I'VE BEEN HACKED (AGAIN!!) - Another 20/20 Money Takover with Drs. Chris Wolfe & Kyle Klute, OD
Release Date: 01/29/2024
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...
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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...
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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...
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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...
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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...
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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...
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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....
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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...
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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...
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"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_outlineWelcome 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. Chris Wolfe and Kyle Klute.
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 (link here). 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 Jeremy and Jennifer on the message thread. There was a lot of great convos had and I thought that having Kyle and Chris on the show to talk about “the response” to the first takeover was a great idea.
What neither of the duos know, though, is that I already have an idea for a 3rd episode: getting the four of them together on a virtual roundtable and just hitting record. No agenda. No topics. No script. Not even really a time limit. Just the four of them and a couple of microphones. It’ll be like a battle royale, optometry-podcast style.
Long time listeners will know that my introductions usually give you a bit of an insight into the topics that’ll be discussed on this show. Not this one. Again, just like the first one, I’m listening to it for the first time right alongside you.
I’m excited to hear what they talked about and will be curious to hear your feedback (if you’re so inclined). If you do have feedback for the show (on this episode or any other episodes), you can always email the show at [email protected].
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, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your life on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. You can also check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars. Lastly, if you’re interested in learning more about the upcoming launch of the 20/20 Money Membership in January of 2024, please check out the link in the Resources to learn more about what we have in store for you! In next week’s episode, I’ll have more information on some upcoming webinars that you can attend which will give you a sneak peak into the membership and details about joining the first cohort!
And with that introduction, I hope you enjoy this 20/20 Money Takeover with Drs. Chris Wolfe and Kyle Klute.
Resources:
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