20/20 MONEY

From blank to bank: How a $35 lens becomes a $525 sale by finishing in-house with Dr. Mike Satryan, OD


Listen Later

Welcome to this episode of 20/20 Money. My guest on today's show is Dr. Mike Satryan, OD, a partner with Mountain View Eye in Altoona, PA.

 

Mike is a long-time practice owner who brings over 25 years of experience running an in-house optical lab within their practice. We dive into the substantial cost savings his practice has realized by finishing lenses on-site and how that margin improvement supports a compensation model tied to gross revenue growth. We explore how having an in-house lab not only boosts profitability but also enhances second-pair and annual contact lens supply conversions, thanks in part to a more efficient optical experience. He also shares his buying criteria when evaluating edgers, what ultimately influenced his choice of supplier, and whether the edger is patient-facing or kept behind the scenes. Whether you’re a solo OD or managing a multi-doctor practice, this conversation offers valuable insight into the operational and financial upside of bringing lens finishing in-house.

 

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our monthly “planning life on purpose” newsletter that’s filled with tips and ideas to help you plan your best life, on purpose. You can also set up a Triage conversation to learn a little bit more about how we serve in the capacity of a personal and professional CFO: helping OD practice owners around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions both in and out of their practice to ultimately help them live their best life on purpose. If you’re interested in learning more about the 20/20 Money Financial Success Masterclass, a course & platform that we created to help ODs become “brilliant at the financial basics,” or are interested in learning more about how OD Masterminds creates space for real conversations, real accountability, and real growth, please check out the link in the show notes of this episode to learn more.

 

And with that introduction, I hope you enjoy my conversation with Dr. Mike Satryan, OD.

 

Resources:

20/20 Money Ultimate Financial Success Masterclass

OD Mastermind Interest Form

Edging In-House vs Outsourcing: The Economics, Trade-Offs, and Data An Optometric Practice Needs to Measure with Drs. Jennifer Stewart, OD & Sam Hornberger, OD

Kayla Ashlee — Increasing Optical Revenue

Kayla Ashlee—Tracking Frame Turn

 

Connect with Mike

 

————————————————————————————— 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!

...more
View all episodesView all episodes
Download on the App Store

20/20 MONEYBy Adam Cmejla

  • 4.9
  • 4.9
  • 4.9
  • 4.9
  • 4.9

4.9

78 ratings


More shows like 20/20 MONEY

View all
Your Money, Your Wealth by Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

Your Money, Your Wealth

794 Listeners

Retirement Starts Today by Benjamin Brandt CFP®, RICP®

Retirement Starts Today

517 Listeners

Defocus Media Eyecare and Optometry Podcast Network by Defocus Media Eyecare and Optometry Podcast Network

Defocus Media Eyecare and Optometry Podcast Network

57 Listeners

Power Hour Optometry by The Power Practice

Power Hour Optometry

77 Listeners

Stay Wealthy Retirement Podcast by Taylor Schulte, CFP®

Stay Wealthy Retirement Podcast

668 Listeners

EyeCode Media by Christopher Wolfe, OD, FAAO, Dipl. ABO

EyeCode Media

101 Listeners

Optometry: The Ultimate O.D. by Optometry: The Ultimate O.D. Podcast

Optometry: The Ultimate O.D.

20 Listeners

Practice Advantage by Dr. Justin Manning

Practice Advantage

13 Listeners

Optometric Insights Media by Dr. Dave Kading & Dr. Mile Brujic

Optometric Insights Media

21 Listeners

EYE OWN A BUSINESS by IDOC

EYE OWN A BUSINESS

18 Listeners

The Optometry Money Podcast by Evon Mendrin CFP®, CSLP®

The Optometry Money Podcast

13 Listeners

Cleinman Connect Podcast by Cleinman Performance Partners

Cleinman Connect Podcast

0 Listeners

ODs on Education Podcast by ODs on Education (an ODs on Finance production)

ODs on Education Podcast

13 Listeners

Optometrists Building Empires by Ankit Patel

Optometrists Building Empires

5 Listeners

Your Money Guide on the Side by Tyler Gardner

Your Money Guide on the Side

1,196 Listeners