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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The independent advantage

Dr. Matthew Harrison, a SW Ontario Independent OD aligned with the Eye Recommend network, presents the case for independent practice with the support of a strong membership group.

Dr. Harrison, a 2013 University of Waterloo grad, provides his definition of “Independent Practice”, a term that is often bandied around and accepted often without a full understanding of its meaning and consequences to practice.

He concludes that independence ultimately is defined as the freedom of choice to selectively utilize the tools you desire to provide the highest level of care.

He advocates that you can have the best of both worlds by aligning with a strong member group such as Eye Recommend, which has 500+ practices across Canada and over 1300 optometry professionals.

The Independent Advantage Dr. Matt Harrison
View Dr. Harrison’s full presentation by clicking the play button above

NextGEN ODs as early as Year 2 can receive a signing bonus of $25,000 when starting with an Eye Recommend practice after graduation.

For more information on the “Eye Recommend” advantage: connect here.

 


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NextGEN OD

Dr. Mark Langer graduated from Pacific University College of Optometry in 2013. He had interned at a number of interesting practice locations, including private practice in Beverly Hills California, an Army Hospital in Europe, a Veteran Affairs Clinic in Hawaii, and a private practice and IRIS location in British Columbia.

While engaging with young ODs and optometry students at the March 2023 NextGEN OD event, it is not surprising therefore to hear him strongly recommend that NextGen ODs step back from the academics and take time to network and build bridges to their future opportunities.

A Mentor’s Advice
While contemplating the “how, what and where’ of his future practice opportunities, a successful private practice owner/mentor offered this advice, “”Pick where you want to live and build a life there”.

Langer took the advice to heart. Building upon the connections previously forged, he landed with IRIS in the BC interior.

Aligning the family around the decision to stay in the Okanagan Valley, Dr. Langer officially partnered with IRIS which perfectly melds his professional career and personal lifestyle – which now includes a family of “three little dudes!”.

He’s appreciative of the professional teams that take the administration burden off his plate allowing him to go home, put on his “Daddy Cape” and enjoy life.

My Path to Practice Partnership at IRIS
View Dr. Langer’s full presentation by clicking the play button above.

Key Point of advice: “Make sure that life outside of work is at the forefront of any decision you make.”


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Dr. Michael Naugle discusses OD Compensation models

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

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

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

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

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

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

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

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

 


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Opportunities for NextGEN Optometrists

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

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

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

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

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

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

Dr. Sophia Leung discusses Residencies and Fellowships

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

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


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next Gen OD webinar

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

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

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

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

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

Speakers Share Perspectives

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

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

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

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

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

Over $1000 of Prizes

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

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

Bailey Nelson Quality Sunwear:
Bethany Lo (UW 2023)

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

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

IRIS Group iPAD winner:
Vyshnavi Satyajit (NECO 2024)

Photo Gallery – Live Event Univ. of Waterloo

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

 

 


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