MyEyeDr. was founded in 2001 “as a response to growing patient concern surrounding eye and healthcare complexity and the seeming loss of focus on patient needs,” says CEO Sue Downes in her exclusive interview with Corporate Optometry Today!

“We are a group of independent practitioners, supported and mentored by doctors, brought together by a management group,” explains Downes.

THE MODEL

Q. Explain your business model.

A. “In lieu of typical private-equity models, we have partnered with long-term investors who believe in supporting the management team and our vision for MyEyeDr. and patient care, rather than simply preparing the business for the next transaction. The benefit to the management team is that we are empowered to make decisions based on what we see as best for patients and our associates.”

THE CAPITAL

Q. Is private equity the model of the future?

A. “We believe some form of private equity is the right model for the future; however, it needs to be aligned with the purpose and primacy of patient care. Private-equity capital fills a void for buying large, successful private practices. By aligning with a partner like MyEyeDr., which is backed by a long-term investor, doctors can monetize their practice while staying involved in patient care.”

THE REBRANDING

Q. How do you change an entity over to a MyEyeDr. location?

A. “Co-branding allows us to utilize the former business name as we connect with the patients of that community. Our overall objective is to rebrand the practice as MyEyeDr., but there is not one set formula for doing so.”

THE MIX

Q. What do you look for when buying practices?

A. “We buy all types of practices. The common themes are: a strong clinical reputation; ongoing doctor coverage (i.e., folks who are looking for support running their practice, but not looking to immediately retire from patient care); above-average revenue per location, ideally $1 million or more for a single location; and a location within our existing or planned geographic footprint.”

THE BALANCE

Q. Is there an optimal balance between retaining key employees and bringing in your own team?

A. “Our goal is to partner with practice owners and their teams. While there are certain business-related functions that are best handled centrally, the existing staff at the office level is essential to providing the best in patient care.”

THE SIZE

Q. Where will MyEyeDr. be by the end of 2018?

A. “We will be in 20 states and the District of Columbia [with] more than 400 locations and nearly 700 doctors.”

THE FOCUS

Q. What about plans for working with other specialties?

A. “So far, our team has made the decision to focus on optometry and what we can deliver to the patient care experience, but we have also worked to create strong relationships with ophthalmology in order to provide patients specialized care when they need it.

“We plan to continue our growth by partnering with doctors and practices that share our vision. Sometimes the search for the right partnerships takes us to new places, and we will continue to look for the right opportunities in 2019 and beyond.” COT!