2022 in Review, and a Look at 2023!

It’s hard to believe, but the year 2022 has vanished in the blink of an eye. This past year, we’ve had the pleasure of seeing ODs on Finance continue to grow and help ODs on their financial journey, whether they be new grads or seasoned veterans. We are thankful for your attention, your questions and your contributions. Two tenets that hold paramount value to us at ODs on Finance are transparency and productive growth. In this letter, we will highlight how our community has grown, the various methods we provide value to our community, exciting new projects/acquisitions for 2023, and a look at our commercial interests/disclosures – trust us, you’ll want to read this! Here is a quick recap of 2022!

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Recommended EHRs

Recommended EHRs EHR is the backbone of every single practice where they allow ODs to track their KPIs, while being more efficient in their business. While we know there is no perfect EHR, after months of due diligence, we are excited to partner up with these complete cloud-based solution for managing your practice. EyeCloud Pro…

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Optometry Alliances/Buying Groups – Who to Choose and Why?

Dear ODs on Finance Members, Last week the OD community got some shocking news in their inboxes.  One of the major players in the OD Alliance/Buying Group space – PECAA/HEA, was acquired by a large vision care plan  which had recently rebranded.   The acquisition was, well, met with extreme negativity.  Doctors expressed chagrin that a company that…

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Health Insurance Basic 101 That Every Optometrist Should Know

Whether you are a New O.D or Seasoned O.D ….healthcare is changing every year. Working in the medical field, I thought I understood how health insurance worked, until I ended up in the emergency room for two hours earlier this year. We will teach how to understand 6 key terms and how they apply to your health insurance (Premium, Deductible, Co-insurance/Co-pays, Maximum out of pocket, Benefit caps & understand network options (HMO, EPO, POS, PPO).

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5 Tips for Growing a New Sublease Office

Building a new sublease office inside a retail store brings some unique challenges, but can be even more rewarding when you see your office thrive after years of hard work. Like any new business, attracting new patients may be a struggle at first. However, by engaging in a number of creative practices, I was able to grow this office from a patient base of zero to a thriving optometry office! Below, I will share the five strategies that formed the core of my success plan:

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6 Tips for Utilizing Cost Benefit Analysis on a New Piece of Equipment

New equipment is always a temptation for practice owners, and for good reason. A cost-benefit analysis (or CBA for short) is a term derived from Lean theory and is an analysis of the expected balance of benefits and costs, including an account of any alternatives and the status quo. CBA takes into account your overall return on investment (ROI), however the approach is a little less black and white than might be expected. Let’s go through 6 important tips on utilizing CBA to its full extent in order to find whether that new piece of equipment should find its way through your practice doors.

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3 Important Steps to Do Due Diligence For a Successful OD Practice Purchase

Purchasing a practice is an exciting yet daunting process for both new grad and seasoned optometrists alike. One of the reasons purchasing a practice is so daunting is due to the uncertainty that comes with becoming the new owner of an existing business….Due diligence methodology for purchasing an optometric practice has been nearly universally defined by prominent valuation experts in the field. This is the 3 methodology that we will be discussing.

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8 Dos and Don’ts When Purchasing an Optometry Practice

Practice ownership is often heralded as one of the pinnacles of an optometric career. Having ownership of a practice often allows for higher income, and more importantly: freedom and autonomy to practice as one sees fit. In my career, I have had the privilege of buying my own practice as well as helping others through the buying process… So whether you are a newly minted graduate looking to begin your legacy, or you are a seasoned veteran looking to acquire another piece of your empire – use these points to help guide you towards your next big purchase.

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5 Tips for Avoiding an IRS Audit For Optometrists

While an IRS audit can happen via random selection, in many cases, it’s the actions of the taxpayer that trigger the audit process. And that’s why we put together this helpful guide—outlining five common red flags. Understanding these triggers can save you a lot of potential trouble and anxiety.

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