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 practice....
info_outline A pay structure that works for optometry partnerships with Kurt Steele, OD20/20 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, OD20/20 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, OD20/20 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 reads20/20 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_outline An optometry practice "cold start" update with Drs. Bob Steinmetz & Eric Baas, OD from iCare Advisors20/20 MONEY
Welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Eric Baas and Bob Steinmetz, co-founders of iCare advisors, a consulting firm dedicated to the success of cold start practices nationwide. With close to 350 successful cold starts nationwide and 11 practice starts between them, I was really excited to have them back on the show to talk through the “state of the cold start” marketplace—looking back on 2023 as well as looking forward (as best they can) to what’s coming down the pipe here in 2024. We spend time talking through data that their team has...
info_outline Insights into practice financing and lending for optometrists with Kevin Wills from PNC Bank20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Kevin Wills. Kevin is Sr. Vice President, Healthcare Business Banking with PNC Bank and I wanted to have Kevin on the show to discuss the state of lending, specifically in the healthcare space, from a nationwide perspective. In this episode, Kevin and talk about steps borrowers can take to put themselves in the best financial position prior to going through underwriting, how important projections and pro formas are in the underwriting process, how the banking landscape has changed as more and more banks have focused on...
info_outline I'VE BEEN HACKED (AGAIN!!) - Another 20/20 Money Takover with Drs. Chris Wolfe & Kyle Klute, OD20/20 MONEY
Welcome to this episode of 20/20 Money! My guests on today’s show are two more of my favorite people in the optometry space: Drs. and . Although, this is a bit of a different episode in that they’re not only guests on the show…they’re guest hosting the show! This is another 20/20 Money Takeover and basically a response to the first takeover episode I release with Drs. Jennifer Stewart and Jeremy Ciano (). Kyle was kind enough to reach out to me after the original takeover episode aired and shared some perspectives and opinions on the show and, in true transparency, included...
info_outline Weathering life's storms: the importance of resiliency with Dr. Ted McElroy, OD (Part 2)20/20 MONEY
Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ted McElroy. This is part two of our conversation that we teased on last week’s episode, and today Ted and I talk about the importance of resilience as a trait and quality that we should all embrace. He shares what resilience has meant to him in his life and how it was demonstrated throughout his life, most influential and notably by his grandfather, and how he’s strengthened that quality over his life…and how that’s benefited him in his life personally and professionally. From my perspective, I share some...
info_outlineWelcome to this episode of 20/20 Money! Back with me on today’s episode is Nathan Hayes with IDOC.
The genesis for this episode stems from a slight digression we had on a previous conversation around the importance of understanding cash flow in your business, specifically as it relates to reading and understanding your statement of cash flow that you can pull from your accounting software. Nathan and I talk about why the profit loss is important but it’s not everything in your practice, the pitfalls that partnerships need to be wary of when determining partner compensation, the importance of tax planning and knowing your estimated tax liability and how to plan for that based off your cash flow, and a bit of a “tease” on a new service that IDOC will be launching which will be very valuable to practice owners.
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 subscribe to our newsletter and 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 with that introduction, I hope you enjoy my conversation with Nathan Hayes.
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