20/20 MONEY: The Business of Optometry

Why your optometry marketing isn't working with Jeremy Bono from IDOC Marketing

Your next patient may already be looking for an optometrist—and choosing someone else before you ever know they existed. On this episode of 20/20 Money: The Business of Optometry, I'm joined by Jeremy Bono, Director of Optometry Marketing Services at IDOC, for a wide-ranging conversation about what effective marketing actually looks like inside an optometry practice. We start with a bigger question: does the public really understand what an optometrist does—and, more importantly, why they should regularly see one? From there, Jeremy and I explore why simply saying that you provide "exceptional eye care" isn't enough to differentiate a practice, how storytelling can make your marketing more memorable, and why practice owners need clarity around their ideal patient before deciding where to spend marketing dollars. We then get much more tactical. Jeremy explains why Google Ads can be one of the fastest ways to generate new patient demand, how practice owners should think about marketing as an investment rather than simply another expense, and why measuring leads without tracking how many actually become patients can create a misleading picture of ROI. We also discuss some of the seemingly small things that can quietly sabotage otherwise good marketing: making patients call instead of allowing online scheduling, forcing them to interact with your practice the way you prefer rather than the way they prefer, ignoring existing patients while constantly chasing new ones, and failing to maintain the digital presence that Google increasingly uses to determine which practices deserve visibility. The larger lesson is that marketing isn't one campaign, one social post, or one advertising budget. It's the entire journey from someone discovering your practice to deciding you're the right place for them—and then making it incredibly easy for them to become a patient and stay one. NBS: Set aside an hour this week and define your ideal patient avatar—your "IPA." Write down who they are, what they value, what problems they're trying to solve, how they search for care, and how they prefer to interact with a business. Then look at your current marketing through their eyes and identify one point of friction you can eliminate. Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: IDOC Marketing Service [https://idoc.net/add-ons/optometry-marketing-services/] Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast]

Is optometry too focused on specialty services? A discussion with Dr. Kyle Klute

What if the pressure to add specialty services is distracting you from the value already sitting inside your practice? In this episode of 20/20 Money: The Business of Optometry, Adam is joined by Dr. Kyle Klute for a thought-provoking conversation about specialization, comprehensive eye care, and the growing pressure practice owners may feel to purchase new technology or build a niche service line. Kyle explains why labeling dry eye, myopia management, glaucoma, and other areas as "specialties" can unintentionally allow optometrists to treat them as optional. Instead, he argues that ODs are uniquely trained and positioned to manage a broad range of their patients' eye and vision needs through comprehensive primary eye care. They also discuss why the patient and the clinical protocol should come before the equipment purchase. Rather than buying an expensive device and hoping to create demand, practice owners should first establish consistent diagnostic triggers, treatment protocols, follow-up systems, and a proven flow of patients who would benefit from the technology. The conversation ultimately moves beyond specialty services and into a deeper question: Who are you professionally, and what role do you want to play in your patients' lives? In this episode: 1. Why Kyle believes specialization in optometry may be overrated 2. The difference between comprehensive care and a specialty-service mindset 3. How equipment FOMO can create expensive "doorstops" in a practice 4. Why protocols and patient demand should come before purchasing technology 5. The unique value optometrists provide that other eye care professionals may not 6. How professional identity and confidence influence clinical and business decisions 7. Why understanding your personal strengths can improve leadership and practice culture Next Best Step: Become clear, confident, and capable in your professional identity. Define the role you want to play in your patients' lives before deciding which services, systems, or equipment belong in your practice. Link to Chris Wolfe Episode [https://pod.link/1438352481/episode/MGY5OTFjZDktNTZkMi00NjBjLWFiYWUtNmQ4YmYyMDdhMDJl?view=apps&sort=popularity] Optometry Simplified: Kyle's newsletter [https://optometrysimplified.com/] Review of Optometric Business Article (Specialization is Overrated) [https://reviewob.com/specialization-is-overrated/] The Optometry Success Podcast [https://pod.link/1875765051?view=apps&sort=popularity] Enneagram [https://www.enneagraminstitute.com/] Link to Six Types of Working Genius assessment [https://www.workinggenius.com/] Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's new book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast]

How successful practice owners actually become wealthy

A profitable practice can create tremendous cash flow—but it does not automatically create personal wealth. In this episode of 20/20 Money: The Business of Optometry, Adam bridges the gap between running a successful optometry practice and using that success to build lasting financial independence. Drawing on nearly 20 years of working with business owners, he explains why practice size, income, and personal net worth are related—but far less correlated than many owners assume. Adam shares several patterns consistently demonstrated by financially independent practice owners, including intentionally moving excess cash out of the practice, diversifying into multiple income-producing assets, maintaining adequate liquidity, and increasing their investments before expanding their lifestyle. He also addresses one of the biggest financial risks facing practice owners: relying on the eventual sale of the practice as the primary retirement plan. Buyer availability, health changes, burnout, market conditions, taxes, outstanding liabilities, and unrealistic valuation expectations can all disrupt a transition. The wealthiest owners Adam has worked with did not become wealthy when they sold their practices. They became wealthier. The practice sale simply converted one asset into another—it was the whipped cream and cherry on top of the financial sundae, not the sundae itself. In this episode: 1. Why generating cash and deploying cash require different skill sets 2. How excess cash in the practice can create significant opportunity costs 3. The importance of building wealth outside the practice 4. Why net worth and liquidity are not the same thing 5. How lifestyle creep can reduce flexibility inside the business 6. Why practice owners should build income-producing assets 7. The risks of making the practice sale your retirement plan 8. How personal financial pressure can derail practice-sale negotiations 9. Why financial independence should be built before closing day Next Best Step: Ask yourself this question: If your practice were worth 30% less than you expect—or you had to retire five years earlier because of your health—would your financial plan still work? If the answer is no, your practice is not merely part of your retirement plan. It is your retirement plan—and that may be the greatest financial risk you are carrying. Referenced episodes: Are you building wealth...or just feeding the machine?? [https://pod.link/1438352481/episode/MmFjMDQ5NmMtZjA2OC00YjUyLWFhZGEtZTc3YWJhOGFmNzU2?view=apps&sort=popularity] 3 financial lessons learned from my grandpa and grandma [https://pod.link/1438352481/episode/ODBlNDc0MWMtYzM0Ny00MjM2LTliZDktYTAzMGRlZGFhZjQ1?view=apps&sort=popularity] Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's new book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast] Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 [https://bit.ly/4tttng6] Subscribe on Spotify: https://bit.ly/4tuf0YM [https://bit.ly/4tuf0YM]

Understanding and setting pricing in your practice that are fair and profitable with Dr. Chris Wolfe, OD (Rewind)

Welcome to this REWIND episode of 20/20 Money! My guest on today's show is Dr. Chris Wolfe, OD. Chris joins me on the show to share in a conversation about how ODs can think about pricing the different services provided in the practice and how to frame that conversation with your patients, how ODs can think about researching their pricing on medical procedures, how to think about scheduling in your practice to be as efficient with OD hours as possible, 4 questions to consider asking every pt as it relates to dry eye, the 5 steps needed to introduce change in your practice, and how practice owners can think about setting their fees in relationship to the different 3rd party payors. And with that introduction, I hope you enjoy my conversation with Dr. Chris Wolfe, OD. Resources: Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] CodeSafePlus [https://www.codesafeplus.com/] EyeCode Education [https://www.eyecodeeducation.com/bundles/eyecode-billing-and-coding-premiere-bundle-billing-coding-with-complete-case-management] EyeCode Media Podcast [https://podcasts.apple.com/us/podcast/eyecode-media/id1449429774] Adam's in-flight conversation with Chris [https://podcasts.apple.com/us/podcast/what-doing-hard-things-can-teach-us-about-ourselves/id1449429774?i=1000614015489] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast] Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 [https://bit.ly/4tttng6] Subscribe on Spotify: https://bit.ly/4tuf0YM [https://bit.ly/4tuf0YM]

What every seller needs to know before selling their practice

A practice sale that should have been the easiest transition imaginable ended before negotiations even began—and the lessons could save you from making the same costly mistake. In this episode, I shares the story of an anonymized internal succession plan that unraveled despite all the ingredients for success: a trusted associate, established patient relationships, and a seller committed to staying through the transition. So what went wrong? Using this real-world case study, I'll share the psychology of selling a practice, why valuations are opinions—not verdicts—and how misunderstanding business value can derail even the most promising transition. Along the way, I'll also tackle one of the most misunderstood metrics in business valuation—EBITDA—and explain why practice owners should be cautious about relying on it when estimating what their practice is worth. Have a podcast-related question? Contact our team here [https://form.jotform.com/261535686830161]! Resources: Berkshire YouTube clip: Every time you hear EBITDA, substitute it with "bull***" earnings [https://youtu.be/l82kIjqBtqw?si=V3u14wM_C6l8qIXf] Book a Triage call with Adam [https://integratedpwm.as.me/schedule/bc0791cb/appointment/1713824/calendar/706316?appointmentTypeIds[]=1713824] Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] Check out Adam's book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn] ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts [https://itunes.apple.com/us/podcast/the-dose-podcast/id1438352481?mt=2] Spotify [https://open.spotify.com/show/44jE3DxOjZQPok0H9D2jw3?si=7fhsalltRqGlwEbVqYnAQA] ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! [https://integratedpwm.com/learningcenter/?cat=podcast] Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 [https://bit.ly/4tttng6] Subscribe on Spotify: https://bit.ly/4tuf0YM [https://bit.ly/4tuf0YM]