On this episode, I talk with Dr. Ted McElroy. Ted has owned his practice for the last 27 years and is also a Vision Source Administrator for the southern part of GA and north-central part of FL. In today’s episode, we use one of our clients as a case study that kicked off the process of hiring an associate in your practice—and hiring an associate that STAYS in your practice. Ted shares with us how he identifies and interviews associates in his practice, great questions to ask during the interview process, a simple exercise to help build trust with your existing team, and great questions to ask your team to give you feedback on how you can show up as a better leader in your practice. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and invest wisely or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Ted McElroy. EyeCode Media Podcast Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hey everyone, before we get into today’s show, I wanted to let you know about an in-depth write-up I did on our website about the recently passed COVID-19 stimulus package and how it impacts optometrists. While at the time of this recording the Act has yet to be signed into law by President Trump and there seems to be a bit of volleying back and forth between the two branches of government about possible last-minute changes, I believe that the majority of the Act that would impact optometrists would stay intact. If you’re interested in reading that write-up, click on this link or visit our website at www.integratedpwm.com and click on Learning Center.   Now, for the last episode of the 2020, I wanted to share the most popular (as ranked by number of unique downloads) episode of the year. My conversation with Dr. Gina Wesley back in May was a conversation on how she uses her schedule to manage profitability in her practice. The original introduction for the episode is as follows:   Gina joined the show to discuss various ways in which scheduling has impacted the profitability of her practice. We talked about the direct and indirect benefits of having a scheduling philosophy and why empowering your team is an important component to helping you manage an efficient practice. We also discuss the importance of communicating and setting expectations with patients and why it’s important regardless of the type of exam or the journey that they went through (normal exam vs emergency vs walk-in). We also discuss one of the biggest culprits that exists in an office which can throw off the schedule (hint: it may or may not be who you think it is) and how you can fix that problem and we wrap up the conversation with her pre-appointing process and how online scheduling now plays an integral role in her recall process (including the strategic placement of her “Schedule Now” button based off the Z-pattern of how website visitors consume content).   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions that helps them live their “on purpose life.”   And with that introduction, I hope you enjoy the last episode of 20/20 Money IN 2020 and I look forward to continuing to connect with you in 2021!   Start with Why by Simon Sinek Don Miller Story Brand Complete Eye Care of Medina  Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

On this episode of 20/20 Money, my guest is Dennis Moseley Williams. Dennis is one of a few certified experience economy experts and his sincere passion and mission is to help business owners understand the importance of the customer experience and why it’s increasingly influencing where consumers spend their dollars. In this far-reaching conversations, Dennis explains why it’s so important to understand the difference between service and experience, the 5 stages of the customer experience, 4 questions you should ask to “move the experience dial” in your practice, what you can learn from Apple and Starbucks in your practice, and many other nuggets of information and perspective that I truly hope get you thinking about how up-leveling the patient experience in your practice cannot be ignored if you want to experience long-term growth and differentiate yourself from other practices and especially online competition. We reference a number of resources in today’s episode, so be sure to check out the show notes or visit the episode page on www.integratedpwm.com/learningcenter. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country utilize their practice to grow their net worth, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and other blog posts. And with that introduction, I hope you enjoy my conversation with Dennis Mosley Williams. 20/20 Money Epsd 11: Inside the Mindset and Methods of a Multi-Million dollar, single-OD practice with Dr. Jeremy Ciano Revolutioneyes The Experience Economy The Starbucks Experience: 5 Principles for Turning Ordinary Into Extraordinary Dennis Mosley-Williams Strategic Consulting Serious Shift Blogcast Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

On this episode of 20/20 Money! My guest on today’s show is me! This is our AMA episode where my wife Andrea interviewed me on a variety of personal and professional questions that listeners of the show emailed us. We had originally planned on doing this as a way to celebrate the 100th episode of 20/20 Money but given where the timing of the episode fell in relation to the time of year, I opted to “shelf” the conversation until later in December because I wanted to ensure that the content we were putting out around episode 100 was still timely for the planning topics that are relevant during that time of year. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions that helps them live their “on purpose life.” And with that introduction, I hope you enjoy this episode of 20/20 Money! Implementing a Dry Eye Clinic with Dr. Damon Dierker Adding an Associate: Understanding Marginal Chair Cost to Leverage Your Practice The ABC's and 123's of Disability Insurance Why Don’t Young ODs Want to Buy Practices?? Managing the Stress of Practice Ownership (and Life) Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

On this episode of 20/20 Money, my guest is Nathan Hayes. Listeners of the show will recall that Nathan was just on the show a couple of weeks ago, but this was a topic that we both believe is really important for optometrists to get clarity on at all points of their career: what’s your number? We’re defining “your number” as the amount of money that one should be saving to build towards financial independence. We talk about why banking on the sale of your practice usually leaves practice owners coming up short. We talk about the other side of that equation and how empowering it can be to know your number and thus be more convicted in the sale price you need to earn when you sell your practice. Nathan also allows me to indulge in a (somewhat) long-winded metaphor that connects flying, sailing, and retirement planning all into one story. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions. And with that introduction, I hope you enjoy my conversation with Nathan Hayes. Related episodes: Four Levers in retirement Cash balance plans with Karl Willman of Nyhart Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

On this episode of 20/20 Money, my guest is Kim Hockaday. Kim is an experienced mortgage loan officer with Ruoff Mortgage. In the historically low interest rate environment that we’re in these days, I wanted to bring Kim on the show to talk about mortgages and how optometrists should think about all aspects of home financing. We talk about three things that are different as a buyer in this environment, how student loans play into the purchase decision, whether an underwriter prefers a borrower to have more cash on hand but a bigger loan balance or less cash on hand but lower loan balances, mistakes and wrongful assumptions practice owners make when applying for a mortgage, her thoughts on physician loan programs, and many more relevant topics. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions. And with that introduction, I hope you enjoy my conversation with Kim Hockaday. Kim Hockaday NMLS#: 133658 317-286-8016. Email her. Ruoff Mortgage NMLS# 141868 Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

My guest on today’s episode of 20/20 Money is Nathan Hayes of IDOC. Nathan has been on the show in the past and I was excited to have him come on the show and talk about a topic that I find myself discussion with ODs regularly: how much cash to keep in your practice. In today’s discussion, we talk about how we define expenses and how many months of practice expenses to keep in the practice. We also talk about this number in relation to the amount of cash that ODs are sitting on right now due to the combination of practice revenue, EIDL loan proceeds, PPP loan funds, and HHS funding. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions. And with that introduction, I hope you enjoy my conversation with Nathan Hayes. Nathan/IDOC’s Cash is King white paper Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

While having a conversation with a friend recently, we got talking about Dave Ramsey’s personal finance philosophy and how great it is for the vast majority of people that follow his principles. But it got me thinking about how those principles apply to optometrists. Given the financial circumstances that ODs find themselves in right out of graduation, I wanted to share some insight on which of his principles are in need of a slight modification for ODs. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country use their practice as a wealth building vehicle, manage cash flow, align purpose with action, and make proactive money decisions. Epsd #86: How two ODs are CRUSHING their student loan debt Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Today’s episode will discuss a couple of updates around PPP forgiveness and how to think about the taxation of PPP funds along with an additional perspective on the EIDL loans that so many optometric practice owners have taken out as a backup cash reserve. I’ll also share some thoughts on why it’s important to understand the role that our entire government plays in relation to the platforms that presidential candidates campaign on and why we shouldn’t let the agenda of a presidential candidate influence our emotions until we know the results of ALL elections—not just the presidential election. If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help. As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. Straight Cash, Homie. Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

It’s the week after Halloween, and while we’re all coming down from the sugar high we earned by stealing our kids’ candy (no judgement here, I do it at a felony-level rate) I thought I’d cover 5 scary financial decisions that optometrists make that can prevent them from becoming wealthy or keep them broke. In this episode I highlight 5 areas where we’ve seen optometrists make mistakes with both their money and their time and the implications of making those decisions. If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help. As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. All Things Student Loans with Travis Hornsby Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  —————————————————————————————

The concept of talking to kids about money can be both a taboo and ambiguous process. For optometrists that own their own practice, there’s an added variable of owning your own practice and using it as a vehicle to not only be in a position of paying your kids but also the generational wealth that can be created by you. In this episode I’ll share a number of ideas and tools to consider when teaching your kids from an early age about money. I’ll share what age you should start talking to kids about money, the importance of using an example-based teaching approach, the three-bucket approach, and an example of how we’re doing this in our family with our daughter. If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help. As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. Talking to Kids About Money – Child Mind Institute Teaching Kids About Money (Dave Ramsey) Financial Peace Jr (Kids Money Kit from Dave Ramsey) Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

As an optometrist, saving for college for your child or children can be a sensitive subject. Depending on how or if you had to pay for your own education can influence your mindset and how high on the priority list college savings is for you and your family. If you decide that you want to save funds for higher education, there are a number of vehicles to consider with vary tax advantages. In this episode we look at 529 plans, Roth IRAs, utilizing a Family Management Company (FMC), how you can cash flow part of the cost when your kids get to college, and how life insurance could be used to fund college (though I admit it’s not one that I recommend). If you’re interested in having your question and your voice featured on the upcoming AMA 20/20 Money podcast episode, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help. As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. Links What is a 529 Plan Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!  

We’ve had a number of tax planning strategies for optometrists to consider in the past, but we’ve never really covered the basics of our tax system. In this episode, I’ll share with you how our income tax system works. I’ll also cover the difference between deductions and credits, explain which one’s better, and some common tax fallacies that we’ve seen over the years. If you’re interested in having your question and your voice featured on the 20/20 Money podcast, you can submit it here. You can either include your name or submit anonymously. Please keep your questions short and to the point. Sometimes writing it down beforehand can help. As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Understanding whether optometrists qualify for the R&D tax credit is not a simple answer. There are many questions that need to be asked and parameters that must be met. Unfortunately, not all of those parameters are met with clear, black-and-white definitions from the IRS but are rather subjective in nature. This can open the door for misunderstanding of the credit at best or outright fraud and abuse at its worst. In this episode, join us as we have a discussion with Kyle Riddle of McGuire Sponsel about the in’s and out’s of the R&D tax credit. As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. Tax Deductions to Benefit From–and Exercise Caution Before Claiming Simon Sinek on Millennials in the Workplace Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Owning an optometry practice requires you to wear many hats. As the owner, sponsoring a retirement plan in your practice is not without its share of responsibilities. In this episode, we talk about some of those administrative tasks that not only fall on you as the plan sponsor, but which of those responsibilities can be delegated to your professional team. We also share some additional resources that can help you satisfy your responsibilities as a plan sponsor. As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. List of certified companies providing Surety Bonds TSP Investment Options Follow us on Instagram: https://www.instagram.com/2020moneypod/  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Podcasts Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

The Solo 401(k) is a viable option for independently contracted, 1099 compensated optometrists. It has many of the same benefits and options that a “normal” 401(k) has but without many of the testing and compliance requirements. However, they are not without their own limitations. In this episode, I share what optometrists need to know about when and whether a Solo/Individual 401(k) is a viable retirement planning vehicle to consider. For more information, visit the IRS.gov Solo 401k website. As a reminder, you can get all the information discussed in today’s conversation or check out any number of additional free resources like our eBooks and on-demand webinars by visiting our website at integratedpwm.com and clicking on the Learning Center. You can also visit this page to set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

One of the most popular questions we get asked is whether their 401(k) contributions should be Traditional or Roth contributions. There are many factors that play into that decision and some of the variables that impact the decision are unknown (like future tax rates). In today’s episode we break down the difference between the two types of contributions and situations and strategies an optometrist should consider when deciding which type of strategy they should use. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Understanding the different types of profit-sharing plans that exist can help an optometrist determine which type of plan is going to be best for their practice. In this episode we talk about the different type of profit-sharing plans that exist and the advantages and disadvantages of each. We also share the different vesting schedules that exist and wrap up with some thoughts on how to use a profit-sharing plan to increase staff loyalty and employee retention in the practice. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Optometrists that own their own practice are always looking for strategic ways to reduce their tax liability. The tax bill that’s generated when an optometrist sells their practice can have a big impact on how much money they keep as a result of the transaction. Retirement plans like the 401(k) profit sharing plan are usually go-to strategies, but there are limitations in how much one can contribute annually into these plans. Additionally, there’s little that can be done with a 401k profit sharing plan to help offset and reduce the tax liability that’s generated in the year of the sale. Cash balance plans are a little-used planning strategy by optometrists. If used correctly, though, a cash balance can help a practice owner accelerate their accumulation of retirement dollars, capture significant tax deductions in the year of contributions, and offset potential tax liabilities generated in the year of a practice sale. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Utilizing a retirement plan like a 401(k) profit sharing plan is a great tool to help optometrists save money for retirement. It’s also a way for them to reduce taxes in higher earning years and deferring that tax liability until future years. While most optometrists may be familiar with Traditional 401k and profit sharing plans, a little known planning tool that exists is the ability to make after-tax contributions to a 401k plan. This strategy is often referred to as the “mega back-door Roth” strategy. In this episode, we talk about the history, details, benefits, and strategies an optometrist can consider when utilizing their 401k for after-tax retirement plan contributions. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Having a website that stands out, drives new patient growth, and creates a great patient experience is a tall order for any optometrist that owns their own practice. Knowing where to begin or what areas of your website and digital marketing strategy to focus your time and dollars is another challenge. Thankfully, there’s someone out there that can see the challenge from multiple different perspectives. Dr. Rich Zimbalist, OD is not only a practicing optometrist but also an experienced digital marketing professional who has served many ODs in helping them create an online brand and marketing strategy that not only drives new patient growth but also creates a modern, pleasant patient experience from the moment they land on your practice’s home page. Join us in this far-reaching conversation where we talk all things digital marketing for optometrists. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Rich Zimbalist. SEO Press Yost SEO RankMath Neal Patel Ubersuggest Serp STAT SemRush ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Choosing a retirement plan for your optometry practice is an important decision and it’s one of those processes that can often be put on the back burner by ODs. It’s common for us to see mature practices still utilizing a SIMPLE IRA in their practice and, when asked why they still use a SIMPLE IRA, a common answer we hear is “Because it’s much cheaper than a 401(k).” This is also advice that we see being shared in online communities as well. In today’s episode,, I want to share with you five reasons why the SIMPLE IRA is not the long-term retirement plan solution for your practice, backed up with specific examples and case study illustrations and projections. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions serve ODs & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

As optometrists continue to deal with the personal and professional financial implications of COVID-19, the CARES Act has been the focal point for those looking for relief and assistance. The PPP, EIDL, and other provisions of CARES captured our attention for the last couple of months, but, on this episode, we discuss three strategies and provisions of CARES that are still worth evaluating in your personal and professional lives. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions serve ODs & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! On today’s episode, I discuss 7 proactive strategies that you can consider as you evaluate your financials through the latter half of 2020. I discuss the importance of reviewing your list of itemized deductions even if you didn’t itemize and whether a charitable lumping strategy would be beneficial to consider. I also talk about why partnerships should reevaluate how income is classified on their K-1 and why shifting income from guaranteed payments to net income should be evaluated by their legal, accounting, and financial team. I also explain why it’s important to reevaluate your retirement plan on an annual basis, how Roth conversions and tax gain harvesting can have a big impact on your long-term success, how you may be leaving a $1,000 HSA-related tax deduction on the table, and how you can start a 529 for your unborn child and claim a tax-specific deduction in 2020 (even if your child isn’t going to be born until 2021).   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions serve ODs & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.   www.integratedpwm.com/13

Hello, and welcome to this episode of 20/20 Money! On this episode, I highlight seven line items on your tax return that optometrists should review to ensure you’re not paying too much in taxes. Those seven items (along with the location of where to find them on your personal tax return) are listed below: Health insurance deduction for SE (Schedule 1, line 16) Taxable interest (1040 Line 2b) QBI deduction for SE (1040 Line 10) SS tax refund (Schedule 3, Line 11) 529 deduction for your state (State tax return) Maxing out your HSA (Schedule 1, Line 12 & Form 8889) Roth conversions being coded incorrectly & correct 8606 filing (1040 Line 4a and 4b) As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

On this episode of 20/20 Money, Nathan Hayes from IDOC and I discuss how optometrists should be thinking about cash flow in their practice. We discuss how much cash reserves ODs should have in their practice in the wake of COVID-19 as well as why it’s important to get cash out of your practice instead of letting it sit in your business. Nathan also shares why leaving cash in your business might actually hurt your valuation from a buyer’s perspective. We also talk about how to reduce your tax bill as a practice owner and why it’s important to not “red line” your personal lifestyle against the distributions from your practice. Our conversation then ties into how managing cash flow in the practice transitions into using that cash flow to accumulate and grow your net worth, the importance of not banking on extracting max value from your practice to fund your retirement, the 5 D’s of why a practice owner could be forced to sell, and how solo owners can and should be looking at a buy-sell agreement with another owner in their town as a contingency planning strategy to ensure that all is not lost in their practice if they’re forced to sell early. In financial planning, we often hear the phrase “cash is king” and the variation on the theme with this episode is that cash (flow) is king. It’s not what you make, it’s what you keep that matters and in this episode we share many different strategies that optometrists should be considering when thinking about cash flow in their practice. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Nathan Hayes. Simple Numbers, Straight Talk, Big Profits by Greg Crabtree ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mick Kling, OD. Mick has been on the show in the past and he joins me today to talk about a concept that is gaining more traction in the OD community and that is the accounting philosophy known as Profit First. Profit First is based on the popular book by Mike Michalowicz and Mick has unique experience in that he’s both adopted this accounting process in his own practices and has also consulted with many other ODs on how to transition their practices to profit-first accounting. In our conversation, hear Mick’s 4 simple ways to think about expenses in a practice, the three criteria debt needs to fit before taking on a new liability payment, Mick’s way of thinking about how much debt you can afford in your practice, and a number of different “tweaks” to profit-first that has helped Mick and others better customize the strategy to optometry practices. Mick also shares an important checklist (which you can download here) that ODs can download for free to learn more about the profit-first system. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Mick Kling.   Integrated’s Debt Snowball calculator ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Zac and Joelle Holland. Joelle and Zac have been listeners of the show for some time and Joelle reached out to me to ask if I’d be interested in interviewing them about how they have both been laser focused on paying off their student loans. For me, it was an easy decision as creating a student loan repayment strategy is one of the most common challenges and discussion points for newer grads. There’s so much amazing information and empowerment that’s shared in this episode. We start off on a bit of a tangent as Joelle and Zac talk about the decision they made when they had their first child to hire an au pair in their home and why that’s worked out so well for them compared to the traditional route of daycare that most families go with. They talk about how they found their au pair and their experience in using AuPairCare for placement, the process they went through, and specific examples of why it’s worked well for their dual-demanding professional schedules. We then dive into the details on their plan and how they’ve built a plan to pay off the collective total of $673,000 in student loan debt they started out with after graduating optometry school. We talk about how they plan their income, why using a budget has actually given them more control and a greater sense of calm, how they changed their mindset to get comfortable with paying such a high amount month after month, the habit hacks they’re using to stay motivated and focused, and how their retirement savings strategy plays into their debt repayment goals. We wrap up the conversation with a couple of very real answers to the question that I ask every guest. If you’re an OD that has debt (regardless of whether it’s student loan debt or other practice debt) and you’re wondering how or if you can get crazy focused on paying it off, this is an episode you won’t want to miss. I’m so very grateful to both Zac and Joelle for being so open, honest, and transparent with their story and circumstances. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, how we serve ODs around the country, or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Drs Zac & Joelle Holland. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Colin Carr. Colin is the founder and CEO of CARR, a nationwide commercial real estate company specifically focused on representing the needs and interest of healthcare providers. Colin has mastered several niches in healthcare real estate and is passionate about helping others maximize their profitability through real estate. In this conversation, Colin and I cover a wide spectrum of topics. Among them, Colin shares what NOT to do when you see vacant space that you’re interested in, three main ideas to consider when evaluating whether you should lease space vs buy real estate, why having great lease terms increases your practice’s valuation, the timeline for commercial real estate development, and areas to capitalize during a lease renewal and what would a new tenant get if they were coming into this space. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Colin Carr. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo, OD. Steve has had a storied career in optometry, starting out as a clinician after graduating from ICO in 1998. His interest for business led him to earn his MBA and eventually land at IDOC in the role of a practice management consultant. Having had over 3,000 consultative conversations over the years, he’s realized what every OD needs to know: we all have largely the same playing field. The difference, however, is in the execution of ideas and strategies, and it was in his curiosity of execution that led Steve to author a number of books, including his most recent one titled Prescribing Change: How to Make Connections, Influence, Decisions, and Get Patients to Buy Into Change. Steve joins me on the show to talk about what he’s learned in researching and writing his book on how to influence change at the patient level. We talk about how you first need to understand the patient’s problems and not necessarily just jump into making clinical diagnosis based off data collected. We talk about how to transition from a “versus” to a “team” approach in the decision making process, the different levels of the brain that are involved when we make decisions, ways in which doctors can influence and build trust with their patients, and the importance of understanding something called “motivational interviewing.” It was a very enjoyable conversation and I learned some things as well that I’ll be looking at in my own firm! As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Steve Vargo, OD. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

This is part 2 of my conversation with Jason Preator. Please be sure to check out part 1 from last week!  As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy part 2 of my conversation with Jason Preator.  ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Jason Preator. Jason is one of the leading resources and advisors in the optometric space when it comes to helping optometry practice owners sell their practice to a private equity firm. Today’s conversation was so good and long that I actually made the decision to break it up into a two-part episode. In today’s episode, we talk about the duration of the process of selling, making sure you understand your why around selling your practice, two big factors that influence your valuation, why it’s important to understand first market mover advantage, when there’s an ideal time to break the news to your team and why you should have a conversation with your associate in the beginning, and we wrap up this part of the convo by discussing where are we at in the PE cycle. I also wanted to let you know that we actually recorded this episode earlier in spring, long before the COVID-19 disruption turned everyone’s lives on a dime. I held the release of the show because I wanted to make sure that the content that we were putting out was timely and relevant. Now that practices are starting to open up, I reached out to Jason to see if he had any additional thoughts on how transactions are being affect post-COVID closures, and here was his response in an email: the market continues to change and evolve with the passage of time.  The activity has definitely picked up with the buyers as states remove the stay at home orders and practices begin to re-open with many fully re-opened.  The buyers are optimistic but cautious as they want to ensure that the demand is returning, which all indicators from the buyers and our clients is that the demand, capture rate, and other KPIs are strong. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Jason Preator. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Damon Dierker. Damon already has a very storied career in optometry, so I was excited to have him on today to talk about dry eye and I feel it’s important to give a bit of a backstory to help set the stage. Clinically, he is a partner and Director of Optometric Services at Eye Surgeons of Indiana, one of (if not the) top tertiary care/referral center in the state of Indiana. His areas of clinical expertise include advanced retinal disease including diabetic retinopathy, macular degeneration, and glaucoma as well as advanced ocular surface disease treatment. He is a frequent presenter of continuing education presentations to doctors across the country and is an adjunct faculty member of Indiana University’s School of Optometry and directs the clinical externship program at ESI. As if that wasn’t enough, he is also the President-Elect of the Indiana Optometric Association. The reason that I wanted to have Damon on the show today is because he’s created a program that has helped many ODs around the country implement a dry eye treatment program in their practice. It’s no secret that treatment of dry eye is becoming a growing topic of concern—both from the patient’s and doctor’s perspective. It’s also an area that over time can boost revenue and thus profitability of a practice. However, implementing a dry eye program into an existing practice can seem daunting and something that ODs may put off until “they get around to it.” In this conversation, Damon talks about how he came up with the idea of forming his Dry Eye Boot Camp program and how it evolved and grew into a passion project side business for him to help ODs implement dry eye tx into their practice. We cover all aspects of dry eye: the mindset shift that first must occur with the OD, the equipment and tech needed, the investment needed of both time and money, the potential ROI, a scheduling strategy to consistently grow dry eye in your practice, the standard of care for diagnosing and treating dry eye, and the various ways of marketing this additional service to both existing and new patients. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm and how we serve ODs all over the country or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Damon Dierker. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Gina Wesley. Gina joins the show to discuss various ways in which scheduling has impacted the profitability of her practice. We talk about the direct and indirect benefits of having a scheduling philosophy and why empowering your team is an important component to helping you manage an efficient practice. We also discuss the importance of communicating and setting expectations with patients is important regardless of the type of exam or the journey that they went through (normal exam vs emergency vs walk-in) and examples of language that you can use to communicate to patients that you understand that their time is valuable as well. We also discuss one of the biggest culprits that exists in an office which can throw off the schedule (hint: it may or may not be who you think it is) and how you can fix that problem and we wrap up the conversation with her pre-appointing process and how online scheduling now plays an integral role in her recall process (including the strategic placement of her “Schedule Now” button based off the Z-pattern of how website visitors consume content). As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, how we serve ODs around the country, or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Gina Wesley. Start with Why by Simon Sinek Don Miller Story Brand Complete Eye Care of Medina ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to another episode of 20/20 Money. My guest on today’s show is Matt Howard. Matt is a CPA and CVA, which is a Certified Valuations Analyst, with Blue and Co here in Indianapolis. I’ve known Matt for a number of years and have always appreciated and valued his opinion. Today’s conversation is a bit unorthodox as there really wasn’t a whole lot of planning behind the content. What started out as a simple question on the phone between two friends and colleagues turned into I feel a very timely episode: how should buyers and sellers of practices be thinking about valuations in the midst of COVID-19? In our conversation, we talk about what sellers should be focused on in their financials even more as practices look to come out and reopen. We talk about the timeline of transactions, the impact of a practice’s financials in 2020 on overall valuations, and how 2020 financials could be factored into transactions that are closed in 2021 and beyond. We wrap up the conversation by again emphasizing how important it is that optometrists have a plan for how they’re going to exit their practice and ensuring that they know what their personal financial plan “needs” from their practice in order to live their best life, on purpose. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, how we serve ODs around the country, or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Matt Howard. Matt’s LinkedIn profile Blue & Co Transaction Advisory Services ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jeremy Ciano and Jennifer Stewart. Longtime listeners of the show will recognize those names as I’ve had them both on a number of times in both 1-1 interviews as well as a three-way discussion. I respect both of their opinions and perspective as they both run highly successful practices, and that success does not come by accident. Jennifer and Jeremy join me in today’s conversation to discuss accountability as a business owner. As practice owners, it can be sometimes be hard to set and maintain goals that we set for ourselves. Because there’s no one other than ourselves truly holding us accountable to our goals, it can be easy to slip into a sense of complacency or lose focus on where one needs to “move the needle” in their practice. Jennifer and Jeremy talk about where to find an accountability partner and how to make accountability work for everyone involved, some of the areas of their practice that they hold each other accountable, the frequency with which they check in and how they tie their frequent accountability check-ins to their long-term goals. I’m a firm believer in having an accountability partner and I hope you enjoy this episode and that it empowers you to find someone or a small group to collective help everyone achieve more. Progress, growth, and thus profitability happen when you stay focused on your KPIs in your practice. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, how we serve ODs around the country, or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Jeremy Ciano and Jennifer Stewart. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dave Goetsch. Dave is the Executive Producer and writer for the hit TV show “The Big Bang Theory” and he joins me to talk about his journey not as a TV writer but as an investor. He shares his journey as an investor, lessons he’s learned along the way (one of them almost being a really expensive lesson), the investment philosophy he’s implemented and how he’s been able to go from feeling anxious and nervous to calm and resilient as an investor. We also talk about why having an advisor is so important for him, even though his portfolio is already “constructed” and he’s not necessarily taking any explicit action on his investments. We also discuss why it’s so important to have your financial plan complementing your investment portfolio and we wrap up the conversation with Dave sharing with us which Big Bang Theory character he’d want to have as his financial advisor. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we serve ODs around the country & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dave Goetsch. Dave Goetsch Dimensional Fund Advisors The Evolution of Indexing A Transformed Investor’s View on Market Volatility ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

On today’s episode, I start out with an update on the Paycheck Protection Program and what we’ve learned through the first round of applications as well as an update (as of now) as to what the next round of stimulus funding might look like and when that might come to fruition. I then share details on another aspect of the CARES Act that hasn’t been as talked about but can still be an important planning consideration and that’s the Employee Retention Credit. I share the details on how the ERC works and an example of a practice where the ERC may actually be more advantageous than the PPP, which is partially dependent on the timing of the PPP loan as well as the number of employees the practice has when the office reopens. I wrap up the show talking about a couple of other planning strategies to consider along with a message to encourage you to “think about what you think about.” How CARES Impacts Optometrists ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Matt Geller. Matt joins me back on the show today to talk about a variety of topics as it relates to staffing an office in the wake of the COVID-19. We talk about areas that practice owners should be focusing on now as well as some of the top items (personally and professionally, financially and otherwise) that ODs should be maximizing in this time of uncertainty. We emphasize the importance of cash, what someone looking for an associate position should do to stand out from the crowd, especially given the influx of talent that the marketplace is going to experience in the wake of all the temporary practice shutdowns. We also discuss the opportunity that telehealth will present to ODs in the future, even after we get back to a “new normal” after the temporary shutdowns. We wrap up the conversation talking about how to opportunistically look at this time as being a good time to “cautiously proceed” with either a cold open or purchase of a practice and also sharing more details on the upcoming virtual career fair that Matt and the rest of the team at Covalent Careers are holding in April.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.   And with that introduction, I hope you enjoy my conversation with Dr. Matt Geller. Covalent Career Fair ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! Today’s show is a unique one in many ways, starting out with a longer-than-normal introduction. This episode is actually a replay of the 75 minute Q&A session I did with the ODs on Finance Facebook group on all things related to the CARES Act and how it impacts optometrists. It’s important to understand that, at the time of the live Q&A session, both the IRS and Small Business Administration (SBA) had not yet released additional guidance on aspects of the CARES Act. By far the most popular topic in this discussion was on the Paycheck Protection Program, or PPP. Quite literally later that afternoon, the Treasury Department came out with guidance and interpretation of CARES and then the SBA released more additional, in-depth guidance two days later. Because (a) this was the most popular subject and (b) there are certain items of the PPP that have been clarified, I wanted to address those up front here in the introduction. Here are the main points that have changed with regards to PPP: The amount of payroll includes wages, state and local taxes, costs paid to maintain group health insurance including premiums, and retirement plan contributions including profit sharing contributions if those contributions have already been made for 2019. The amount for payroll does NOT include federal taxes paid by employee and all employment taxes paid by employer and employee (SS and Medicare). When determining the amount of your loan (based on your average monthly payroll over the previous year), do NOT include independent contractors that you issued 1099 payments. ODs that worked in your practice as 1099 independent contractors will be eligible to apply for their own PPP, so do not include payments made to them in your calculations. The date to apply for small businesses and sole proprietors was April 3rd. Independent contractors and self-employed individuals can apply on April 10th. You need to apply directly with a bank. Start with your existing banking relationship; every bank is rolling this program out differently and with a different process. The 8 week window for loan forgiveness begins after the loan is made. You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15th and April 26, 2020. The terms of the note have changed from 10 years at 4% to 2 years at 1%. Any amount that was received as a $10,000 grant through an EIDL loan and was used to pay payroll costs will REDUCE the amount of PPP funds eligible for forgiveness. Keep this information in mind as you’re listening to today’s episode. We’ve all been trying to figure out which way gravity is working these days, and the only thing that seems to be constant is change: change in regulations, change in laws, change in practice management. Please know that I’ll continue to do everything that I can to provide timely, correct, and relevant guidance to you as a listener of 20/20 Money. We’ve also been actively publishing information on our blog, so be sure to head to www.integratedpwm.com and click on the Learning Center to subscribe to our blog. As a reminder, you can get all the information discussed in today’s conversation by viewing the show notes or by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy this episode of 20/20 Money! ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hey there 20/20 Community. Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Justin Manning. I know ODs around the country are going through a lot right now as we all grapple with the disruption caused by COVID-19. I wanted to have Justin back on the show because I thought he’d bring a unique perspective to the show, as he’s the only OD I know that also has their MPH (Masters Degree in Public Health). During our conversation we talk about various examples and ways in which we’ve both witnessed ODs making the best out of a bad set of circumstances. We talk about what he’s experienced in his role as an Executive Vice President with Healthy Eyes Advantage and the conversations he’s had with ODs around the country, how this disruption is forcing innovation in practices, including the implementation of telemedicine services, and how ODs can take an important role in the healthcare network by educating as many people as possible about all the different medical-based ways in which ODs can serve patients, thus diverting a would-be ER or PCP visit with a call to an OD. We wrap up the conversation talking about the importance of fear setting when dealing with moments of change and discomfort in life and ways in which ODs can work ON their professional self and/or practice during this setback.   As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also subscribe to our newsletter, set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm, or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Justin Manning.   Fear setting with Tim Ferriss Seing Your Practice Through Your Patient’s Eyes – RoB Article Health Eyes Advantage Justin’s LinkedIn profile Eyecarelive ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome to this episode of 20/20 Money! Every practice owner around the country is trying to figure out which way gravity is working right now and figuring out how to make unprecedented decisions in their practice as it pertains to their cash flow and their team management. With that being the case, we wanted to provide some thoughts and ideas that practice owners can take during these time to better prepare themselves and their practices for the foreseeable future. In this episode we talk about the importance of being proactive in a number of different areas in your practice and I also spend time going through some details on the new Coronavirus-related Emergency Paid Sick Leave Act that was passed late on Wednesday night and which goes into effect April 2nd. I wrap it up with, for lack of a better word, a plea to every practice owner on how important it is for you to “protect the asset” and being aware of your mindset and emotional state through everything as we go through these times. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy this episode of 20/20 Money. Department of Labor Summary of Emergency Paid Sick Leave Act Eyecarelive SBA Disaster Relief Loan Application How Families First Coronavirus Relief Act affects optometrists www.asana.com www.useloom.com www.slack.com ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Welcome back 20/20 Money Community to another episode. Well, unconventional times call for unconventional strategies. Some of you may have financial-related questions about what’s going on right now in the markets. Whether you’re a new investor and this is your first “taste” of volatility or you’re a seasoned investor on the brink of or in retirement, it’s times like these that questions, concerns, or doubt can creep into our psyche and mindset. I wanted to let you know that we’re going to be hosting a “town hall” type meeting/webinar on Wed, March 18th at 8pm EST to talk through some investing-related perspectives of what’s been happening in the financial markets. This is what it will NOT be: I will not pretend to know when the fluctuations in the market will end, I will not hold myself out as an epidemiologist or infection dx specialist—I’ll be coming at this purely through the lens of how to think about the recent events of the market, try and put some context around is based on what history has told us the way markets react to these events, and we’ll also open it up for questions as well with the ability to anonymously submit questions. If you’d like to submit a question beforehand, please do so by emailing [email protected]. All questions will be read aloud anonymously on the recording and I’ll answer them as best I can. With that being said, let’s move on to today’s episode. My guest on today’s show is Dr. Ryan Gustus. Ryan is a partner in Eyecare Associates of Bluffton, IN and also a co-founder of Lensquote, a resource that helps ODs and their team increase contact lens annual supply sales in their practice. In our conversation we spend time talking about Ryan’s path to partnership in the practice and the genesis of Lensquote. Ryan shares how the software evolved from a simple Excel spreadsheet with a few macros into a visually appealing web-based platform that helps patients and ODs understand the total net cost breakdown of contact lens options. We also take a few related digressions down the path of leadership, task delegation, why the idea of selling as an optometrist is a perfectly normal and necessary mindset to master (instead of thinking of it as sleazy or “sales-y” in the traditional sense). As a reminder you can get links to all the resources discussed in this conversation by heading to our website at www.integratedpwm.com and clicking on the Learning Center. And with that introduction, I hope you enjoy my conversation with Dr. Ryan Gustus. Registration for IPWM Webinar Lensquote To Sell is Human Ryan’s LinkedIn profile Ryan’s Practice Epsd 37: Buying and Growing a Successful Rural Optometry Practice ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

On this episode of 20/20 Money, I deviate a bit from the traditional topics of the show and talk about what investors should be thinking about and doing during market selloffs like we experienced last week. I actually bumped a previous episode to make room for this conversation just given the nature and timeliness of the events that occurred in the markets last week. I talk about the importance of having an investment philosophy, what you should be looking at with regards to your investment plan and timeline, the importance of understanding the amount of risk that you’re taking in your portfolio by knowing the loss deviation of your portfolio, historical examples of market performance during epidemics and pandemics, and why it’s a nearly impossible feat to try and predict or time the markets. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. Pandemics, Portfolios, and Perspective ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jennifer Stewart and Jeremy Ciano. Longtime listeners will know that both of them have been on the show a number of different times. Their business knowledge and practice insight has helped them each build and run very successful private practices. On today’s show, we discuss one of the biggest decisions and factors that influence the gross revenue and thus profitability of an optometry practice: vision plans. Jeremy and Jennifer discuss their viewpoint on vision plans, the purpose with how they think about insurance plans, and how they understand the profitability of the plans in each of their respective practice. We also discuss how vision plans can be used as a way to “jump start” a practice that is thinking about adding an associate but why it’s still important to make sure that you’re being calculated and measuring the progress and impact of the plans after you add the associate to make sure that it’s still a “win-win-win” for everyone involved in the equation. And be sure to stick around to the end of the program, where Jeremy and Jen again revisit why it’s so important that you, as both the doctor and business owner, create a process in the practice that allows everyone to understand the different options that are available for patients and why it’s so important for everyone (the doctor, the team, and the patients) to see through the trivial many features of each respective vision plan for the vital few benefits that are going to directly impact the patient. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Drs. Jeremy Ciano and Jennifer Stewart.   Resources: Edge PMS Adam’s sessions at Vision Expo East Jennifer’s sessions at Vision Expo East ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

In this episode of 20/20 Money, I talk about three important ratios that optometrists should understand using their balance sheet. There are three big financial statements that practices should always be analyzing, and I feel that the balance sheet is the one that gets the least love from ODs. During the conversation, I talk about how to calculate your quick ratio, your current ratio, and your debt service to outstanding debt ratio and what range each of those should be within your practice. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Hello, and welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Nysha Blender. Nysha joins me on the show to talk about her journey in optometry and how she ended up in a somewhat unconventional role as a medical science liaison with Ocular Therapeutix. On this show we talk briefly about her path in optometry and what caused her to go down this path of becoming an MSL and what it’s meant to her personally, professionally, and clinically. She gives us an idea of “a day in the life of” and what has surprised her most about being in this position as well as how the compensation structure and numbers compare to her traditional clinical roles as an OD. We wrap it up with her answer to my one question I ask every guest. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars. And with that introduction, I hope you enjoy my conversation with Dr. Nysha Blender. Nysha’s LinkedIn profile Ocular Therapeutix ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!

Life insurance for optometrists is something that probably isn’t the topic of conversation when ODs get together and chat, but it’s an important part of a well-rounded financial plan. Unfortunately, there are many different options for life insurance and they’re not all created equal, especially when you take into consideration the conflicts of interest that exist between you the client and the person selling you a policy. On this episode I share with you the basics of the different kinds of life insurance and which type of life insurance I believe is going to be satisfactory for the vast majority of ODs. I also talk about how I think about life insurance, a unique way to think about structuring your life insurance policies, how to determine how much you need, and how carrying debt on the practice can influence and impact your life insurance strategies.   As a reminder you can get all the information talked about on today’s show by visiting www.integratedpwm.com and clicking on the learning center. While there you can also learn more about our process, how we work with ODs around the country, and even set up a quick 15 min call to learn more about our firm.   Life Insurance Needs Calculator https://www.selectquote.com/ https://llis.com/ https://www.zanderins.com/ ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify Google Play Stitcher  ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!