How will the economy shape your practice in the next five years? In this live-recorded episode of Power Hour, host Eugene Shatsman and industry expert Dr. Jason Lake break down the economic trends and cost management strategies that will define the future of optometry. Recorded after attending a series of impactful industry lectures on economic forecasts, tariffs, and inflation, this episode brings you real-time insights tailored for optometry professionals. 

The first half of this episode focuses on the economic forecast for the next five years, breaking down insights from multi-million-dollar studies to help you prepare for what’s ahead. Eugene and Jason discuss when the next recession is likely to hit and how practices can adapt to minimize disruption. They explore how inflation, which reached record highs in recent years, continues to impact profitability, pricing strategies, and consumer behavior. With upcoming legislation poised to affect tariffs and supply chains, you’ll gain clarity on how these changes could ripple through the optometry industry and what they mean for your practice in both the short and long term. These insights highlight the need for proactive strategies to stay resilient during economic shifts. 

The second half of the episode dives deep into one of the most critical metrics for any practice: cost of goods. Jason explains how small improvements in managing cost of goods can yield significant results for your bottom line, especially in an industry where cost of goods often accounts for up to 30% of revenue. He highlights common mistakes practices make, such as failing to track and analyze spending patterns, and provides actionable strategies to optimize this key metric. For example, reducing cost of goods by just 5% could unlock thousands in additional profit annually. Jason also debunks misconceptions around cost of goods, explaining how practices can maintain quality while cutting costs, even in the face of challenges like tariffs and supply chain disruptions. 

This episode goes both wide and deep, offering a comprehensive look at the economic trends and operational strategies that matter most for optometry practices. Whether you’re concerned about inflation, upcoming legislation, or managing your cost of goods, this episode delivers the insights you need to navigate uncertainty and seize opportunities for growth.