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20/20 MONEY: The Business of Optometry: Daily Summaries Delivered
by Adam Cmejla
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- Yesterday1h 3m
Practice financing decoded: what owners need to know now about how banks think about deals
Thinking about buying or expanding a practice, but nervous about debt, banks, or making an expensive mistake? In today's episode, I'm joined by Mike Smith of Bank of America to demystify the lending process for optometrists. We break down what banks actually look for in a borrower, how student loans and cash reserves really factor in, why tax returns matter more than stories, and the common traps buyers and sellers fall into when financing a deal. If utilizing OPM, other peoples' money like a bank's, is on your radar (now or in the future), this conversation can save you time, money, and unnecessary stress. Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 Subscribe on Spotify: https://bit.ly/4tuf0YM
- 1 weeks ago46 min
How great practice owners build teams that stay and perform
What if the biggest threat to your practice isn't reimbursement, competition, or overhead—but the way you hire, lead, and retain people? In today's episode, I'm joined by Mike Dixon, president of Hoops, for a conversation every practice owner needs to hear. We unpack why staffing issues feel so hard, why most owners were never trained to lead, and how the right systems can turn your team from your biggest headache into your greatest competitive advantage. If you've ever said, "I just can't find good people," this episode may challenge the way you think about the real problem—and the real opportunity. ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 Subscribe on Spotify: https://bit.ly/4tuf0YM Resources: FEAR Setting Exercise from Tim Ferriss HoopsHr.com Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice
- 2 weeks ago1h 29m
Don't make these financial and business mistakes! (the talk I give at every optometry school's private practice club)
The financial decisions you make early in your career can shape the next several decades—and most people don't realize it until much later. On this episode, I'm sharing a presentation I recently gave to students at the Indiana University School of Optometry on the timeless financial and business lessons every optometrist should understand. I discuss the power of compounding, how to think about saving priorities, student loans, disability and life insurance, and why your income is your greatest wealth-building tool. I also cover important concepts on the business side of optometry, including ownership, practice valuation, buying in, cold starts, and why some of the best opportunities in the profession are often overlooked because of geography. Whether you're a student, recent grad, or experienced provider, this episode is about making intentional decisions with your money so you can create more confidence, options, and freedom over time. Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 Subscribe on Spotify: https://bit.ly/4tuf0YM
- 3 weeks ago54 min
Using EOS to Create Clarity and Traction in Your Practice with Tom Restivo
Ever wonder if, when, or how to build stronger operations within your practice? In this episode, I sit down with Tom Restivo to unpack EOS and what it looks like to build a stronger operational foundation inside an optometric practice. Tom shares his experience leading a rapidly growing eye care organization through expansion, complexity, and the pressures that eventually exposed where systems were missing. We talk about why growth without structure creates avoidable friction, how core values shape hiring and leadership decisions, and why vision has to be more than a vague idea if you want your team aligned. We also get practical about how EOS actually works inside a practice. Tom breaks down the six key components of the system, the role of the Vision Traction Organizer, how Rocks help teams focus on the right priorities, and why Level 10 Meetings can transform communication and accountability. If you are feeling like the business is starting to run you instead of the other way around, this conversation offers a useful framework for creating more clarity, consistency, and traction in your practice. Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice Tom Restivo's LinkedIn EOS Worldwide Traction: Get a Grip on Your Business by Gino Wickman ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 Subscribe on Spotify: https://bit.ly/4tuf0YM
- 4 weeks ago53 min
How a Limiting Mindset Can Cost Practice Owners More Than They Realize with Dr. Steve Vargo
In this episode I sit down with Dr. Steve Vargo to unpack a mindset that many practice owners quietly wrestle with: the belief that there is no longer money to be made in the basics of optometry. We start with a real question from a practice owner who feels discouraged by stagnant reimbursements and declining capture rates, and use it as a springboard to discuss the deeper issue underneath it all: communication. Steve explains why successful practices are not necessarily dependent on adding new cash pay services, but instead on improving how doctors listen, communicate, and guide patients toward solutions that solve real problems. If you have ever felt frustrated by patients walking with their prescriptions or wondered whether the future of your practice depends on adding the next new service, this conversation will challenge that assumption and give you practical ideas to improve both patient outcomes and the financial performance of your practice. Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice Connect with Dr. Steve Vargo on LinkedIn ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 Subscribe on Spotify: https://bit.ly/4tuf0YM
- Apr 13, 202653 min
Independence vs Isolation in Private Practice with John Marvin
In this episode I sit down with John Marvin to explore a challenging but important idea for private practice owners: the difference between independence and isolation. We unpack John's perspective on why fierce independence can sometimes limit growth when it prevents doctors from learning from others or leveraging the resources already available to them. Our conversation touches on mindset, the importance of personal growth as a business owner, and why building something bigger than yourself often requires becoming comfortable with discomfort. If you are thinking about the long term future of your practice and how to strengthen private practice in an evolving profession, this discussion will challenge the way you think about leadership, collaboration, and the role you play in the success of your business. On a personal note, I really enjoy my conversations with John. I usually get a number of pieces of feedback from listeners when I have him on the show. He's been around the profession and business of optometry for decades, and I certainly appreciate his candor, perspective, and opinions. I trust you as a listener do as well. Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Private Practice Was Not Defeated by Corporate, It Surrendered Connect with John Marvin on LinkedIn ————————————————————————————— Please rate and subscribe to 20/20 Money on these platforms Apple Podcasts Spotify ————————————————————————————— For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here! Check out Adam's other podcast! The Optometry Success Podcast Subscribe on Apple Podcasts: https://bit.ly/4tttng6 Subscribe on Spotify: https://bit.ly/4tuf0YM
- Apr 6, 202646 min
The Blueprint for Growing a Multi-Million-Dollar Optometry Practice with Dr. Kurt Steele
Most optometrists think growth comes from better marketing or more patients—but the real advantage often starts somewhere much less obvious: your team and your culture. In this episode of 20/20 Money, Dr. Kurt Steele joins me back on the show to discuss the leadership philosophy and operational frameworks that helped him build a thriving multi-million-dollar optometry practice while developing future leaders inside the organization. The conversation explores why the strongest practices aren't simply focused on production or patient volume, but instead invest heavily in building engaged teams, creating ownership opportunities, and designing a culture where people feel personally invested in the success of the practice. We also talk about the realities of practice ownership today—from the growing influence of private equity to the decline of independent ownership in healthcare—and why developing future partners inside your practice can be one of the most powerful ways to preserve independence. Along the way, Kurt shares practical frameworks that practice owners can implement immediately, including how to track meaningful practice KPIs and how to implement operational improvements using a 7-30-90 strategic plan. Whether you're early in your ownership journey or beginning to think about the long-term transition of your practice, this conversation offers a thoughtful look at what it really takes to build a practice designed to grow, endure, and eventually pass on. Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice Check out Dr Kurt Steele's website here Purchase a copy of Dr. Steele's book, "We're Not Selling, We're Winning: The Simple Blueprint That Grew Our Practice from $280K to $4M" on Amazon
- Mar 30, 202655 min
Sponsoring a health insurance plan in your practice may not be as expensive as you think
Health insurance is one of the most confusing and frustrating decisions practice owners face. In this episode I sit down with Matt Allen, founder of Iconic Insurance, to break down the real options available to optometric practice owners and their teams. We walk through the three primary approaches to offering coverage including fully funded plans, self funded plans, and reimbursement strategies. Matt explains how each structure works, when they make sense, and why understanding the risk profile of your team can dramatically impact cost and plan design. We also spend time discussing a second scenario many practice owners eventually face: the gap between selling a practice and becoming eligible for Medicare. Matt shares how the Affordable Care Act marketplace works, how income planning can impact premium subsidies, and why network design is one of the most overlooked risks when transitioning from employer coverage to individual plans. If you have ever felt overwhelmed trying to navigate health insurance decisions for yourself or your team, this episode will give you a clearer framework for evaluating your options. Resources: Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's new book: How to Buy an Optometry Practice Iconic Insurance Connect with Matt Allen on LinkedIn
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About 20/20 MONEY: The Business of Optometry
20/20 Money is the top podcast for optometrists, private practice owners, and ODs who want to master optometry practice management, financial planning, and long-term business strategy. Hosted by Adam Cmejla, CFP®, the show delivers practical guidance on everything that affects the profitability, growth, and value of your optometry practice.Episodes cover:• Optometry practice management & operations• Financial planning for optometrists• Practice growth strategies & profitability tips• Selling your practice & OD exit planning• Private equity deals in optometry• Hiring, leadership, and team development• Tax planning, cash flow, and retirement readiness• Student loan strategies for ODs• Cold starts, acquisitions, and multi-location scalingWith expert interviews, case studies, and step-by-step breakdowns, you'll learn how to make smarter business decisions, build personal wealth, and create a thriving career inside and outside the exam room.If you're an OD serious about elevatin
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