Chief Financial Advisor, Eric Miller: Shaping the Financial Landscape for Optometry Business Owners
In an insightful interview hosted by Optometry Times, Econologics Financial Advisors’ Co-Owner and Chief Financial Advisor, Eric Miller, provided some much-needed perspective on financial management for eye care professionals across North America. The discussion brought valuable insights to the table for optometry practice owners, from those fresh out of optometry school looking to own a practice to seasoned veterans who may be nearing a practice sale exit.
Miller’s dynamic conversation touched on a myriad of topics, including financial strategies for eye care service professions beyond providing such services as comprehensive eye exams, contact lens exams, and ocular disease treatments. The dialogue centered around the optometric clinic owner gaining more control over the clinic finances in an effort build personal wealth. The interview created a remarkable Community Practice Connection, fostering learning and growth among peers in the optometry field.
The Chief Optometric Editor of Optometry Times commended Miller for his invaluable insights and noted how this important financial dialogue was a testament to their mission as an optometric driven publication. In response, Miller credited his knowledge and strategies to his time working closely with optometrists who own a private practice and commended those who choose to belong to the American Optometric Association as well as other accredited medical institutions across the country.
While patient care has always been a cornerstone for optometrists, the financial side of running an eye center or an optical center is often an overlooked aspect. This is where Econologics Financial Advisors steps in, offering a well-rounded financial health plan for optometry practice owners. From managing financial resources for optometric practice operations to helping clients plan for new health sciences equipment purchases, they focus on how to ensure financial stability and growth for the owner by helping reorganize practice expenses to better serve the owner on a personal perspective.
Although most optometrists are focused on the rising prevalence of eye diseases like dry eye, macular degeneration, and diabetic retinopathy among patients, Miller stressed the importance of optometrists acting not just as eye doctors but also as trusted health care professionals in order to create a valuable practice. Eric remarked further that a practice owner must create a practice culture that invites the community to advocate the importance of eye-health to become a thought-leader with patients and create a referral environment that promotes business growth on a regular basis.
Optometry Times, a trusted health care news platform, further reinforced its commitment to continuing education on financial matters that concern optometry practice owners during the conversation. With national reach, the platform has begun hosting events like Eyecon, ensuring professionals have the latest insights from trusted peers in the field and experts that help the private practice owner thrive in business. These initiatives are a testament to their reputation as a leader in optometric information publishing both Optometry Times and Ophthalmology Times news platform outlets.
Although typically these publications focus on the importance of regular appointments for eyeglasses and sunglasses fitting, and contact lens exams; essentially the necessity for optometrists to offer personalized vision care, Dr. Benjamin Casella, OD, applauded this discussion with Eric Miller and stressed the importance of aligning personal financial strategies with practice growth for the survival of the independent practice owner in an ever-changing corporate owned business environment.
Miller left the interview with a call to action, urging health care professionals to seek professional financial advice from financial experts who understand the optometric industry and business ownership challenges. He emphasized that a robust personal financial plan that includes the practice as an investment asset in an owners portfolio could help optometry practice owners thrive so they could focus on what matters most – their patients’ vision and eye health. Complimentary tools can be found on the resources page of the Econologics Financial Advisors website.
Readers who wish to follow up on the dialogue and learn more about Econologics Financial Advisors are encouraged to watch the 3-part series interview on the Optometry Times website under the Practice Ownership Media section. As always, Optometry Times will continue to deliver trusted health care news and provide a platform for invaluable community practice connections.
Econologics Financial Advisors, LLC (‘EFA’) is registered with the Securities and Exchange Commission as an investment advisor. (Such registration does not imply a certain level of skill or training.) This communication is not an offer to sell or effect any transaction in securities. Neither EFA nor its affiliates provide legal, tax or accounting advice. Please consult a qualified attorney or accountant.