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/

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

What an interest rate cut means for optometry practices (and strategies for practices in changing economic times) 09/23/2024

20/20 REWIND: A pay structure that works for optometry partnerships with Kurt Steele, OD 09/16/2024

20/20 REWIND: A pay structure that works for optometry partnerships with Kurt Steele, OD 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 margins as an incentive bonus structure for his non-OD staff and which line items of the P/L are used to determine whether they’ve accomplished their margin goals and when those bonuses are paid out. 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. 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Kurt Steele, 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/33062847

Why focusing on “profit” in your optometry practice might not be the most effective owner metric to measure (and which ones you SHOULD focus on) with Nathan Hayes of Books & Benchmarks 09/09/2024

Why focusing on “profit” in your optometry practice might not be the most effective owner metric to measure (and which ones you SHOULD focus on) with Nathan Hayes of Books & Benchmarks Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes from . Nathan joins me back on the show to talk all things business financials and how owners should be thinking about actual profit in a business—and where to look in your business financials to learn how much money the practice has actually provided to you on the personal side. Nathan & I have a great back-and-forth discussion, trading stories and experiences we’ve both had in our respective roles advising practice owners—and how that information can help you as a practice owner feel clearer and confident about the financial health and performance of your business. I also wrote a complementary article for Review of Optometric Business, which is linked here in the show notes, that can help practice owners focus on the right financial metrics 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 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 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/32962152

How to lead Millennials, the importance of asking good questions, and building relationships with your team: a conversation with Chris Tuff 09/02/2024

How to lead Millennials, the importance of asking good questions, and building relationships with your team: a conversation with Chris Tuff Welcome to this episode of 20/20 Money! My guest on today’s show is Chris Tuff. Chris is the author of the book The Millennial Whisperer and in this conversation we talk about all things related to leading a team. As one might expect, a lot of the conversation that we had is applicable to leading all team members—not just Millennials. We talk about the importance of understanding your employees’ purpose and what they want out of their career…not just their purpose in your organization. Chris shares a simple way to build better connections with your team and the impact that has on your organization. Overall this was a very enjoyable conversation, highlighting the responsibility that we as leaders have to the team we employ, while also sharing practical solutions to implement these concepts. 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 Chris Tuff. 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/32855022

The difference between satisfied & engaged employees, why you should care about a performance management strategy, MAGIC, and how all of this matters to your profitability with Dr. David Mason, Ph.D. Welcome to this episode of 20/20 Money! My guest on today’s show is David Mason, Ph.D. David joins me on the show to talk about a seemingly abstract but important distinction that you should consider when thinking about your team: do you have satisfied team members or engaged team members? Our conversation spills over into multiple different topics, ranging from the importance of acknowledging impact in your practice, the three levels of an engaged employee, and tools that you can use to better understand the level of engagement your team has in your practice. As business owners, we know how important our team is to our success and the success of our business, but I feel that it can become an “oh, by the way” part of business ownership…when it should be something that you’re thinking about daily. David does a good job illustrating ways in which we can better manage the systems in our business so we can lead the people we employ. 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. David Mason. 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/32718352

Revisiting the customer experience journey in a post-COVID economy with Dennis Moseley Williams 08/19/2024

Revisiting the customer experience journey in a post-COVID economy with Dennis Moseley Williams Welcome to this episode of 20/20 Money! My guest on today’s show is . Dennis joins me to revisit the importance of the customer experience on the success of your practice. He shares the five phases of the patient experience and how to think differently about the way you engage your patients in your practice. I really love having these conversations because of how important the patient experience is to the financial success of a practice. When we talk with our clients or other OD owners around the country and ask them what they feel makes their practice successful, the patient experience is near or at the top of all reasons, yet it can be harder for some than others to understand what that means and how they can think differently about the patient experience. 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. 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 the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you and use promo code FOUNDER to lock in a lifetime membership discount by September 30th. And with that introduction, I hope you enjoy my conversation with . 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/32627922

IT'S (A)LIVE!! IT'S (A)LIVE!! The 20/20 Money Membership™ is LIVE!! (plus, thinking through the math of buying into a practice) 08/12/2024

Why embracing myopia control makes sense for both your business and your patients with Dr. Justin Kwan, OD, FAAO 08/05/2024

Why embracing myopia control makes sense for both your business and your patients with Dr. Justin Kwan, OD, FAAO Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Justin Kwon, OD. Justin joins me on the show to talk all things myopia control. Justin’s passion for this topic is very evident and I found our conversation very informative. While there’s the obvious clinical angle that is a deeper and separate discussion than what we had here on the show, Justin does a great job illustrating the mutual benefits that exploring the implementation of myopia control in a practice can have on both the patients that you serve as well as the business that you own. 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. Justin Kwon, 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/32431767

What associate ODs REALLY value in their role in a private practice, alignment of expectations between owner and associate ODs, and how to ask good interview questions with Dr. Chris Lopez, OD Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Chris Lopez. Chris joined me back on the show to talk about all things related to the associate OD/owner OD relationships. As the career consultant at ODs on Finance, Chris has a unique perspective and gives us insight on the conversations he has been having with both associate ODs and owners looking to hire associates. We touch on the importance of communication in any relationship, managing and setting expectations from both parties around the compensation structure, what ODs surprisingly value the most in their job, and some good questions that associate ODs can think of asking a practice owner during the interview 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 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. Chris Lopez. Resources: Chris Lopez 1st Interview on 20/20 Money ———————————————————————————— 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/32324797

Lessons learned when natural disasters shut down your practice with Pete Kehoe, OD 07/22/2024

Lessons learned when natural disasters shut down your practice with Pete Kehoe, OD Welcome to this episode of 20/20 Money! My guest on today’s show is Pete Kehoe, OD. Pete joins me back on the show to discuss all the hard lessons he and his team have recently learned while they navigated their practice being shut down due to a massive ice storm that destroyed a large portion of the building's roof. Pete shares more about the headaches endured when he learned his practice wasn't adequately insured due to a clerical error, how he kept his team afloat during their time closed, and the importance of transparent communication with him team throughout the entire 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. 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Pete Kehoe. 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/32233172

Thoughts and opinions on the state & future of private practice optometry from the president of a $110 million optometry organization: a conversation with John Marvin, President of Texas State Optical Welcome to this episode of 20/20 Money! My guest on today’s show is John Marvin President of Texas State Optical. As one of the country’s oldest optometry business models, TSO has seen many different headwinds and tailwinds that have impacted optometry. As President of TSO over the past 20 years, John has seen TSO grow into one of the top 10 retail optical organizations in the country, doing over $110 million in annual sales across nearly 100 locations. Our conversation is wide reaching, including the pivots that TSO has made in the wake of the pandemic and influx of private equity funds into the profession, how the unique value proposition of TSO has evolved over the years (and why pratices, regardless of brand affiliation or business model, need to continue to focus their energy and efforts on the patient), the talent shortage that their doctors have been experiencing and why it’s been happening, and a variety of other topics. 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. 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with John Marvin. 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/32026562

Biggest regrets we hear from 50yo ODs with Tim Merrigan from Acquios Advisors 07/08/2024

Biggest regrets we hear from 50yo ODs with Tim Merrigan from Acquios Advisors Welcome to this episode of 20/20 Money! My guest on today’s show is with . In the 16 years or so that I’ve been an advisor, I’ve noticed that there’s something “motivating” about turning 50: people start thinking about their lives differently and thus they start re-evaluating the way they’ve been investing and spending not only their money, but also their time. Tim joins me on the show to dialogue about some of the common questions, concerns, and opportunities that we see from each of our respective points-of-view when ODs put a half-century worth of candles on their birthday cake (and yes I did use that specific framing of a half-century to emphasize the point that we’re not getting any younger but yet we’ll keep getting what we’ve been getting if we keep doing what we’ve been doing. You’re welcome). :) One other note about the goal setting study that I reference towards the end of the episode: turns out, based on a bit of research post-recording, that neither study actually happened despite it being recited in the annals of consulting, personal productivity, and business management content over the years. Despite this debunking, I think we can all agree that setting and writing down goals is much more beneficial and gives us a much better chance of succeeding than wishing things to happen. There’s a link to an article I found in the show notes that expands on this in greater detail. 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. 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Tim Merrigan. 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/32023177

A commercial real estate update and the importance of the real estate when selling a practice with Mike Jorgenson of Carr Healthcare Realty 07/01/2024

A commercial real estate update and the importance of the real estate when selling a practice with Mike Jorgenson of Carr Healthcare Realty Welcome to this episode of 20/20 Money! My guest on today’s show is Mike Jorgenson with Carr Healthcare Realty. Mike joins me back on the show to give us an update on what he and his team around the country are seeing in the commercial real estate market. We also dive into some of the considerations, mistakes, and blind spots that both buyers and sellers find themselves in when selling a practice and the role that the real estate plays in the transaction. 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. 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Mike Jorgenson Resources: To learn more about The OD Mastermind Program, please email ———————————————————————————— 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/31954062

An optometry marketing conversation with Eugene Shatsman: the importance of the Google "snack pack" for your practice, why online scheduling is table stakes, why linking to your Google Biz Profile is a mistake, AI's influence on the future, and more! Welcome to this episode of 20/20 Money! My guest on today’s show is Eugene Shatsman, Managing Partner of and new host of . In this wide-reaching marketing conversation, Eugene shares a variety of “low hanging marketing fruit” mistakes and misconceptions that practice owners nationwide have about how marketing should be leveraged in their practice. We talk about a variety of topics, ranging from the importance of being able to measure your marketing spend, why it’s not “if” but “how many” new patients you are likely losing by not having an online scheduler on your website, the different ways in which marketing should be viewed for a growing vs established practice, and many other conversations. Admittedly, doing episodes like this almost feel like a disservice because there are so many different tangents that we could go down, but despite the wide ranging conversation I believe you’ll still come away with a handful of action items that, as I mention in the beginning of the episode, you can immediately communicate to your strategic partners to help you improve or implement. 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. 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Eugene Shatsman. Resources: To learn more about The OD Mastermind Program, please email ———————————————————————————— 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/31855532

Easy and conspicuous ways to avoid tax mistakes and penalties, how proactive conversations can smooth out your annual tax payment plan, and the intersection of tax and estate planning with Amber Morgan, CPA Welcome to this episode of 20/20 Money! My guest on today’s show is Amber Morgan, CPA with Mohr CPAs. In the wake of tax season, Amber and I run through some of the easy and conspicuous action items that you can take proactively over the year that not only will have a positive impact on your overall tax planning, but also make for a happy and productive CPA-client advisor relationship. One additional PSA that Amber thought of post-recording as it pertains to extensions: filing an extension is not a bad thing. You’d rather file an extension and make sure that your CPA is working on your taxes with a fresh set of eyes (and morale) rather than stressing and hurrying to get your return filed at 11pm on April 14th. Nothing bad happens when you file an extension (as long as you’ve paid the amount owed, as Amber explains in further detail in the episode). But mistakes can happen if a return is rushed out the door if for no other reason than to get it filed prior to April 15th. If you do file an extension, just don’t sit on it until the fall when you’re right back up against the actual deadline. 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. 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Amber Morgan. Resources: To learn more about The OD Mastermind Program, please email ———————————————————————————— 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/31757533

Aligning staff and leadership expectations during the hiring process and building out your HR infrastructure with Amanda Bennett, founder of EyeHR 06/10/2024

Aligning staff and leadership expectations during the hiring process and building out your HR infrastructure with Amanda Bennett, founder of EyeHR Welcome to this episode of 20/20 Money! My guest on today’s show is Amanda Bennett. Amanda joins me on the show to talk about a topic that we’ve discussed directly and indirectly on this show—human capital. Specifically, Amanda talks about a gap that she saw in the hiring process over the years and how she developed a platform to help automate part of the hiring process. We start out talking about how her journey and role in the practice has evolved over the years and why she felt compelled to create a solution for a problem that she found to be persistent not only in the practice she managed but in other practices she would interact with a well. We talk about how important it is to have alignment of expectations with potential candidates, the responsibility that practice owners have to share as much of the right information as possible as early on in the hiring process to ensure that both parties are not wasting time, and the benefits she’s seen from systematizing the process 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. 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Amanda Bennett. 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/31663492

Implementing equipment purchases and expanding scope of care with intentionality in your optometry practice with Dr. Ryan Gustus 06/03/2024

Implementing equipment purchases and expanding scope of care with intentionality in your optometry practice with Dr. Ryan Gustus Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ryan Gustus, OD. Ryan joins me on the show live from Vision Expo East to discuss something that is very timely given the recording location: how practice owners can think about the implementation of various pieces of equipment in your practice to ensure that it's done with intention and leads to profitability. As an example, Ryan shares the personal experience and process that he went through when he and his partner made the decision to implement an IPL in their multi-location practice to treat dry eye for their patients. Ryan also shares a unique way in which he actually had patients partially pre-pay for their upcoming treatment, even before he purchased the equipment, as a way to validate their commitment to the treatment, thus giving him the confidence to know that it was the right decision for their 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, 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 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, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Dr. Ryan Gustus. Resources: To learn more about The OD Mastermind Program, please email ———————————————————————————— 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/31569522

Phasing out: the four exit options for the seller of an optometry practice 05/27/2024

Evaluating VCPs in your practice to determine which ones to cut with Dr. Adam Ramsey, OD 05/20/2024

Evaluating VCPs in your practice to determine which ones to cut with Dr. Adam Ramsey, OD Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Adam Ramsey, OD. Adam joins me back on the show to continue the conversation that we teased at the end of our first conversation which was how Adam evaluated the decision to go out of network with a variety of VCPs that he was taking in his practice. He shares how he came to the realization that he needed to do it, how he evaluated the different 3rd party payors to determine which ones to punt and which ones to keep, how he benchmarked success in the process, what it meant to his practice’s profitability, and the importance of being intentional and purposeful in practice ownership and what that’s meant to him and his business. He also talks about a passionate topic that he shared in a LinkedIn post. You can tell Adam’s extremely passionate about the profession of optometry and wants to see private practices succeed and for ODs to become more knowledgeable about the business of optometry and I was happy to provide the platform for him to share his lessons and journey. 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. 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 the 20/20 Money Membership, please check out the link in the Resources to learn more about what we have in store for you! And with that introduction, I hope you enjoy my conversation with Dr. Adam Ramsey, OD. Resources: Fear Setting Exercise: ———————————————————————————— 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/31337497

How to use (and NOT use) benchmarks with Nathan Hayes 05/13/2024

How to use (and NOT use) benchmarks with Nathan Hayes Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes with IDOC. Nathan joins me back on the show and we put a quantitative spin on our conversation today. We talk all things benchmarks and margins in an optometry practice. We discuss how to use benchmarks to make smart practice decisions and ways in which benchmarks can actually give you a false sense of anxiety and stress in your practice. We explain (defend?) why it’s better to focus on increasing your revenues in your practice than focusing on shaving small percents off of a limited number of expenses in your practice. We also spend time defining and talking through optometric net in a practice, why it’s important, and how to use that number to better inform you about the efficiency of the OD time in your 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. 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 the 20/20 Money Membership, please check out the link in the show notes to learn more about what we have in store for you! 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/31247157

I’m giving you an episode “break” (but I think it’s still worth a listen). 05/06/2024

20/20 MONEY

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