COGS - Why Are Yours Above 24%?

COGS - Why Are Yours Above 24%?

In this episode, we kick off a broader series on how optometry practice owners can make more intentional, profitable decisions in the optical. Adam and Chad start with cost of goods, discussing why "average" benchmarks should not automatically be accepted as the goal and why even small percentage-point improvements can have a meaningful impact on the bottom line. They also talk through the difference between choosing what you personally like and choosing what is best for the business, especially when it comes to frames, ophthalmic lenses, vendor relationships, lab strategy, and contact lens rebates. This conversation sets the stage for future episodes on frame choices, lens strategy, private label, lab decisions, and helping patients understand their options between managed vision care and out-of-pocket choices. Have a question for us to address in a future episode? Submit it here [https://form.jotform.com/252526305103041]! Resources: Learn more about Partners in Profit [https://pipgpo.com/contact-us/] 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] Subscribe on Apple Podcasts: https://shorturl.at/Fq1Ro [https://shorturl.at/Fq1Ro] Subscribe on Spotify: https://shorturl.at/jCtsk [https://shorturl.at/jCtsk]

Core Values - Core Behaviors: I don't have time for that.

In this episode, we talk about why core values and core behaviors matter far beyond simply putting words on a wall. We discuss how clearly defined values can guide decisions around growth, team alignment, burnout, ownership, hiring, patient experience, and the overall direction of a practice. Chad also shares how his own leadership journey helped him better understand the role that personal and professional values play in creating a stronger, more intentional business. We also walk through practical ways practice owners can begin defining and reinforcing these principles, even when it feels difficult to step away from patient care. From blocking a few hours with the leadership team to regularly revisiting values in staff meetings and connecting them to real-life behaviors, we make the case that a values-driven practice creates stronger culture, better consistency, and a more scalable foundation for growth. Have a question for us to address in a future episode? Submit it here [https://form.jotform.com/252526305103041]! Resources: Learn more about Partners in Profit [https://pipgpo.com/contact-us/] 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] Subscribe on Apple Podcasts: https://shorturl.at/Fq1Ro [https://shorturl.at/Fq1Ro] Subscribe on Spotify: https://shorturl.at/jCtsk [https://shorturl.at/jCtsk]

The Value in Shorter Exams

In this episode, we respond to a listener question about how to balance shorter exam times with the desire to build strong patient relationships and deliver meaningful care. We talk through the difference between time spent with a patient and value delivered to a patient, and why a longer exam does not automatically mean a better experience. Chad shares how his perspective has evolved after practicing in different exam-time models, and we discuss how efficiency, delegation, and intentional communication can actually create a stronger patient experience when done well. We also talk about practical ways to transition from longer exams to a more efficient schedule without making patients feel rushed or overlooked. From moving more objective testing into pretesting, to using doctor time for high-value face-to-face discussion, to gradually adjusting scheduling expectations, we explore how practices can respect both the patient's time and the doctor's time while still delivering excellent care. Have a question for us to address in a future episode? Submit it here [https://form.jotform.com/252526305103041]! Resources: Learn more about Partners in Profit [https://pipgpo.com/contact-us/] 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] Subscribe on Apple Podcasts: https://shorturl.at/Fq1Ro [https://shorturl.at/Fq1Ro] Subscribe on Spotify: https://shorturl.at/jCtsk [https://shorturl.at/jCtsk]

Vision Wellness vs Medical Exams: How to Handle Patient Pushback

We break down a real listener question around one of the most common frustrations in practice today: navigating vision wellness versus medical exams and the pushback that comes with it. We talk through how to communicate clearly with patients, set expectations early, and position yourself as part of their team rather than the source of the problem, all while reinforcing why medical eye care must take priority. We also dive into the operational side of making this model work, including how to structure your schedule, increase patient flow, and adapt to lower reimbursement per visit without sacrificing profitability. If you are struggling with patient confusion, insurance friction, or trying to transition into a more medical model, this episode gives you a practical framework to move forward with confidence. Have a question for us to address in a future episode? Submit it here [https://form.jotform.com/252526305103041]! Resources: Learn more about Partners in Profit [https://pipgpo.com/contact-us/] 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] Subscribe on Apple Podcasts: https://shorturl.at/Fq1Ro [https://shorturl.at/Fq1Ro] Subscribe on Spotify: https://shorturl.at/jCtsk [https://shorturl.at/jCtsk]

Extended Warranty - Your Profits for Patient Peace of Mind

In this episode, we talk through a practical opportunity for optometry practices: offering extended warranties in the optical. Chad and I discuss why practice owners have to be careful not to project their own buying preferences onto patients, and why offering a warranty as a low-pressure choice can provide real peace of mind for patients who may not be able to easily replace broken frames or scratched lenses. We also walk through how Chad has implemented extended warranties in his practice, the simple structure he uses for single vision and multifocal lenses, and the surprising financial impact it has created. We discuss why this can be both a patient-care tool and a meaningful margin opportunity, especially as practices continue to navigate managed vision care pressure, rising costs, and the need to think more creatively as business owners. Have a question for us to address in a future episode? Submit it here [https://form.jotform.com/252526305103041]! Resources: 1. Learn more about Partners in Profit [https://pipgpo.com/contact-us/] 2. Download the Practice Owner's Financial Toolkit [https://integratedpwm.com/toolkit] 3. 20/20 Money Ultimate Financial Success Masterclass [https://www.2020membership.com/] 4. OD Mastermind Interest Form [https://www.jotform.com/form/250467795073062] 5. Check out Adam's new book: How to Buy an Optometry Practice [https://a.co/d/0wv5uLn]