Annelies Calnan is the Director of Practice Transitions at Cleinman Performance Partners, a consulting firm that specializes in supporting optometry practices with business growth, ownership transitions, and strategic decision-making. As a CPA with over eight years of experience in healthcare transactions — primarily within optometry — Annelies guides clients through financial analysis, valuations, and deal negotiations, helping practice owners confidently navigate milestones from hiring associates to executing complex exits.

In this episode…

Some practices seem profitable on the surface, yet struggle when it comes to producing cash flow. Deciphering the numbers that grow profitability in your practice can feel overwhelming at first — so how should you begin?

The first step, according to Annelies Calnan, a CPA with extensive experience in healthcare transactions, is to look beyond gross revenue. She explains that EBITDA — earnings before interest, taxes, depreciation, and amortization — shows the operational profit a practice generates if a third party were running it. By removing owner-specific expenses and one-time costs, this metric reveals the true efficiency and financial health of a practice, helping owners make smarter, more informed decisions.

In this episode of the Cleinman Connect Podcast, Kim Carson is joined by Annelies Calnan, Director of Practice Transitions at Cleinman Performance Partners, to discuss decoding practice profitability. Annelies explores how EBITDA offers a clearer picture than revenue alone, why balance sheets matter, and common financial blind spots. She also shares tips on preparing to understand your own numbers and confidently manage your practice’s growth.