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Water St. Eyecare Joins the FYidoctors Family

FYidoctors announces that Water Street Eyecare, located in Cambridge, Ontario has recently joined the FYidoctors family.

This acquisition adds to FYidoctors growing presence in Ontario. Equipped with a range of diagnostic technology, a wide selection of designer and exclusive label frames and internal freeform lens designs, this location demonstrates FYidoctors’ continued commitment to the southwestern Ontario region.

“Drs. Michael Hall, Jason Ritchie, Ted Smith and Jordan Hall from Water Street Eyecare in Cambridge, Ontario are the latest large group practice to join FYidoctors. They have been providing service to patients for over 32 years, and it continues to humble me when proven optometric leaders want to join our team,” Dr. Alan Ulsifer, Chairman & CEO of FYidoctors, stated.

Like all FYidoctors locations, the new Cambridge location will offer detailed pre-testing, comprehensive eye exams, a menu of current lens technology and custom fittings with our electronic measurement devices.

Dr. Ted Smith stated, “We’re tremendously excited to take the next step in growing our practice by joining the FYidoctors family. We wanted to join a team that understood the importance of optometrist-led care and shared our values. FYidoctors has proven its commitment to investing in the latest technology and innovation to deliver the best patient care, and we look forward to building our practice and serving our community with the FYidoctors team.”

Dr. Ulsifer also added that the new addition will expand FYidoctors’ brand in key markets: “We continue to grow in southern Ontario and this bodes well for improving our brand awareness and utilizing our marketing team to maximize the telling of our story of patient-focused care to more and more people. This addition of Water Street Eyecare is good news for both our Optometrists and our patients.”

Source: FYidoctors

American Academy of Optometry Announces Barbara Caffery as President

AAO American Academy of Optometry logo

The American Academy of Optometry announces Barbara Caffery, OD, PhD, FAAO, as the incoming President. Dr. Caffery was inducted during the Academy’s annual meeting in San Antonio, Texas on November 10, 2018. She is the first Canadian woman to serve as president.

“The American Aacdemy of Optometry is an inspiration to each of its members. Here, dedicated practitioners and vision scientists participate by teaching, mentoring and collaborating, to promote the best evidence-based eye care and to disseminate vital vision science,” said Dr. Caffery.

Dr. Barbara Caffery is a Toronto optometrist who has worked in a group practice since her 1977 graduation from the New England College of Optometry. She is also a member of the University Health Network Multidisciplinary Sjögren’s Syndrome Clinic and the Kensington Vision and Research Centre’s Therapeutic Contact Lens Clinic. She is a Diplomate of the Section on Cornea, Contact Lenses & Refractive Technologies of the Academy.

Dr. Caffery has served on the American Academy of Optometry board since 2007, most recently serving as Secretary-Treasurer (2014-2016) and President-Elect (2016-2018). She was instrumental in the formation of the Fellows Doing Research Special Interest Group designed to train and encourage the performance of clinical research by Fellows of the Academy.

Click HERE for the full press release.

Hoya Profits and Revenue Increased in Q2 2018

Hoya announced their financial results for the second quarter, ending Sept. 30, 2018.

Hoya’s announced revenue increased to 142,000 million yen, a 4.6 percent year over year increase. Profit before tax was 38,400 million yen, a 16.8 percent increase.

A strong performance in the Americas drove growth in eyeglass sales. Overall, the life care segment grew 4.6 percent thanks in part to the acquisition of Performance Optics.

“Profit margin of the Life Care segment reached 21% this quarter achieving the annual margin target of 20%,” said Hiroshi Suzuki, chief executive officer of HOYA. “We aim to stabilize this level while investing into growth opportunities.”

Hoya credits new store openings of Eyecity, a Japanese specialty contact lens retailer operated by Hoya with now over 250 locations, with increasing their performance in contact lens sales.

View the complete press release HERE.

OWP Men: Stylish Masculinity

Style 7506’s accentuated angular rim lends the classic acetate panto its stylish and avant-garde flair. Ultra-thin HD acetate is showcased in timeless tones such as smoky blue-horn or brushed Havana gray, as well as in fashionable takes on colours such as crystal gray.

OWP men’s styles concentrate on quality materials, technical sophistication and maximum comfort. They are perfect for even the most demanding spectacle wearer, someone who also looks for top quality products when choosing their glasses.

Distributed by Lanctôt: www.rlanctot.com

BMO and ROI Team Up to Guide Practice Buyers and Sellers

If you have not been through a practice sale, the process may be unclear and even intimidating.  Big Five bank BMO and health care practice brokers and appraisers ROI Corporation have teamed up for a series of dinner meetings in Ontario to help prospective practice buyers and sellers understand the intricacies of the process. The first of these meetings was held November 7 in Kitchener, Ontario.

ROI representative, Lance Edwards, a former practice owner from Haliburton Ontario, launched the session by sharing the process he went through to market and sell his practice in collaboration with ROI. He was so impressed with the company’s process that, following the close of the sale, he joined the firm as eye care business development manager and now focuses on helping prospective buyers and sellers.

Alexis Sweetnam of ROI demystified the selling process by guiding attendees step-wise through the selling/buying process while underlining the value that a professional brokerage brings to the table.

Additionally, attendees were able to view a comprehensive 96-page appraisal document. Price for a practice appraisal is about $5,000 and $1,500 for a “refresh” if needed 12-18 months later. According to Sweetnam, while Optometry is lagging behind Dentistry in terms of utilizing brokerage services, there is a growing trend and acceptance in optometry that transactions require a more comprehensive professional approach using an experienced health care brokerage service as well as qualified accounting and specialized banking experts.

BMO Director, Business Development Healthcare, Christopher Crofoot and Relationship Manager, Brad Altenhoff outlined the bank’s perspective on financing the practice purchase, shared financials of a “typical” solo optometric practice, and explained what the bank looks for in the financial statements of a practice in order to approve a loan and service the debt load.

Both ROI and BMO stressed the importance of lining up professional advisers well in advance, and urged participants to reach out at a very early stage in their considerations. The K-W webinar was held November 7. Upcoming webinars will be held as follows:

• East Toronto: Wed. Nov. 14 @ Toronto Delta East Hotel
• Mississauga: Wed. Nov. 21 @ Mississauga ROI office Streetsville

Meetings are from 6 PM to 8:30 PM. Light fare is served

If you are interested in attending, RSVP to: sales@roicorp.com or
call (905) 278-4145 Ext. 226

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