20/20 MONEY

20/20 MONEY, hosted by Certified Financial Planner and experienced Wealth Adviser Adam Cmejla, aims to bring clarity to financial concepts and strategies that impact optometrists. For more information on the show and on Adam, please visit https://www.integratedpwm.com/

Live from NSUOCO: Top 10 Tips for (Financial) Success for Optometrists 04/21/2025

Live from NSUOCO: Top 10 Tips for (Financial) Success for Optometrists Welcome to this episode of 20/20 Money! This week's episode is the recording of my presentation at NSUOCO, titled "Top 10 Tips for (Financial) Success for Optometrists." Over the course of the year, I'm privileged to present in front of a variety of optometry schools' private practice clubs and classes. The purpose of the presentation is to help ODs understand the ABCs and 123s of personal finance and how to better understand the business of optometry so that, upon graduation, they are able to make educated and informed decisions about their money. Given that the content and lessons are pretty evergreen, I thought this would be a good "refresher" episode for listeners of the show—young and "seasoned" alike. Even though you won't have the Powerpoint deck to follow along, I tried to present the content in a way that would transfer well to the podcast. Special shout out to my producer Kyle for working his magic with the audio as well as Corbin Lill, a student at NSUOCO, for having me. If you are either in school or connected to a school and would like me to do a similar presentation, please email me at . As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my live presentation from NSUOCO. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/36238710

My Frankenstein practice: how I would assemble the perfect optometry practice 04/14/2025

My Frankenstein practice: how I would assemble the perfect optometry practice Welcome to this episode of 20/20 Money! What would I do if I were starting an optometric practice from the ground up? A listener posed the question—and I went deep. In this episode, I walk through everything from choosing the right location (hint: geography is everything) to building the skills that matter most when you’re just getting started. We cover: Why defining your Ideal Patient Avatar (IPA) is mission-critical The underrated value of sales coaching and communication training Why I’d buy a small-town practice instead of cold-starting in suburbia The non-negotiables when assembling your professional advisory team Whether you’re dreaming about opening your own practice or wondering how you’d do it differently if you had a do-over, this episode is full of real-world insight and practical advice. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/36116905

Can we PLEASE agree on some numbers (and the KPIs that influence them)?? 04/07/2025

Can we PLEASE agree on some numbers (and the KPIs that influence them)?? Welcome to this episode of 20/20 Money! In this episode, we tackle the confusion around key financial numbers in your optometric practice and why it’s critical to have a common understanding of their definitions. From gross COLLECTED revenue, cost of goods sold, and net operating income, we explore the most important KPIs that influence your bottom line. Whether you’re looking to grow, improve efficiency, or just understand your business better, this conversation will help you create a clearer, more actionable financial dashboard. We dive into: Why “collections” and “gross revenue” are not the same thing The 3-5 core numbers every practice owner should track consistently How to think about net income in your practice as both the clinician and the owner Stop guessing. Start tracking what actually matters. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/36025195

An update on Taxes 101: Understanding tax brackets, deductions, and credits for optometric practice owners 03/31/2025

An update on Taxes 101: Understanding tax brackets, deductions, and credits for optometric practice owners Welcome to this episode of 20/20 Money! In today’s episode, we’re diving into the details of your tax return—beyond just whether you got a refund. We’ll break down the difference between deductions and credits, how our tax brackets work, why you should focus on Line 24—your total tax paid—instead of Lines 34 or 37, and what Line 38 might be telling you about penalties and interest. We’ll also highlight common areas for errors, clarify how the QBI deduction applies depending on your income level, and walk through important forms like Form 8960 for NIIT cancelation, Form 8889 for HSAs, and the health insurance deduction. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/35930665

The Art of Delegation from a practice owner's perspective with Dr. Ted McElroy, OD 03/24/2025

The difference between saving vs deferring taxes 03/17/2025

How practices can benefit using fractional services like a CMO with Daniel Palmer 03/10/2025

How practices can benefit using fractional services like a CMO with Daniel Palmer Welcome to this episode of 20/20 Money! My guest on today’s show is Daniel Palmer. Daniel joins me back on the show to talk through a growing service and role in small businesses (optometry included), which is the Fractional C*O service. I use the * to depict the fact that this role could be Chief Operating, Marketing, Information/Technology, and yes Financial Officer. We talk about the differences between a consultant and a fractional C*O and how to think about each of those roles in your organization, how a practice can think about if & when they're ready to add that relationship to their leadership team, and the value that this role should be providing in an organization. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Daniel Palmer. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/35592940

Making good decisions (and avoiding costly mistakes) when purchasing optometry equipment w/ Rick Norwood 03/03/2025

Making good decisions (and avoiding costly mistakes) when purchasing optometry equipment w/ Rick Norwood Welcome to this episode of 20/20 Money! My guest on today’s show is Rick Norwood, founder & President of Norwood Device & Diagnostics. Rick joins me on the show to talk through an often-discussed topic in practice ownership, and that is the responsible purchasing of equipment. We talk through how practice owners should evaluate various suppliers, the cadence and frequency of replacing and upgrading your equipment, and how to avoid purchasing "buyer's remorse" through the process. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Rick Norwood. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/35503520

Edging in-house vs outsourcing: the economics, trade-offs, and data an optometric practice needs to measure with Drs. Jennifer Stewart, OD & Sam Hornberger, OD 02/24/2025

Edging in-house vs outsourcing: the economics, trade-offs, and data an optometric practice needs to measure with Drs. Jennifer Stewart, OD & Sam Hornberger, OD Welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jennifer Stewart & Sam Hornberger, both private practice owners in their respective practices. Sam and Jennifer join me on the show to talk about a topic that admittedly, in over 300 episodes of 20/20 Money, I haven't talked about yet: edging and the decisions around whether to bring edging in-house or continue to outsource it to your lab. We talk through how each of them made the decision to bring edging in-house—Sam making the decision after years of outsourcing it to a lab and Jennifer making the decision within the first year of launching her cold start practice. They give a peek behind the curtains on how vision plans influence the decision, the specific edgers each of them have in their practice, the economic benefits they've experienced, and how they use it as a unique differentiator and value-add to their respective patient bases. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Drs. Sam Hornberger & Jennifer Stewart, OD. Resources: Episode #256: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/35397235

Providing vision therapy profitably and passionately with Dr. Leigha Nielsen, OD 02/17/2025

Providing vision therapy profitably and passionately with Dr. Leigha Nielsen, OD Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Leigha Nielson, OD FOVDR, founder of in New Braunfels, TX. Leigha joins me on the show to talk about how she's created both a successful practice and a life she loves—personally and professionally—through a vision-therapy focused practice. She talks about her journey as a practice owner under the TSO (Texas State Optical) brand and how she transitioned to her own stand-alone practice and why she made the commitment to to change. She also shares the details about the operations of her practice—from the pricing discount she provides to patients that pay all in full to how she thinks about leverage and return-on-investment with the team that supports the care provided to patients, Leigha is very transparent about how she's made her practice profitable while also not compromising her passion for vision therapy. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Dr. Leigha Nielsen, OD, FOVDR. Resources: Episode #256: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/35306775

Think differently about "admin days" in your practice --my guest appearance on "Eye Own a Business" with Dr. Steve Vargo, OD 02/10/2025

Think differently about "admin days" in your practice --my guest appearance on "Eye Own a Business" with Dr. Steve Vargo, OD Welcome to this episode of 20/20 Money! This week's episode is my guest appearance on Dr. Steve Vargo's show "Eye Own a Business," produced by IDOC. Steve had me on the show to talk about something that I've been thinking about for some time, and I used his show to "stake my claim"—I don't like term "admin day" and want to see the profession start embracing a different way of thinking about the work that owners do ON the business. I share my beliefs and reasoning behind this and why I feel it behooves owners to start thinking differently about their role in their practice. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Steve Vargo. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/35213385

Ideas & strategies on ways to pay your team more without compromising profit with Jackson Pace, CPA 02/03/2025

Ideas & strategies on ways to pay your team more without compromising profit with Jackson Pace, CPA Welcome to this episode of 20/20 Money! My guest on today’s show is Jackson Pace, CPA. Jackson joins me on the show to talk about ways owners can maximize the ROI on their team, specifically non-OD team members. He shares examples of ways in which practice owners have brought focus and intention to different areas of the practice, how practice owners can empower their team to take ownership of an incentive program, and examples of a couple of different "dark corners" of the practice that can benefit from some attention. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Jackson Pace, CPA. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/35110795

Stop Jonesin’…measure your success against your own purpose, not someone else’s with Dr. Steve Vargo, OD 01/27/2025

Stop Jonesin’…measure your success against your own purpose, not someone else’s with Dr. Steve Vargo, OD Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Steve Vargo, OD. In addition to being a practice management consultant with , Steve is also the host of the podcast "" a show with episodes aimed to help independent ODs grow a thriving practice while wearing the hats of both OD and business owner. In this episode Steve and I talk about the importance of staying true to your vision and passion in practice ownership. We talk about how easily owners can get distracted by what other owners are doing and think that they have to compare and keep up to what others are doing instead of staying true to the vision and mission they set out on when they got into ownership. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Dr. Steve Vargo, OD. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/35019610

How to increase the multiplier in your practice value with Nathan Hayes 01/20/2025

How to increase the multiplier in your practice value with Nathan Hayes Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC & Books & Benchmarks. Nathan and I spend time discussing a topic that was briefly brought up on our last conversation () which is the importance of understanding the relationship between multiples and the risk associated with ownership. Said differently, we bring clarity to the math on why it's less risky for a buyer of a practice to write a bigger check for a larger practice that commands a higher multiple when compared to buying a lower valued/lower multiple "fixer upper" practice. I believe this conversation is valuable both buyers and sellers of practices. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. Lastly, if you're interested in learning more about OD Masterminds™, an exclusive program we created to help ODs leverage collective knowledge & collaboration to achieve extraordinary results personally and professionally, the link to the application is in the show notes. And with that introduction, I hope you enjoy my conversation with Nathan Hayes. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/34915080

How direct index portfolio construction can offset taxes on a practice sale with Peter Lazaroff, CFA, CFP®, 01/13/2025

How direct index portfolio construction can offset taxes on a practice sale with Peter Lazaroff, CFA, CFP®, Welcome to this episode of 20/20 Money! My guest on today’s show is , Chief Investment Officer at , host of , and the author of the book . Peter joins me on the show to talk about an investment approach that has been around for a long time but is starting to become more prevalent for investors: direct indexing. We talk about what direct indexing is through an abridged story on the evolution of investment vehicles for investors, some of the considerations and tradeoffs, how a direct indexing approach can minimize a practice owner's tax bill in the year that they sell their practice, and why an index investor should be, at the very least, doing their own due diligence on a direct indexing advisory firm & manager to complement their already-sound investment philosophy. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Ultimate Financial Masterclass, a course that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Peter Lazaroff, CFA, CFP®. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/34826620

Ten habits for success, growth, & achievement in 2025 (and beyond!) 01/06/2025

(Rewind) - I'm giving you an episode "break" (but I think it's still worth a listen) 12/30/2024

(Rewind) Forget goal-setting & focus on purpose: a mindset conversation with Stephanie Bogan 12/23/2024

(Rewind) Forget goal-setting & focus on purpose: a mindset conversation with Stephanie Bogan Welcome to this episode rewind of 20/20 Money! In keeping with tradition, I'm bringing back this episode again, just like I did last year, for one of the last episodes of 2024!! Given that this is the last episode of the year, this is usually when we are thinking about goal setting, and everyone’s schedule is anything but normal being the day after Christmas, I wanted to bring back the conversation that I had with my friend, business collaborator, and advisor coach from early 2022. I’ll share some info about Steph here shortly in the intro and then close out this introduction with some personal thoughts and reflections. While Stephanie has built and sold a number of businesses in her career, most recently she is the founder of Limitless Adviser, a coaching program where she empowers financial advisors to create and build wildly successful practices and a life that they love. This was a special conversation for me as I’m also privileged to be involved in that program—first as an advisor that was being coached by Stephanie and now currently serving as an advisor coach, where I help coach and empower other advisors to work intentionally on their practices by applying the mindset and methods that Stephanie teaches in the curriculum and that I’ve learned over the years as well. In this conversation we talk about something that tends to be popular around this time of year: goal setting. However, we talk about it from a bit of a different angle, which is first spending time focusing on your purpose and intention for building what you’re building and how money plays a role in that plan. We talk about it from two angles: the first being the practice owner that’s at the tail end of their career and facing an inevitable transition from their practice and also from the lens of a younger practice owner that has many years in front of them. We talk about some of the “sacred cows” that exist in practice ownership, why some of them should be questioned, and how to think about solving those problems. We wrap up with Stephanie’s very powerful answer to the one question that I ask every first-time guest on 20/20 Money. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 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 20/20 Money Ultimate Financial Masterclass, a course that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. Now over 300 episodes into 20/20 Money, this show has continued to grow and develop into something bigger than I thought it would have and I’m eternally grateful for everyone that’s been involved in the show. To all my guests that have given their time to come on the show and share their perspective, experience, and expertise—thank you. To my producer Kyle— yet another thank you for all your help with the show. From getting it initially set up in 2018 to handling everything with the show after I’ve finished recording an episode…I appreciate all that you do for the show. And lastly, to you, the listener of the show. Whether this is your first episode, or you’ve listened to dozens (or even hundreds!) of them, I’m sincerely grateful for the intimate, albeit asynchronous relationship that we’ve been able to have. My goal is to have positive impact at scale in the optometric community and help practice owners make educated and informed decisions with their money and this podcast has allowed me to have a platform to share not only my knowledge and experience but also the experience of the guests that I’ve had on the show. I have always tried to keep the show as objective and unbiased as possible. I’ve never taking a dollar of sponsorship money, no guest has ever paid to be on the show, nor have I ever paid a guest to be on the show. This podcast is organic and authentic, and your continued support through listening and sharing the show is something that I’m both humbled and grateful for and I look forward to another great year in 2025!! Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/34573830

Year-end tax planning concepts & strategies to minimize tax stress with JR Armstrong, CPA 12/16/2024

Year-end tax planning concepts & strategies to minimize tax stress with JR Armstrong, CPA Welcome back to another episode of 20/20 Money. My guest on today's show is JR Armstrong, CPA and a partner at , a CPA firm dedicated to serving optometric practice owners nationwide. JR joins me back on the show for a year-end tax planning episode. We talk about the importance of taking a multi-year approach when evaluating your depreciation strategy on equipment, how inventory influences year-end tax planning, how to "penalty proof" your personal tax return, and other important tax concepts practice owners should be thinking about and discussing with their advisory team. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/34432435

Why I feel ODs and Dave Ramsey don’t mix... 12/09/2024

The emotional & decision making journey of selling one's practice with Ashby Daniels, CFP® 12/02/2024

The emotional & decision making journey of selling one's practice with Ashby Daniels, CFP® Welcome to this episode of 20/20 Money! My guest on today’s show is my friend Ashby Daniels, CFP® and we have what I think is a very engaging and revealing conversation about the emotional and mental journey a business owner goes through when considering a sale of their business. We talk about getting over the fear of selling, how to think about regrets, the alternatives to selling, the importance of having something to retire to, and the surprising truth about what it feels like when the check from the sale of your business hits your bank account. I really enjoyed this conversation and I trust you will as well, especially if you are a practice owner that has considered selling (or know, deep down, that you should be thinking about selling, if for no other reason than you’d like to enjoy the next chapter of life post-practice ownership). As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Ashby Daniels. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/34216695

Truly embracing "comprehensive care" with your patients: Part 2 conversation with Dr. Chris Wolfe, OD 11/25/2024

Truly embracing "comprehensive care" with your patients: Part 2 conversation with Dr. Chris Wolfe, OD Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Wolfe, host of The Chris Wolfe Podcast, founder of the online billing & coding LMS , and a partner in Exclusively Eye Care, a private practice in Omaha, NE. This is part 2 of my conversation with Chris and I’d really encourage you to check out Part 1 of our conversation over on Chris’s podcast The Chris Wolfe Podcast (links in the show notes of this episode). Part 1 will really give some context behind the mindset that’s required to embrace some of the strategies and concepts that Chris talks about during this conversation. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Masterclass, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe, OD. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/34126401

Another 20/20 Money Takeover - "Cold Start & Satellite Expansion Edition w/ Drs. Jeremy Ciano & Jennifer Stewart 11/18/2024

Another 20/20 Money Takeover - "Cold Start & Satellite Expansion Edition w/ Drs. Jeremy Ciano & Jennifer Stewart Welcome to this episode of 20/20 Money! My guests on today’s show are Drs. Jeremy Ciano & Jennifer Stewart. This is another 20/20 Money takeover, so while I usually will spend the introduction giving you a glimpse into what we talk about on the show, your guess is as good as mine about what this episode is about…since I just gave them the platform to talk about whatever was top of mind for them around the topic of cold starting & satellite expansion. Enjoy!! As a reminder, you can get all the information discussed in today’s conversation by visiting our website at and clicking on the Learning Center, and we have a link to that site right here in the show notes of this episode. While visiting the website, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy the show takeover conversation with Drs. Jeremy Ciano & Jennifer Stewart!! Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/33965537

Embezzlement in optometry practices: how it happens, who's likely to do it, and ways in which you can prevent it from happening w/ Dr. Bethany Fishbein, OD 11/11/2024

Embezzlement in optometry practices: how it happens, who's likely to do it, and ways in which you can prevent it from happening w/ Dr. Bethany Fishbein, OD Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein, OD, consultant and executive coach with Bethany has been on the show many times in the past and today she joins us to talk about a topic that is admittedly harder and more distressing to talk about: embezzlement in optometry practices. In Bethany’s experience as a consultant having worked with many practices over the years, she’s unfortunately been privy to instances where embezzlement was happening. We talk about who’s likely to do it, what they’re likely to do, and small ways you can cross check the systems in your practice to ensure that you’re running a tight business. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our ChatGPT Prompt/Answer Embezzlement in an optometry practice (or any healthcare setting) can occur in several ways due to the complex nature of transactions, including patient billing, insurance claims, and cash handling. Below are some realistic examples of how an employee might embezzle funds in an optometry practice: ### 1. **Billing Fraud:** - **Overcharging Insurance:** An employee could submit inflated insurance claims by increasing the cost of services or adding services that were never provided. They would then pocket the difference between the amount paid by the insurance company and the actual cost. - **Phantom Patients:** Creating fake patient records and submitting claims for services or products (like glasses or contacts) that were never provided, then diverting the insurance reimbursement to themselves. ### 2. **Skimming Cash Payments:** - **Cash Payments Not Recorded:** If a patient pays in cash, an employee might record the visit as "invoiced" or "to be billed later" rather than marking it as paid. The employee then takes the cash and destroys or alters any record of the payment. - **Under-reporting Receipts:** An employee could under-report the total cash collected at the end of the day, skimming small amounts regularly to avoid detection. ### 3. **Inventory Theft:** - **Selling Optical Inventory:** Employees could steal optical products (like glasses, contacts, frames, etc.) and resell them privately. Since optical products are high-margin items, this could go unnoticed if inventory management is lax. - **Ordering Extra Supplies:** Over-ordering contact lenses, frames, or other supplies and then selling the excess or returning items to vendors for cash or personal store credits. ### 4. **Falsifying Refunds or Discounts:** - **Fake Refunds:** An employee could process fake refunds for products or services and divert the refunded amount to their personal account or as cash. - **Unauthorized Discounts:** An employee might give unauthorized discounts to friends or family and accept a bribe or kickback in return. ### 5. **Manipulating Payroll or Expenses:** - **Payroll Padding:** The employee could inflate their working hours or add fake employees to payroll, then collect their salaries or wages. - **Expense Reimbursement Fraud:** An employee might submit inflated or completely fake expense reimbursement claims, such as fake mileage for business travel or falsified invoices for office supplies or services. ### 6. **Misappropriating Patient Deposits:** - **Misusing Prepayments:** In cases where patients prepay for services or products (e.g., contact lenses ordered in advance), an employee could misappropriate these funds, not recording the prepayment in the system. ### 7. **Altering Financial Records:** - **Adjusting Daily Ledgers:** An employee responsible for managing the daily financial ledger could adjust entries to match up with the cash they skimmed or misappropriated, making it appear as though the totals balance. - **Reconciling Bank Deposits:** Employees responsible for reconciling bank deposits might under-report the actual cash received, depositing a portion into their own account or taking some before it is deposited. ### 8. **Vendor Fraud:** - **Fake Vendor Invoices:** An employee could create a fake vendor, submit invoices for non-existent goods or services, and then approve payments to the fake vendor (which is actually the employee’s personal account). - **Colluding with Suppliers:** An employee could collude with a real supplier to submit inflated invoices for services or products, splitting the overpayment with the vendor. ### Safeguards to Prevent Embezzlement: While this experiment is theoretical, it’s crucial to implement safeguards to minimize the risk of embezzlement. These may include: - **Segregation of Duties:** Ensuring that no single employee has control over multiple aspects of financial transactions (e.g., someone handling cash should not be responsible for reconciling the ledger). - **Regular Audits:** Conducting surprise audits and thorough annual reviews to catch discrepancies early. - **Inventory Management:** Using automated systems to track inventory and spot unusual fluctuations in stock levels. - **Bank Reconciliation:** Assigning bank reconciliation duties to someone outside of the person handling deposits. - **Transparent Payroll:** Having a separate, trusted party regularly review payroll and expense reports. Testing your practice’s internal controls without actually attempting fraud can help you spot weaknesses before they become a real problem. Would you like to explore specific ways to strengthen the financial controls in your practice? /episode/index/show/adoseoffinancialcents/id/33872697

Rethinking your mindset around your team & delegation with Dr. Mike Neal, OD 11/04/2024

Five ways optometry practice owners could be myopic in their ownership journey with Erich Mattei from Akrinos 10/28/2024

"Things that make you go 'What?!?" as a practice consultant w/ Jennifer Stewart 10/21/2024

Creating a StoryBrand framework for an optometry practice with Daniel Palmer 10/14/2024

Creating a StoryBrand framework for an optometry practice with Daniel Palmer Welcome to this episode of 20/20 Money! My guest on today’s show is Daniel Palmer, founder of Morether Creative, a Fractional CMO for optometrists nationwide. In this conversation, we talk through and explain the Story Brand process and the SB7 framework. We talk about the common marketing mistakes that biz owners (not just ODs) make when it comes to marketing their brand, how to think of the SB7 framework through the patient experience, and some of the Next Best Steps that ODs can take based on our conversation. Daniel also shares a really impactful framework called the one-line story brand and how ODs can use this simple, 3-part framework to explain each part of the patient’s journey through the practice which ultimately demonstrates the value of the practice to the patient. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Daniel Palmer. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/33437692

How leadership impacts practice success (and ways to improve your leadership skills) with Bethany Fishbein 10/07/2024

How leadership impacts practice success (and ways to improve your leadership skills) with Bethany Fishbein Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Bethany Fishbein, OD, Consultant & Executive Coach with . Bethany and I talk about a topic that an OD might not think about directly correlating to the financials of a practice: leadership skills. However, I believe that we quickly illustrate in our conversation how the things that negatively impact a practice’s profitability—staff turnover, patients not returning, and an overworked/overwhelmed owner just to name a few—are usually the symptoms of an underlying “disease:” an owner that has neglected to focus on improving their leadership skills and emotional intelligence. Throughout this conversation, Bethany shares practical ways for owners to take action and, at the end, shares a very easy Next Best Step that an owner/leader can take to make progress. As a reminder, you can get all the information discussed in today’s conversation by visiting our website at 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 best life, on purpose. You can also 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. Lastly, if you’re interested in learning more about the 20/20 Money Membership, a platform that we created to help ODs become “brilliant at the financial basics,” please check out the link in the show notes of this episode to learn more. And with that introduction, I hope you enjoy my conversation with Dr. Bethany Fishbein, OD. Resources: ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our /episode/index/show/adoseoffinancialcents/id/33351902

Bonus structures that work for non-OD team members w/ Dr. Michael Neal, OD 09/30/2024

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