The Centre for Ocular Research & Education (CORE) and Myopia Profile announced an alliance designed to expand both organizations’ services and reach. This unique venture brings together two groups both at the forefront of research and education in their respective fields. The affiliation will grow CORE’s already extensive clinical research capabilities, adding expertise in specialty lenses, gas permeable, orthokeratology and scleral contact lenses, provide Myopia Profile with priority access to a world-leading clinical research site, and further extend the professional and patient education capabilities for which each team is internationally known, including the areas of myopia management.
The heads of CORE and Myopia Profile—Dr. Lyndon Jones and Drs. Paul and Kate Gifford, respectively—have a multi-decade professional relationship dating back to the mid 1990s. They have often collaborated on projects, lectures and other initiatives designed to advance ocular health and science.
“Our new alliance is a natural extension of our
respect for one another. We have long been aware of synergies in our work,
along with areas where we can each extend the capabilities of the other,” said
Dr. Jones.
“We share many points of view with CORE—clinically
and personally—making this partnership a natural evolution of our relationship.
Paul and I are delighted to be able to work more closely with the wider team at
CORE,” said Dr. Kate Gifford.
CORE and Myopia Profile will maintain their
individual identities, facilities and staffing while pursuing projects
together.
Click HERE for the full press release and more news from CORE.
In
the October-November issue of Optik Magazine, contributor Jean-François
Venne presents Quebec optician and designer Marie-Sophie Dion, who has created an
original formula to quench her customers’ thirst for unique
frames: The Eyewear Bar.
The difference is
obvious as soon as you enter the Eyewear Bar. Rather than a series of displays,
there is a sleek space in the centre of which stands a “bar.” Once set up, an
optician will propose certain models according to a customer’s tastes and facial
features.
This approach has
been in place since the creation of her first boutique in Sherbrooke in 1992.
Customers came by appointment and Ms. Dion herself offered them models, which
at the time were on display racks. When she moved to a larger location in 1999,
she opted for the current central bar layout. There is now an Eyewear Bar in
Sherbrooke, Montreal, Saint-Lambert and Laval.
Since 2015, Ms. Dion
has been creating her own collection, made in Quebec. Her acetate products have
smaller bridges than European frames, which correspond to the generally thinner
nose found in Quebec.
FYidoctors announces
the addition of five Family Vision clinics in the Halifax Regional Municipality
(HRM).
For over 50 years, Family Vision has served the communities of
Halifax, Dartmouth, and the surrounding areas, making it one of the HRM’s
oldest, and largest full-service optometry clinics in the
province. Included in their team of optometry professionals is Dr. Stephanie
Blackmore, Dr. Miriam Debly, Dr. Marni Denman, Dr. Michael Oulahen, Dr. Sarah
Farrag, Dr. Jody Killoran, Dr. Rhett MacDonald, and Dr. Jenna Snow, all of whom
bring to Family Vision’s clinics a collective variety of skills and experience
in the optometry field. Their current offerings include eye exams,
glasses, contact lens fittings, laser refractive surgery, post-op care and
emergency eye care.
“Over the years, myself, along with Dr. Debly and our
dedicated team of optometrists and staff have watched Family Vision grow into
one of the region’s most trusted chain of optometric clinics in the province,”
said Dr. Michael Oulahen. “We have always strived to provide professional
services for all of our patients eye care needs and look forward to the additional
benefits provided through a partnership with FYidoctors.”
The
addition of Family Vision’s five clinics brings the total of number of
FYidoctors’ locations in the province of Nova Scotia to 13.
The following case study was one of the first optometry acquisitions in Ontario made by IRIS, and the experience of Dr. Christa Beverly gives some insight into the acquisition and partnering process for independent eye care professionals.
Dr. Beverly bought her Barrie, ON practice after the former owner suffered health issues that forced her to stop working. Subsequently, a new business partner purchased half the practice, and together, they moved to successively larger offices establishing themselves as a progressive practice with happy staff and satisfied patients.
A Few Twists and Turns The IRIS business model was on their minds and after talks with Dr. Francis Jean (the late founder of IRIS), the practice ultimately partnered with IRIS.
The agreement came after a a long and difficult negotiation process, and initially included a plan for two new startup practices.
The original arrangement proposed would have resulted in IRIS owning 50% of the practice, and Dr. Beverly and her partner with 25% each. After some family issues forced her partner to relocate, IRIS bought his part of the practice, and recalibrated ownership to a 50/50 position with Dr. Beverly.
With significant emotional investment on the part of both parties, negotiations were tough. At the time, IRIS had less flexible rules around their business model; in particular, there was an expectation that their doctors work five days a week, which didn’t suit Dr. Beverly: “I didn’t want someone telling me that I couldn’t take Wednesday afternoon off, or if I had to work late nights.”
She was able to negotiate with IRIS to retain her existing work-life balance, describing them as “special considerations” that she and the company ironed out.
IRIS has since become much more flexible around work-life balance in general. As the current VP of Business Development for IRIS, Dr. Daryan Angle describes it, “The lifestyles of our optometrists and partners are very important to us. Schedules are based on open discussion and consideration of what is best for the practice, business and partner. In the early days, on-boarding new practices and staff did prove to be difficult before IRIS had developed a comprehensive strategy and dedicated team.”
Hard Lessons Learned There were a few more difficulties as well: Dr. Beverly partnered with IRIS on two other new locations, which struggled to succeed.
After their failure to launch successful new locations, IRIS bought them back from Beverly. While she didn’t have the lucrative new business she expected to have, she was saved from losing money on them.
Challenges with On-boarding The acquisition was also an adjustment for staff, with new checks and balances contributing to turnover.
Dr. Beverly described the process as a “bit of a free fall,” with management assistance from IRIS in the early days being less robust than it is now: “I know that the systems are in place now so it’s a lot different, there’s actually people to onboard stores and to be there and to help.”
Barrie, ON IRIS Team – Ready to Reopen
In addition, the IRIS business model offered glasses at a high price point at the time, which was an issue with some customers used to seeing less expensive options.
IRIS has since shifted to offer more value options after it was acquired by New Look Vision Group Inc.
IRIS Partnership Offers Exit Options Ultimately, Dr. Beverly feels that the sale was the right decision for her business.
Even though it was hard for her to let the management side of her practice go, she acknowledges there’s an upside to handing over the administrative tasks: “I don’t have to do anything except be a doctor.”
Another upside for her was that the acquisition means she’ll always have an exit strategy ready if she decides to sell. As a partner, she also could continue to collect dividends as a retirement strategy as an alternative to selling her share of the practice, once she found someone to replace her.
For practitioners who don’t like handling the management side of their practices or those that need a little more time in their day, she says it’s a great solution: “as a way to sell a good practice to a company that’s going to keep your practice amazing and make your patients happy, and respect your patients and look after them and make sure they have a great standard of care, then it just makes you feel like you are sort of leaving it or selling it to somebody who’s like you.”
Any Regrets? It wasn’t an easy process, but for Dr. Beverly the experience was worthwhile: “I think they’ve learned from the things that went wrong in our acquisition. I think for other people, it’s the control freak doctors like myself that will have the biggest struggle with this. But … that’s not why they wanted to be an optometrist—they wanted to be an optometrist to look at people’s eyes and have no business portion. And to work in IRIS and be able to do that, I mean, they’ll be as happy as they could be. It’s a perfect scenario.”
Dr. Beverly continues to work, on average, less than 3 days per week at the Barrie, Ontario location, and has a 50% stake in the IRIS practice.
IRIS the Visual Group provided Eye Care Business Canada with unconditional access to four Eye Care Practitioners who completed agreements with the group. Each partner story provides an insider’s view to the the acquisition; challenges faced, obstacles overcome and the final results.
Wayvard (CD1052) stems from CODE’s latest collection designed in Montreal and inspired by the Old Strathcona neighborhood of Edmonton, Alberta.
This vintage double-bridge frame, made of Italian Mazzucchelli acetate, is reminiscent of the iconic Gateway Boulevard sign. Available in three colours: black, black and yellow and gradient grey.
CAO launches a national awareness campaign highlighting the importance of regular eye exams for children and the rising prevalence of early onset myopia.
Discover how prioritizing pediatric eye care drives generational practice growth and builds lasting patient loyalty. Expert practice-building insights by Dr. Diana M. Monea.
Dr. Brianna Rhue joins Eye on the Industry for a lively discussion about AI, practice technology, patient experience, leadership and the business of optometry.
CAO launches a national awareness campaign highlighting the importance of regular eye exams for children and the rising prevalence of early onset myopia.
Discover how prioritizing pediatric eye care drives generational practice growth and builds lasting patient loyalty. Expert practice-building insights by Dr. Diana M. Monea.
Dr. Brianna Rhue joins Eye on the Industry for a lively discussion about AI, practice technology, patient experience, leadership and the business of optometry.
CAO launches a national awareness campaign highlighting the importance of regular eye exams for children and the rising prevalence of early onset myopia.
Discover how prioritizing pediatric eye care drives generational practice growth and builds lasting patient loyalty. Expert practice-building insights by Dr. Diana M. Monea.
Dr. Brianna Rhue joins Eye on the Industry for a lively discussion about AI, practice technology, patient experience, leadership and the business of optometry.
CAO launches a national awareness campaign highlighting the importance of regular eye exams for children and the rising prevalence of early onset myopia.
Discover how prioritizing pediatric eye care drives generational practice growth and builds lasting patient loyalty. Expert practice-building insights by Dr. Diana M. Monea.
Dr. Brianna Rhue joins Eye on the Industry for a lively discussion about AI, practice technology, patient experience, leadership and the business of optometry.
