to life long coverage (as long as the premium requirements are met).

And like renewability, you don’t have to undergo the application process again, risking premium ratings or a decline of coverage due to changes in your health or family health history.

Business Owned Life Insurance
We often speak about “savings buckets” and since the 2017/2018 CRA changes, saving for retirement in a corporation is no longer the benefit it used to be. Permanent life insurance is still one way that you can create tax efficient savings in your corporation.

In addition, this can help preserve your small business tax rate from passive earnings erosion. Remember however, if you are planning to sell your corporation down the road, you don’t necessarily want to sell this asset with the business, so it will be important to structure this strategy efficiently so that it will truly achieve your goals down the road.

Products That Serve You Today & Tomorrow
Life insurance is one product that not only serves your immediate needs, but if structured properly can serve you well into the future. Understanding how life insurance can be an asset class onto itself will help prepare you for the future you are dreaming of.

Read Previous Article – DISABILITY INSURANCE: MORE THAN INCOME REPLACEMENT

Advisory
As your Chief Financial Officer, I am here to help you understand your money and assist you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation. I work as your fiduciary to ensure that your best interests are always placed first and foremost.

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.

Share:
Rate:

0 / 5. 0

Disability Insurance: More than Income Replacement

Finance|Wealth, NextGenOD, Resources, Sponsors

|

0
(0)

Disability insurance is one of those things none of us really wants to own, let alone claim.

However, you are your greatest asset and as such, you do need to protect yourself, your family and your net worth in the event you should develop a serious illness or long-term injury.

But, did you know there are other forms of disability insurance that can be extremely valuable if you are a business owner?

Business Office Overhead
How long could your business run if you weren’t there? Would you have to lay off your entire staff? Drain your bank accounts to keep the doors open?

How quickly could you get a locum in or extend your associate’s work hours to compensate for an extended and unplanned leave?

Business office overhead disability insurance is a reimbursement based product that can be used to cover expenses to keep your office open up to 24 months after the start of a claim. It does not cover your salary however, so you will still need income replacement disability coverage for that. Keeping your business going while you recover, finding a replacement or arranging a sale will be key to ensuring that you don’t unnecessarily cripple your entire financial future.

Disability Loan Protection
In some instances, you can actually purchase a disability plan that covers your business loan payments. This is especially important if you have recently purchased a practice from another practitioner and have fairly sizeable loans. This type of plan is often less costly than the business office overhead plan, and like the business office overhead, it helps keep your investment secure for your return, or eventual sale.

Disability Buy Sell Insurance
So, you have business partners. This can provide you with some extra comfort to keep those doors open and business expenses covered, but what happens if your partner isn’t able to return to work? How long do you want to keep covering those expenses for a partner who isn’t coming back to work? And if you are the disabled party, how long do you want to hold onto your share of the practice for?

Disability Buy Sell coverage provides you with a funding mechanism that can assist the healthy partner in buying out their disabled partner. Although premiums come with a cost, they are typically far less expensive than paying out of profits. These plans can be triggered at various stages based on what fits your business marriage, often 18 or 24 months. Such plans also provide you with a clear definition of when the disability buy/sell clause in your partnership/unanimous shareholder agreement gets triggered, helping to take the emotion and personal decision out of the equation.

Claim Start
All disability plans have an elimination period. This is the period of time you have to wait before benefits will begin. It may be as little as one day with a hospital claim rider, or up to 24 months. The longer the elimination period the lower the premiums will tend to be. There is typically a sweet spot where lengthening the elimination period isn’t worth the drop in premium cost, so it is worth the conversation.

In addition, claims are always paid in arrears. This means that you won’t actually see a cheque until the end of the next 30 days after your elimination period. From a cash flow perspective, you need to ensure that you can financially support yourself and your business for an extra 30 days past the elimination period.

So Much Insurance
Insurance can be a lot more complicated that it appears on the surface, so it’s important to know that your agent has asked you all the right questions and truly understands your situation and cash flow in order to provide you with the best advice they can.

Like with all types of insurance, we really should be focusing our premium dollars on what would cause us the greatest harm should the event occur. Disability is truly a greatest harm scenario.

We don’t like being sick or injured. We often have additional expenses because of the disability, and it may not impact our overall lifespan.

So, protecting yourself from the greatest harm is key (wear your seatbelt and eat healthy) and protecting your assets from a great threat is vital.

Advisory
As your Chief Financial Officer, I am here to help you understand your money and assist you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation.

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.

Share:
Rate:

0 / 5. 0

Starting to Practice? Celebrate and then Prepare.

Finance|Wealth, NextGenOD, Resources, Sponsors

|

0
(0)

You have likely been a student for over 19 years of your life. You have had summer jobs and after school employment. You might have even taken a gap year to travel or work and save up some money. But now it’s time to “adult up”.

Without a doubt, this is both an exciting and scary time of your life. This September, you won’t be returning to school. When it seems like everyone else is rushing around in “Back to School” mode, you’ll be performing a ream of eye exams on children and teens.

So what does this next chapter look like?  What are some of the new expenses you can now expect?

First …Celebrate!
You truly deserve to celebrate your accomplishment. But keep your celebration within reason, because the money isn’t free flowing yet, and likely won’t be for some time as real world expenses are about to begin.

Licensing Fees
In Canada, you will need to make application and pay the provincial licensing fee. In most provinces, there is a College of Optometry, the self-regulating authority that ensures that practicing members are fit to practice.

Separate from the mandatory College registration, there may also be a voluntary Association membership in some regions. Although these fees are voluntary, they do go to support the profession at a provincial level by negotiating with provincial health and other third party payers of eye exams and some eyewear.

In addition, your association is your voice in the advancement of the profession and is responsible for the delivery of continuing education. I encourage you to make your association part of your annual involvement, both in financial support and for it’s professional value.

Liability Insurance
Part of filing your College registration is proof of malpractice insurance. Unfortunately our world has become more litigious and the premium cost of liability insurance has increased. Ensure that your insurer provides broad coverage and has a good history of practitioner support.

Financial Aid Repayment
All that education has likely created a significant financial obligation that we call “Good Debt”. That is, debt that evolves from building an asset – in this case – your professional education.

It may even be “Best Debt” if it is government student debt where the interest is tax deductible. This doesn’t mean that repayment should be delayed however.

Significant debt can impact your ability to get a mortgage and it keeps following you around. If you are able to maintain your frugal student lifestyle for a bit longer, you’ll be surprised how quickly you can chunk away your debt and start saving for your first home.

Income Replacement Insurance
You’ve worked hard to earn that degree and you are, without a doubt, your greatest asset. It is therefore critical that you insure your ability to earn an income in the event of disability.

Disability income replacement plans come with many different features. Understanding what best meets your needs today and for the future is critical.

Keep in mind that medical underwriting is typically most favourable while you are still young, so it is best to get this conversation started as soon as possible.

Why is it more favourable when you are still young? As optometrists, we encourage regular eye exams to stay on top of changing medical conditions- the same is true when it comes to your own medical history. The longer you live, the longer the opportunity for your medical history (or your family – parents, siblings, grandparents, etc.) to change, which can affect YOUR insurance premiums!

Legal Services
The vast majority of your new opportunities will come with contracts. Before you sign on the dotted line it is worth your time and money to sit with a lawyer and ensure you understand the benefits and limitations of any contracts you are entering into.

You don’t know what you don’t know, and trust me- getting proper advise is imperative to your satisfaction in your career and personal wealth.

Taxes
Income taxes are a significant part of your new reality. If you are an employee, a portion of each renumeration will be withheld and sent to the CRA on your behalf. Although the withheld amount is calculated as per government tables, it is not always accurate, so you should set aside some additional funds each pay period to avoid a surprise on tax filing next spring.

If you are self employed, your first year of income will arrive without any withholdings. When you file your taxes in the spring you will be on the hook for both the employee and employer portion of Canada Pension Plan contributions, as well as, your income taxes.

You’ll also have the opportunity for some business deductions, so it’s important to establish some sort of organization to ensure you’re not losing that important paper trail!

As a general rule, I recommend you set aside 25-30% of every dollar you earn. As the year starts to wind up, we should have a conversation around some tax planning for the current year and to prepare for the following year, when you will have, hopefully, a full 12 months of income.

Advisory
As your Chief Financial Officer, I’m here to help you understand your money and assist you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation.

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 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.

Share:
Rate:

0 / 5. 0

What’s New in Specialty Contact Lenses from Dr. Rosa Yang

NextGenOD, Perspectives, Products | Services | Industry News

|

0
(0)

By Jaclyn Chang, OD

Residency trained optometrist Dr. Rosa Yang shares her knowledge on the ever-changing topic of specialty contact lenses in the following conversation with NewOptometrist.ca editor, Dr. Jaclyn Chang.

Dr. Rosa Yang

Jaclyn: What are the indications for scleral lens use?

Rosa: Scleral lens use has been growing and gaining more attention in recent years. The scleral lens vaults over the cornea and has increased comfort.

Previously, the primary indication for scleral lenses was corneal ectasia; the main one being keratoconus. Now we have learned about other benefits of scleral lenses, for example, patients with dry eye. Scleral lenses provide constant lubrication to the ocular surface. While dry eye is a multifactorial disease and scleral lenses aren’t for every patient with dry eye, there is a specific subgroup of patients who would benefit from them. These include patients with exposure, such as with a facial palsy.

Jaclyn: What equipment is necessary for fitting specialty contact lenses?

Rosa:  Topography is essential to the fitting of specialty contact lenses. When you think about managing glaucoma, you think about how important OCT is to glaucoma specialists. The analogy for a contact lens fitter is topography.

It is an effective method to assess ortho-K treatment, for example. While the patient may have optimal vision and the lens may appear well-fitted open-eye, this may not always correlate with optimal ortho-K treatment overnight. The treatment may be decentered but provides enough treatment through the optical center to give good vision. However, this does not equate to optimal treatment.

There is also value in topography with scleral lens fits. The amount of time needed to select the initial lens can be minimized. The topography can aid us in determining the initial sag of the lens. We have also learned that many scleras have toricity. Some topographers can map out scleral contour to help us decide if the patient would benefit from a toric peripheral design.

Jaclyn:  Can you talk a little bit about specialty soft contact lenses?

Rosa:   Sure, there are specialty or customized soft contact lenses for high prescriptions outside of range. For example, I had a patient whose prescription was -22D. We put this patient in a soft contact lens called Intelliwave. Keep in mind that this lens lasts for three months so the patient has to be diligent with cleaning.

Jaclyn: What is new in the world of fitting specialty contact lenses?

Rosa:  Profilometry is fairly new. With this, the topographer and the software are linked to the contact lens manufacturer. Normally, we would do a diagnostic fit, where you put a lens on the eye, check the fit, and then specify the change in parameters. Profilometry is a method in which the contact lens manufacturer can generate a lens with a specific parameter based on the topography itself.

Aberrometer is also a relatively new technology being implemented. Higher order aberrations (HOAs) can lower best corrected VA and quality of vision. HOAs can be measured and neutralized to improve vision in scleral lens wearers.

Jaclyn:  Great, thanks so much for that refresher and update!

 

Previous discussions with Dr. Rosa Yang: 

Perspectives on Myopia Control
Pursuing a Contact Lens Residency

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

Share:
Rate:

0 / 5. 0

Your Guide to Multifocal Contact Lens Fitting with Jocelyn Leung, OD

NextGenOD, PathFinders

|

0
(0)

Dr. Jocelyn Leung is passionate about contact lenses. Here she discusses how she implements multifocal contact lenses into her everyday practice to provide patients with vision that fits their lifestyle.

Jaclyn:  How do you identify successful candidates for multifocal contacts?

Jocelyn: Once patients reach presbyopia, possibly getting eyestrain and headaches, you can have the conversation about multifocals.

If the patient is already a contact lens wearer, fantastic. Patients who wear contact lenses are used to not wearing glasses and want to maintain this lifestyle. Glasses are inconvenient for any athletic activity, traveling, especially nowadays with the masks causing constant fogging!

I discuss the options with the patient: glasses over contacts, monovision, or multifocal contact lenses.
Before a multifocal fitting, I set expectations and let the patients know that they won’t necessarily have 100% clarity of vision but will get convenience. I usually say that they can achieve about 80-90% of what they would be able to see with glasses and gauge the patient’s response.

Patients who prioritize convenience over perfect vision are ideal candidates. It is important to make sure that the patient understands the way multifocal lenses work and what is optically possible.

Jaclyn: How is the conversation different if the patient is not a previous contact lens wearer?

Jocelyn:  Multifocal contact lenses are a good option for presbyopic patients whose end goal is to be glasses free, even if they have not previously worn contact lenses. The process does take a little bit more time, with teaching insertion and removal and educating on contact lens hygiene.

It really depends on the patient’s personality and visual demands. Last week, I fit a patient who has never worn contact lenses but did not want to wear glasses anymore due to the mask and fogging. She was very, very happy with her lenses right off the bat and I finalized her prescription with only one more visit.

Jaclyn: Can you walk us through your process of fitting multifocal lenses?

Jocelyn: I first discuss the process and fitting fees with the patient. On average it is going to take three visits and some time to find the right prescription. I let the patient know that it’s very likely they won’t be fit on the first try, and then if they are fit earlier, they’re even happier.

I look at the prescription and what lenses the patient has worn in the past. Using a brand or modality similar to what they’re currently wearing can help ease the transition. I usually stick with DAILIES TOTAL1 as my number one go-to option for multifocal lenses.

The fitting guide, which is individual to every brand and contact lens, is very important. My tip is to find two or three multifocal lenses that you like and memorize those fitting guides. Then if you need to pivot, you can look up the fitting guide for the other tertiary lenses.

Grab your first trial lens and have the patient try the lenses on in the office. It does take some time for the lens to settle and for the patient’s brain to adjust, so let the patient know that you do not expect perfect vision right now.

Make sure that the patient is functional before they leave the office: meeting the driving standards, comfortable seeing far away, and can read their phone. Then you can send them home with some lenses.

I do a one week follow up, but the patient can take two to four weeks to adapt. I like to see the patient at least every week, maximum two weeks, for a follow up to get their feedback. Otherwise, the patient may try the lens, forget about their vision, and not be able to provide you with comments. If there’s something the patient isn’t happy with, they need to vocalize that to you. You need to ask the right questions and be able to adjust from there.

At the first follow-up appointment, I get feedback on the comfort and vision at distance, intermediate, and near. I do use a reading card for a metric number at near, but I do not base my success on a number. I am not aiming for a certain visual acuity. I am aiming for what the patient is happy with because everyone has different visual demands.

We see if the patient wants to improve their distance or near vision and make sure that the comfort of the lens is good. We can then do an over-refraction to see what adjustments need to be made.

After a few appointments, if we find a lens that the patient is happy with, we can finalize the prescription. If the patient still is not getting comfortable vision, we can give it another shot for a few more weeks before switching to monovision or back to glasses if necessary.

Jaclyn: Can you give us some insight into your discussion on fitting fees with the patient?

Jocelyn: I always discuss fees first so there are no surprises. If financials are a deciding factor, then we only discuss options within their absolute cutoff budget.

We can always educate and bring awareness to our patients on the options available. However, if the patient is very happy with over-the-counter readers or taking their glasses off to read, they likely won’t be convinced to try multifocals. It’s what they’re used to and that’s what they’re happy with. To try multifocal lenses, you have to be enthusiastic and engaged in the process.

If the patient is willing to give multifocals a try, that’s when we can add the most value. I’ll explain that a contact lens fitting is a process, and the fitting fee is a one-time fee that covers trial lenses and multiple appointments.

As long as the patient understands that we are putting in the effort to try to get them the best vision possible, they will be more open to that fitting fee. Depending on the clinic, fitting fees may also cover appointments for any sort of infections or emergencies related to contact lenses. This gives the patient reassurance that we’re going to be there every step of the way.

Jaclyn: Great, thank you so much for all your tips on being more successful with our multifocal fits!

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

Share:
Rate:

0 / 5. 0

Finding a Job and Navigating Contracts

NextGenOD, Perspectives

|

0
(0)

Finding your first (or even second or third) job within the optometric profession can be a challenge for new optometrists. Dr. Jocelyn Leung walks us through the process from interviewing to contracts.

Jaclyn:  When you graduated, how did you go about finding a job? Can you touch on your interviewing experience?

Jocelyn: When I graduated, I found the Ontario Association of Optometrists to be a good resource. At the University of Waterloo, there is the student association that had job listings and an interview day. Word of mouth can also be a strong connection.

Most clinics start off with a phone interview. That’s when you can ask your questions to learn more about the office: How many doctors are there? How many exam lanes? What type of equipment does the clinic have? What are the hours? Does the clinic dispense? What are they looking for in an associate?

Before this phone interview, I would suggest checking the clinic’s website or social media. As much as they are interviewing you, you are also interviewing them to make sure that it’s a good match.

For an in-person interview, it’s helpful to go in on a working day. I always like to shadow so I would ask the hiring doctor if I could come in 30 minutes to an hour before the interview. Every practice runs differently; with a different number of staff and different procedures.. It is important to see how the staff interact with each other and with the patients.

The one-on-one interview with the hiring owner is when you get to know each other on a more personal level and see if your personalities and interests match long term.

Jaclyn: Looking for a job all starts with location. Did you mostly look at job postings in Toronto?

Jocelyn:  Yes, my family and friends are in Toronto and my partner also secured a job in Toronto. I value my personal life and that was something that I was not willing to compromise; my support system is very important to me.

Some people think Toronto is very competitive and you won’t get the same salary as you would in a different province or even in the suburbs. Generally speaking, that is true. However, I believe that if you find the right place for you, and you hustle and work hard, then it will all pay off in the end.

Jaclyn: What advice can you offer to new graduates on contracts and negotiation?

Jocelyn: Contracts are a bit scary at first. Before signing a contract, you want to get an idea of other contracts in the area. Contracts definitely vary from one area to the next.

In general, there are two compensation models: the dispensing model and the retail model. Depending on the model, compensation is based on a percentage of exam fees, a percentage of the gross revenue, or a percentage of the profits.

Within the contract there is always fine print, such as non-competes or non-solicits. Double check these and make sure it’s something you’re okay with. Bring up any questions or concerns in a very respectful way. If you feel like you are not fairly compensated, or you want a specific term modified, always bring it up, because you should know what your worth is and then do the best you can to meet in the middle.

Jaclyn: Yes, it is also important to know that just because an opportunity has come up, it doesn’t necessarily mean that you need to take it or it’s the only one out there.

Jocelyn: Exactly! When I graduated, everybody was looking for a job at the same time. Depending on when your board exams were, you would want to start practicing in August or September. Practice owners don’t work on our school schedule – they hire when they want to hire, and that can be all 12 months of the year.

You have student loans, you have the pressure of securing a job, and you are eager to enter the workforce, but I think it’s worth waiting and finding the right spot. Don’t sell yourself short just to secure a job.

Jaclyn: Great advice! Thanks for all your insight into the job hunting process!

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

Share:
Rate:

0 / 5. 0

Pursuing a CL Residency: A Conversation with Dr. Rosa Yang

NextGenOD, PathFinders

|

0
(0)
Young Optometry residents in conversation

By Jaclyn Chang, OD

As graduates approach the final stretch of optometry school, the decision to spend an additional year immersed in a residency program might come into view for some near-to-be optometrists.

Dr. Rosa Yang

While a residency provides the advantage of specialized training in a unique clinical setting, it may also defer the process of landing a job or starting your own practice.

Dr. Rosa Yang graduated from the University of Waterloo School of Optometry in 2019.  She interned at various clinics in Canada and in the USA, including Houston Eye Associates in Texas, where she worked closely with ophthalmologists specializing in cataract, glaucoma, and corneal diseases.

Dr.Yang pursued a post-graduate residency program in Cornea and Contact Lenses at the University of Waterloo.

Dr. Jaclyn Chang discussed Dr. Yang’s residency experience.

Jaclyn:  I really admire anyone who has done a residency and I’ve never heard anyone say they regret doing one. Can you comment on the opportunity that residency provides? 

Rosa:  For sure! Residency gave me the platform to meet people and experience a variety of opportunities. I was able to connect with eyecare specialists not just in Canada, but on an international level. Some of them became my mentors and friends. Now, when I need help to tackle a difficult case, they are my go-to people.

I have always loved teaching and residency allowed me to TA in labs and provide clinical supervision for students. I got to write case report, oral presentations, and conference posters. Through the process of preparing for them, I feel like I became a stronger critical and independent thinker – these are important traits for a clinician to have. I also travelled to so many places to attend conferences – I think I flew to five difference places in half a year, imagine how many more places I could have gone to if COVID did not happen.

Overall, it is such an enriching year with memories that I will never forget!

Jaclyn: That’s awesome! How did you feel about jumping in and doing things that we didn’t necessarily have a lot of experience with? For example, teaching, being a clinical supervisor and presenting at conferences.

Rosa: Of course, I was nervous. I am the type of person who thinks I need to be 100% prepared and execute with perfection.  That is not how real life works. More often, you learn along the way, but only if you have a good attitude and put in the hard work. I feel extremely lucky and thankful of my residency mentors. They have always believed me even when I doubt myself. Their encouragements have meant a lot to me and I think have been monumental for my growth!

Jaclyn: Can you talk a little bit about why you decided to go into residency?

Rosa: In my fourth year, I worked with a corneal ophthalmologist. Many of his patients had dysfunctional lives because they had corneal diseases and saw very poorly. With surgeries, many of them saw vision improve, but I wondered “I don’t do surgeries, is there anything that I can do for these patients?” The surgeon often told his patients “I do surgeries, but there are these special contact lenses that will probably make your vision even better. I don’t do them, but I will send you to the right people.” The surgeon was referring to us – optometrists, and he reminded me that specialty contact lens is a niche thing that optometrists do.

Then, I was mentored by a specialty contact lens optometrist. We saw a patient who had keratoconus. He started out desperate and very hopeless – he was struggling with his vision and he was told by several doctors that the only option was corneal transplant. We told him about scleral lenses and I can never forget the change in his facial expression the moment he looked around the room after we inserted the lens. The change was a total 180. I thought, this is something I really want to do.

Jaclyn: It’s cool how people who we encounter throughout our school, especially our supervisors in fourth year, really influence us on where we want to go.

Thank you so much for your insight. It’s always great to learn more about residency and your experience is very encouraging to other prospective students. I can’t wait for you to share your expertise with us on how we can better incorporate specialty contact lenses into our practice with our next talk!

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

Share:
Rate:

0 / 5. 0

Be a Lifelong Learner!

NextGenOD, Perspectives

|

0
(0)

By Jaclyn Chang, OD

Continuing Education is a requirement of maintaining membership with your College, but it also gives you the opportunity to learn on your own time and expand your knowledge in areas that you are particularly interested in learning more about.

Consider the Source.
Many commercial organizations provide sponsorship in the form of an unrestricted educational grant to the education provider. Commercial grants usually allow the education provider to make the course content available without charge.

Non-granted CE does not entail commercial sponsorship or provide any grant towards the development of the CE. A typical charge of $15 – $25 USD per accredit hour is normal.

CRO (Clinical & Refractive Optometry) Online CE, derived from the CRO peer-reviewed Journal is a good example of a resource that provides CE without commercial grants.

COPE has Strict Rules.
Course instructors are required to declare their involvement, if any, with commercial entities at the outset of a course.

The course content, however, is supposed to be absent of any commercial influence in the development, promotion and delivery of the content.

Below are some resources to help you out – visit the websites for more details and the most up-to-date information.

Non-granted Continuing Education.
Clinical & Refractive Optometry (CRO) offers paid CE hours, with some free hours available. Access to course content and preview of the test is free. Course authors almost exclusively come from challenging clinical settings such as optometry school clinics and US Veteran’s Affairs clinics.  Courses are present in text format and can be taken at any time.

CRO is also on the approved list of Journals for AAO Fellowship application. Fellowship applicants can earn 10 points by having a paper accepted and published in CRO.

Optocase offers paid CE hours, with some free hours available: https://optocase.com/

CE Wire, a virtual CE conference, is a commonly used resource to obtain many CE hours at an affordable price. They offer 64 CE hours and 4 live events: https://www.cewire2021.com/

The Academy of Ophthalmic Education, offers paid CE hours with some free hours available: https://www.aoece.com/education

Many optometry schools offer continuing education, including the University of Waterloo:
https://uwaterloo.ca/optometry-vision-science/continuing-education

For continuing education from SECO, including paid CE and occasional free courses, visit:
https://secouniversity.com/cope-individual-courses-full-listing/

Eye Code Education offers paid CE hours: https://www.eyecodeeducation.com/collections?category=continuing-education

 

Granted Continuing Education

Review of Optometry: https://www.revieweducationgroup.com/

MedEdicus: https://www.pathlms.com/mededicus

Review of Myopia Management: https://reviewofmm.com/category/continuing-education/

CL Spectrum: https://www.clspectrum.com/continuing-education-center

EyeSchool.ca: http://www.eyeschool.ca/

Evolve Medical Education offers free CE for a number of specialties, including optometry: https://evolvemeded.com/

Healio offers free CE for a number of specialties, including optometry: https://cme.healio.com/optometry

Industry partners often sponsor CE, including TLC Laser Eye Centers. Notifications of upcoming webinars are emailed out if you are on their mailing list. The previously used link has not yet been updated for 2021, but is here for your future reference: https://www.tlcvision.com/ceseries/

For Your Learning (non-COPE)

Dr. Ike K Ahmed, MD hosts Prism Eye Rounds: https://www.prismeyeinstitute.com/webinars/

Zeiss offers educational webinars: https://www.zeiss.ca/meditec/en/c/zeiss-educational-webinars.html

They also have texts available for download for a limited time:
https://www.zeiss.ca/meditec/en/c/effective-perimetry-free-book.html
https://www.zeiss.ca/meditec/en/c/practical-angiography-free-book.html

Other Resources
Gonioscopy: http://gonioscopy.org/
Iowa Glaucoma Curriculum: http://curriculum.iowaglaucoma.org/

OCTs: https://www.octcases.com/

Resources from Dr. Ron Melton, OD and Dr. Randall Thomas, OD: https://www.eyeupdate.com/

KMK Educational Services also produce updates for ODs: https://www.kmkoptometrypro.com/

Videos and other resources from Dr. Timothy Root, MD: https://timroot.com/

Resources from ophthalmology residents: https://eyeguru.org/

Spending the time to learn more about a subject is an investment in your future and helps you become the best OD you can be!

 

CRO (Clinical & Refractive Optometry)  Journal (www.CROJournal.com)  will provide  one free COPE credit for any new OD signing up to the NewOptometrist.ca e-newsletter.  The free credit can be applied to any course in the CRO Catalogue.

Click Here to Sign up Now.

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

Share:
Rate:

0 / 5. 0

Becoming an Independent Practice Owner – My Story

NextGenOD

|

0
(0)
Growing an Independent optometry pPractice Toronto

Jaclyn Chang graduated from UW School of Optometry in 2018. In 2019, less than two years after graduating, she took the plunge and purchased an existing independent practice in an urban setting with plans to grow. She shares her story below.

 

By Jaclyn Chang, OD

I bought the practice in the middle of November, 2019. It was not a decision I made lightly.

The owner of one of the clinics that I was working at as an associate, in mid-town Toronto, was ready to retire and offered me the opportunity to buy the practice from him.

He had been working as an optometrist for over 38 years and had been in the office’s current location for the last 18 of them.

The equipment was original to the practice’s current location and was in need of an update; this meant that I would essentially be taking over an existing patient base, paying one lump sum for the patient records.

The office sold contact lenses but there was no dispensary or any auxiliary testing available.

Considerations
With a deadline, I had to consider my options and get back to the owner with my decision.

Because I had been working in the practice a few days per week over the previous year, I knew the patient demographic, staff, schedule, and location very well – a huge advantage as I was making my decision.

I liked the idea of building on a smaller existing practice as opposed to starting from scratch or paying a higher price for a larger practice.

There would be patients walking through the door on day one but I would still be able to put my stamp on the practice and really make it my own.

Ideally, I wanted to provide patients with more technology, including a retinal camera, OCT, and visual field. With this equipment, I would be able to continue to grow my skills as a practitioner in treating and managing disease.

Difficulties
Eventually, I would also want to give patients the convenience of having access to a dispensary in my own clinic – something which would not be possible at the current location.

As a newer practitioner, I was also limited financially and by the amount of business knowledge and experience I had.

I would have to figure out what equipment to purchase, how to finance it, and decide on the new fee structure for patients.

I would have to go through the process of creating a dispensary and hiring and training staff.

By adding new revenue streams that previously did not exist for this practice, there was no reference as to how the patient base would respond.

I worried about how long it would take to get to the stage I wanted and whether or not I would be able to afford it.

An Opportunity
Then, another opportunity came up for me to move the practice into a nearby clinic with the technology and dispensary that I was looking for.

As with any practice purchase, patients would experience a doctor change, but if we moved, we would also be putting patients through a physical location change and switching to a very different way of practicing suddenly.

However, it would also mean that I would be able to practice the way that I wanted to, with the equipment I wanted, immediately.

My Decision
I knew there was extensive work to be done on the practice and a steep learning curve to becoming a practice owner, but this was an opportunity that I could not turn down.

By December 2nd, 2019, I had moved the practice into the new office and had officially seen my first patients as a new independent practice owner.

This process did not happen the way I would have ever imagined, but now that one year has passed, I look back on it proud of the progress we have made and am excited to continue sharing my story with you!

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

Share:
Rate:

0 / 5. 0

A CE Primer for new Ontario ODs

NextGenOD, Perspectives

|

0
(0)

By Jaclyn Chang, OD

One of the mandatory requirements of maintaining your membership with the College of Optometrists of Ontario is completing a specific number of continuing education (CE) hours every three-year period.

The new three-year cycle begins on January 1, 2021.

There is an auditing process following each three-year cycle, so it is important to make sure you complete your hours and receive credit for them. Keep reading for a quick summary and visit the College website for more information (Members -> Quality Assurance -> Continuing Education).

For New Registrants (New Graduates)
If you just graduated, you first need to register with the College as you can only claim continuing education hours completed after registration.

Then, you can set up your online account with the Association of Regulatory Boards of Optometry (ARBO), using this link: https://www.arbo.org/. ARBO will assign you an OE Tracker number; OE Tracker is the system the College uses to store CE data for optometrists.

The subscription for ARBO was paid for by the College for the previous cycle (To clarify, once you have paid your College fees, you do NOT need to pay anything additional).

When you get your OE Tracker number, you are ready to start uploading your CE certificates to ensure you receive credit for the hours you have completed.

Some CE providers will upload the certificate for you and will ask for your OE Tracker number (sometimes this can take a while to show up in your account!).

Certificates can be uploaded using one of the following methods (~5 business days to show up in your account):
-Mobile App: https://www.arbo.org/oet_app.php
-Website:  https://www.arbo.org/oetracker_login.php
-Email: arbo@arbo.org – ARBO is usually pretty responsive and it is easy to email in your certificate!
-Fax: 1-888-703-4848

For more information, visit:
https://www.collegeoptom.on.ca/members/quality-assurance/continuing-education/oe-tracker/

For new registrants, the number of CE hours required are prorated based on the number of complete years left in the cycle following the year registered.

Here are the number of CE hours required based on your graduation year/year of registration:

-1st year of the cycle (2021) – 47 total hours, 34 COPE (14 disease), 13 other
-2nd year of the cycle (2022) – 24 total hours, 17 COPE (7 disease), 7 other
-3rd year of the cycle (2023) – 0 hours

After Initial Registration – 70 Credit Hours/Cycle
Members of the College are required to complete at least 70 credit hours of continuing education every three-year cycle. *There have been changes since the last three-year cycle in which CE hours were previously classified as Category A and B. Please see the new information below.

Of the 70 hours, 50 hours must be Council on Optometric Practitioner Education (COPE) accredited.

Of the 50 required COPE accredited hours, a minimum of 20 hours must be lecture-based in ocular disease and management or related systemic disease. Fellowship or Diplomate in the American Academy of Optometry (FAAO) or Fellowship in the College of Optometrists in Vision Development (FCOVD) counts as 30 COPE accredited hours.

Members need a participation verification certificate for COPE accredited CE. This is to be submitted to OE Tracker by the member or CE provider.

The other 20 hours can be COPE accredited or other learning activities.

Other learning activities can include organized events and distance learning activities that are not COPE accredited, graduate studies, residency, publication in a refereed journal, clinical supervision, CPR certification, and others.

Members are required to complete the ‘Continuing Education: Other Learning Opportunities’ form to claim credit for other learning activities. This is to be submitted to OE Tracker.

Members are required to report their CE hours in their Annual Report to the College. This is then verified through OE Tracker.

For more information, visit:
https://www.collegeoptom.on.ca/members/quality-assurance/continuing-education/

Click here to view the new 2021-2023 COO Policy on Continuing Education. 

CRO (Clinical & Refractive Optometry)  Journal (www.CROJournal.com)  will provide  one free COPE credit for any new OD signing up to the NewOptometrist.ca e-newsletter before  Feb 5th, 2021.  The free credit can be applied to any course in the CRO Catalogue.

Click Here to Sign up Now.

 

JACLYN CHANG, OD

Editor NewOptometrist.ca

Dr. Jaclyn Chang graduated from the University of Waterloo (UW) with an Honours Bachelor of Science in Biomedical Sciences before continuing at Waterloo to complete her Doctor of Optometry degree. She is currently a practicing optometrist in Toronto.

Dr. Chang is committed to sharing information and bringing new resources to her colleagues. As a student, she sat on the Board of Trustees for the American Optometric Student Association, organizing events to connect students with industry. She was the Co-Founder/Co-President of the award-winning UW Advancement of Independent Optometry Club, the first club at UW dedicated to private practice optometry. Dr. Chang is also a passionate writer, who aims to make information accessible and easily digestible to her colleagues. She has published in Optometry & Vision Science and Foresight magazine and contributed to Optik magazine. She is excited to bring valuable resources to Canada’s next generation of optometrists with NewOptometrist.ca.

Share:
Rate:

0 / 5. 0