20/20 MONEY: The Business of Optometry

Adam Cmejla

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 scaling With 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 elevating your practice and improving your financial future, 20/20 Money is your competitive advantage. For more information on the show and on Adam, please visit https://www.integratedpwm.com/

  1. 18h ago

    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: Why Kyle believes specialization in optometry may be overrated The difference between comprehensive care and a specialty-service mindset How equipment FOMO can create expensive "doorstops" in a practice Why protocols and patient demand should come before purchasing technology The unique value optometrists provide that other eye care professionals may not How professional identity and confidence influence clinical and business decisions 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 Optometry Simplified: Kyle's newsletter Review of Optometric Business Article (Specialization is Overrated) The Optometry Success Podcast Enneagram Link to Six Types of Working Genius assessment   Have a podcast-related question? Contact our team here!   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!

  2. Aug 3

    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: Why generating cash and deploying cash require different skill sets How excess cash in the practice can create significant opportunity costs The importance of building wealth outside the practice Why net worth and liquidity are not the same thing How lifestyle creep can reduce flexibility inside the business Why practice owners should build income-producing assets The risks of making the practice sale your retirement plan How personal financial pressure can derail practice-sale negotiations 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?? 3 financial lessons learned from my grandpa and grandma   Have a podcast-related question? Contact our team here!   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. Jul 27

    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 CodeSafePlus EyeCode Education EyeCode Media Podcast Adam's in-flight conversation with Chris Download the Practice Owner's Financial Toolkit 20/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's 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

  4. Jul 20

    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!   Resources: Berkshire YouTube clip: Every time you hear EBITDA, substitute it with "bull***" earnings 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 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

  5. Jul 13

    Your Practice Doesn't Need More of Your Time — It Needs Better Use of It with Nathan Hayes

    What if the next level of your practice requires less time in the lane — not more? In this episode of 20/20 Money: The Business of Optometry, I'm joined again by Nathan Hayes for a wide-ranging conversation about how practice owners should think more intentionally about their most limited resource: time.   We pick up where our last conversation left off and explore what it really means to work on the business, not just in it. Nathan and I discuss why growth is not always linear, why some seasons of ownership are meant for building while others are meant for harvesting, and how owners can begin evaluating whether their time is being spent in the highest and best way.   We also talk about the importance of getting out of the practice — both for true vacation and intentional planning — and why practice retreats, team alignment, leadership rhythms, and clear delegation can become force multipliers for the business.   As always, we close with practical NBSs to help owners audit how they're spending their time and identify the next best step toward building a more intentional practice.   Have a podcast-related question? Contact our team here!   Resources: 20/20 Money Episode: Are you building wealth or just feeding the machine? Traction by Gino Wickman Using EOS to Create Clarity and Traction in Your Practice with Tom Restivo Asana 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

  6. Jul 6

    A simple introduction to AI for optometry practice owners: a practical conversation with Dr. Mick Kling

    AI can feel overwhelming, overhyped, and impossible to keep up with — especially when every conversation seems to swing between "this changes everything" and "this is all just noise." In this episode of 20/20 Money, I'm joined once again by Dr. Mick Kling for a practical conversation about where AI is actually useful for practice owners right now — without the doom-and-gloom, hype, or technical jargon.   Mick shares how he's been thoughtfully experimenting with AI inside his own workflows to improve efficiency, analyze practice financials, model business decisions, and simplify strategic planning. More importantly, we discuss how practice owners can start using these tools in approachable, low-risk ways without needing to become programmers, coders, or "tech people." We also discuss: Why AI should be viewed more as an assistant than a replacement The biggest mistakes owners make when using AI tools How Mick built AI-powered financial analysis tools without coding experience The "LENS" framework for creating better prompts and better outputs Practical ways to use AI for business planning, associate hiring decisions, and cash flow analysis Why dashboards and reporting may evolve dramatically over the next few years The importance of human connection in a profession increasingly influenced by technology How to begin experimenting with AI without getting completely overwhelmed by it As always, we close the conversation with practical NBSs (Next Best Steps) for listeners who want to begin thoughtfully integrating AI into their practice and business workflows.     Have a podcast-related question? Contact our team here!   Resources: Previous episode with Mick about adding an associate OD in the practice (I think we did one on this topic??) Check out Wispr Flow (voice dictation software) 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

  7. Jun 29

    Optical isn't dead - but the way you are running it is with Dr. Jennifer Stewart

    What if the biggest reason patients aren't buying glasses from your practice… is the experience you've unintentionally created around optical? In this episode of 20/20 Money, I'm joined once again by Dr. Jennifer Stewart for a candid and energetic conversation around the subtle — and sometimes overlooked — ways practice owners can dramatically improve optical sales without feeling "salesy."   Jen shares how she's intentionally built an optical-forward patient experience that turns eyewear into something patients genuinely get excited about, why most practices unknowingly make optical feel transactional and overwhelming, and how small shifts in attention, storytelling, and intentionality can completely change patient behavior. We also explore the mindset many owners have around optical being a "dead" profit center, why that belief becomes self-fulfilling, and practical ways to start taking ownership back without blowing up your entire practice model.   We also discuss: Why patients asking "what glasses are those?" is a bigger opportunity than most doctors realize How Jen strategically uses her own eyewear to influence frame and lens sales The hidden danger of treating optical like a commodity business Why practices often lose optical sales long before price ever becomes the issue How to think about your optical as a separate business within your practice The importance of creating a shopping experience instead of a transactional one Why independent frame lines and storytelling matter more than recognizable brands Practical first steps for owners who feel overwhelmed or frustrated with optical   As always, we end the conversation with several practical NBSs (Next Best Steps) you can implement immediately in your practice.   Have a podcast-related question? Contact our team here!   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

  8. Jun 22

    Why some dry eye practices thrive--and others quietly fail with Dr. Chris Wolfe

    What if the biggest mistake practice owners make with dry eye isn't buying the wrong technology… but building their entire strategy around the technology itself? In this episode of 20/20 Money, I'm joined once again by Dr. Chris Wolfe for a fascinating conversation around dry eye, specialty services, patient communication, and the dangerous trap of becoming "device-centric" instead of patient-centric.   Chris shares a candid behind-the-scenes perspective on what he's observed from practices across the country when it comes to implementing dry eye services and expensive treatment technologies. We discuss why so many practices buy devices that ultimately underperform, the seductive marketing around "specialty" care, and the critical distinction between having a widget versus building a system that actually supports patient outcomes and practice profitability.   More importantly, we explore how the most successful clinicians aren't simply better at selling treatment — they're better at understanding the doctor-patient relationship, evidence-based medicine, and how to guide patients toward the right next step without overwhelming them.   We also discuss: Why many dry eye devices end up becoming expensive dust collectors The hidden problem with building your identity around a piece of equipment How patient communication dramatically impacts treatment acceptance Why separating the dry eye conversation from the comprehensive exam changes outcomes The difference between being "widget-centric" and patient-centric How successful practices build systems around disease management instead of technology Why evidence-based medicine involves more than just clinical studies The role patient preference plays in treatment recommendations How practices can objectively evaluate whether a new device will actually support profitability   As always, we close the conversation with practical NBSs (Next Best Steps) to help practice owners think more intentionally about specialty services, technology adoption, and patient care systems inside their practice.     Have a podcast-related question? Contact our team here!   Resources: Dr. Cecelia Koetting Dr. Selina McGee Dr. David Kading Dr. Kyle Klute Are you building wealth...or just feeding the machine (20/20 Money Episode with Nathan Hayes) 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

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About

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 scaling With 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 elevating your practice and improving your financial future, 20/20 Money is your competitive advantage. For more information on the show and on Adam, please visit https://www.integratedpwm.com/

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