Understanding your health insurance options as a practice owner with Jordan Clarke
Release Date: 04/19/2021
Hiring, empowering, and leading your practice manager in a win-win relationship with Dr. Bethany Fishbein, OD
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Bethany Fishbein, OD. Bethany joins me on the show live from Vision Expo East to talk about one of the most important relationships in an optometric practice: the relationship between the practice manager and the owner/OD. In this conversation, she talks about the evolution of the managerial role in the practice as the practice matures and grows, the characteristics of a valuable practice manager, the mistakes that both she and others have made when filling the practice manager role in the office, and the importance...
info_outline
Dr. Jennifer Stewart's "tepid" start optometry practice: the power of vision & intentionality, the importance of an ideal patient avatar, and reconciling business risk with a conservative personality
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Jennifer Stewart, OD. Jen joins me on the show today to talk through her journey launching her tepid start practice, Look New Canaan. I’ve had Jen on the show multiple times in the past, and this was admittedly one of my more enjoyable conversations with a podcast guest. Maybe it’s because it was live, or maybe it’s because Jen’s passion for this profession is so, well…passionate. But we hit on so many amazing and pointed topics that I would challenge any listener to NOT find at least one actionable or...
info_outline
Increasing optical revenue by rethinking--from buying to selling--your frame management with Kayla Ashlee of Spexy
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is . Kayla joins me live on location at IDOC Connection 2024 to talk all things optical. Optical is admittedly an area of practice management that has always been intriguing because of the retail component—I feel like there are a lot of “retail 101” lessons that we can take from how other retailers manage their business. While practice owners may not have the multi-million dollar IT and inventory management systems that large, big-box retailers have, Kayla illustrate why it doesn’t take an incredible amount of...
info_outline
Using Medical Virtual Assistants in your practice to increase efficiency (and profitability) with Dr. Adam Ramsey, OD
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Adam Ramsey, OD, representing . In this episode, we talk about the role that a virtual medical assistant can play in your practice’s patient flow and how to think about the changes that you’d have to make in your practice for this to be a viable option. Adam provides a list of responsibilities that they’re doing in his practice and how he thinks through capacity for this person while ultimately striving to deliver the best experience for his patients. As a reminder, you can get all the information discussed...
info_outline
Hiring an associate full time vs easing into it: the discussion, numbers, and mindset for optometry practice owners with Nathan Hayes
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes from IDOC. Nathan joins me back on the show to discuss and dialogue about the two basic ways practice owners can think about the way in which they hire associates for their practice: easing into it by bringing them into the practice gradually or proactively planning ahead by stockpiling cash in the practice and thus then “making the leap” by hiring an associate full-time—and then intentionally stewarding the practice to success by ensuring profitability in as timely manner as practicable for the...
info_outline
A pay structure that works for optometry partnerships with Kurt Steele, OD
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kurt Steele, OD. Kurt joins me back on the show to talk in further detail how he and his partners have structured their compensation structure in a way that works for everyone in the practice while also ensuring that there is parity in comp based on the amount of revenue that each of them collect for the work they do clinically in the practice. He shares the details and formula he uses and we run a couple of hypothetical examples to show how the numbers work out for each partner. He also shares how he uses operational...
info_outline
How a hyper-effective, right-fit team can increase your profitability: a follow up convo with Dr. Mike Neal, OD
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Mike Neal, OD. Mike is the founder of a number of different businesses, include a primary care practice in PA called and , an effective outsourced hiring system for eyecare that does not use resumes. Mike joins me back on the show to provide additional context and clarity around the numbers that he shared on the first episode, proving/dispelling the naysayers out there about the margins of his practice. This episode admittedly went long, but I really believe it's packed with a lot of great insight for practice owners....
info_outline
Reconciling a successful succession plan with a growing practice with Dr. Kurt Steele, OD
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Kurt Steele, OD. Kurt is one of the owners of Precision Eyecare, a member of the Vision Source Network, in Newport, TN and also the founder of , a consulting firm to help ODs unlock the potential in their practice. Kurt joins me on the show today to talk through the unique and successful way that he has married the growth of his practice into the succession planning considerations that he wanted to have in place to ensure continuity of the practice to the next generation of ODs. We talk through a hypothetical example...
info_outline
Using a cash balance plan strategies when you sell your practice with Charlie Steingas of Cash Balance Actuaries, Inc.
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Charlie Steingas, founder and chief actuary at , a firm that specializes in the design, implementation, and ongoing monitoring of cash balance plans. In this episode, we define what a cash balance plan is and how it’s different from a defined benefit plan (hint: they’re similar, but still different), what influences whether one would go DB vs Cash balance plan, how investing your plan assets impacts overall plan funding requirements, how cash balance plans influence the funding strategies of a defined contribution...
info_outline
"Flights and Insights" with Dr. Michael Neal: Implementing finance charges, profit sharing with team members, associate comp structures, and new reads
20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Michael Neal, OD and this is another episode in which I experimented a bit with the format of 20/20 Money: we recorded this episode at 8,000 feet, flying from Indianapolis to Chicago! As you’ll hear in the beginning of the episode, Mike was in town meeting up with other successful practice owners from around the country. They’re all friends and have turned their personal friendships into a professional mastermind group, where they get together at least one time per year to exchange ideas, talk about the business of...
info_outlineOn this episode of 20/20 Money! My guest on today’s show is Jordan Clarke. Jordan is one of the Vice Presidents of Charles M. Moore Insurance just outside of Bowling Green, KY and has an extensive career in in the insurance profession. I asked Jordan to come on the show to talk about a daunting and obscure task that the health insurance companies have seemed to obfuscate for business owners and that’s the topic of selecting group health insurance plans for themselves and their team members.
In this conversation we talk about the 3 different options that exist for practice owners, the breakdowns in cost and flexibility in cost sharing, how spousal carveouts work, “middle ground” options for practice owners that don’t want to insure on the individual marketplace but also don’t want to carry full group coverage, the difference between PPO and HMO plans from your perspective as the practice owner, and a couple of examples on why it could be expensive to do this all on your own.
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 or check out any number of additional free resources like our eBooks and on-demand webinars.
And lastly, your HSA contributions that you can make in the year in which you turn 65 are pro-rata. For example, if someone turned 65 on May 5th and was electing Medicare, their eligibility date is May 1st, which means that they could contribute 4/12 (Jan, Feb, March, and April) the annual maximum HSA amount in the year in which they turn 65. I promise this will make sense towards the end of this show.
And with that introduction, I hope you enjoy my conversation with Jordan Clarke.
https://cmmoore.com/
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!