I make up a new supply every time that I need to use it and discard at the end of the session. One of the great things about iodophor is that it's cheap enough to do so, especially if you buy it by the gallon -- which will last a very long time, and AFAIK it does not degrade in concentrated form.
BTF label says to use a test kit to verify ppm (I'm sure their lawyers made them put that part in,) and immediately thereafter states, "As long as solution is amber color, there is sufficient iodine present to sanitize. Make new solution daily or when color fades."