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PRIVATE EQUITY INVESTING
In Specialty Physician Practices
August 1, 2019 @ 8:00 am - 5:00 pm
Investors Overcome Barriers
In Acquiring & Building Out
Specialty Physician Practices
Private Equity Investing in Specialty Physician Practices
Regulatory pressures, the shift to value-based care, and the burdens of administrative and reimbursement paperwork have all transformed the healthcare landscape.
Understandably, doctors want to focus on practicing medicine, not on managing piles of paperwork. Private equity firms are happy to oblige. But doctors’ interests are not the only motivating factors.
Other factors leading to consolidation are the fragmentation of the healthcare industry, the demands for regional platforms, and the pressure for high returns.
A major strategy is focusing on economies of scale, but experienced investors use other tactics such as —
- managing regulatory risk — particularly associated with Medicare and Medicaid, and the need to manage multiple contracts with multiple entities.
- equipping physician practice groups to handle improvements while also cutting costs as they move toward value-based care
- staying ahead of improvements in electronic medical records systems and in oversight of claims and reimbursements.
These factors are all contributing to greater investment activity, as well as to a special focus on buy-and-build strategies.
Some of the areas most popular for private equity investors these days are —
- Ophthalmology — KKR recently launched Falcon Vision, a platform devoted to providing financial strength to emerging ophthalmology companies.
- Orthopedic — Last summer Atlantic Street Capital bought OrthoBethesda.
- Dental — Ares Management and Leonard Green & Partners increased their stake in Aspen Dental Management last year, adding to their already whopping 650 practices.
While the economics of investing in specialty physician practices are overwhelmingly attractive, they aren’t without their own risks and challenges, e.g.,
- Some practice areas like surgery are high risk due to their dependence on hospitals and less attractive reimbursement systems.
- Calculating expenses and competitive compensation for doctors.
- Overcoming negative popular perceptions about whether investors’ profit goals mix with healthcare’s mission to deliver care to patients.
Co-Founder & Managing Member
Pouschine Cook Capital Management LLC
Thursday, August 1, 2019
8:00am – 5:00pm
Midtown Manhattan, NY
Register now to gain valuable insights as 20-plus speakers assess the outlook
for specialty physician practices at this Capital Roundtable full-day conference, taking place on Thursday, August 1, in Midtown New York City.
Three Key Reasons Why You Should Join Us
- Understand how you can overcome financing and regulatory hurdles related to specialty physician practice transactions.
- Hear how you can use Big Data to streamline expenses and maximize back office efficiencies.
- Learn how you can devise creative strategies to recession-proof your investments.
- What specific physician practice areas are most attractive?
- What is the range of deal multiples in the market?
- Which practices are most fragmented and which ones are the least?
- What benefits come from partnering with strategic investors?
- What best practices are learned from GPs managing specialty physician practices?
- How do you incentivize doctors?
- Should doctors be shareholders?
- How can you improve revenue-cycle management systems?
- What new government regulations could affect the sector in the near future?
- How do you best negotiate contracts and reimbursements?
- What exit strategies are best?
- Ares Management invested $1.45 billion in DuPage Medical Group, a multi-specialty physician group.
- Waud Capital Partners invested in Minnesota Eye Consultants.
- KKR bought 58% of Heartland Dental in 2018 from Ontario Teachers’ Pension Plan.
- KKR purchased Envision Healthcare, a Nashville-based physician services provider.
- HIG sold its stake in Surgery Partners to Bain Capital Private Equity.
- Pouschine Cook sold Golden State Dermatology to Sorenson Capital.
- Omni Ophthalmic Management Consultants, a portfolio company of NMS Capital, acquired Ludwick Eye Center, a provider of medical-surgical eye care services in Pennsylvania and Maryland.
- Gastro Health, an Audax Group Private Equity portfolio company specializing in owning and operating gastroenterology practices and ambulatory surgical centers acquired Central Florida Gastroenterology, a private practice in Orlando, and Southeast Gastro, its first out-of-state acquisition.
- Frazier Healthcare Partners acquired Atlanta Gastroenterology Associates
In 1997 John Pouschine co-founded Pouschine Cook, a private equity firm that invests in lower to middle-market companies ranging from $20 million to $250 million in revenue. Before that he was a senior vice president and director at Electra Inc. where he focused on leading expansion financings, recapitalizations, and acquisitions.
John had been a vice president at Bradford Ventures Ltd., where in addition to doing buyouts, he played a leading operating role turning around two portfolio companies. Previously he’d been an investment banker at Prudential Securities and a commercial banker at J. P. Morgan. John was graduated from Princeton University and from the Harvard Business School.
This Capital Roundtable conference in midtown, New York City, is all-business, all-targeted, all-designed to be a completely focused day of practical information and revealing insights about specialty physician practices. You’ll gain valuable insights from —
- Three informative panel discussions
- Two revealing keynote presentations
- Real-world perspectives from company investors
- Industry outlooks from noted sector experts
- War stories and lessons learned from experienced hands
- John L. Pouschine, Co-Founder & Managing Member, Pouschine Cook Capital Management LLC
- Burt Alimansky, Chairman & CEO, The Capital Roundtable
- Murtaza Ali, Senior Operating Partner, BlueMountain Capital Management LLC
- Marc D. Aronstein, Operating Partner, MidOcean Partners LLP
- Melanie D. Brensinger, Managing Partner, Anagenesis Capital Partners LLC
- Marc A. Cabrera, Managing Director & Head–Healthcare, Oppenheimer & Co. Inc.
- Bryan J. Carey, Advisor & Executive in Residence, Health Catalyst Capital Management LLC
- Daniel H. Davidson, Managing Director, Coker Capital Advisors
- Duane J. Fitch, Partner, Plante Moran
- Shawn Garber, Director, New York Bariatric Group
- Daniel J. Hosler, Managing Partner & Founder, Duneglass Capital
- Angela Humphreys, Chair, Bass Berry & Sims PLC
- Michael M. Jablon, Principal, Varsity Healthcare Partners
- Kenneth J. Karpay, Managing Director, Oaklins DeSilva & Phillips LLC
- Michael Patton, Managing Director, Provident Healthcare Partners
- Brian Rath, Partner, Lorient Capital
- Nathan L. Ray, Senior Manager–Healthcare & Life Sciences, West Monroe Partners LLC
- Todd Rudsenske, Managing Director, Cain Brothers / KeyBanc Capital Markets
- Kenneth W. Saffold, Director–U.S. Private Capital Group., BlackRock Inc.
- Alex Sauter, Principal, MHT Partners LP
- Michael Thompson, President & CEO, National Alliance of Healthcare Purchaser Coalitions
- Vance Vanier, Founder & Managing Partner, Chicago Pacific Founders
- Peter Zimmerman, Principal, ShoreView
7:30am – 8:30am
Networking & Registration & Breakfast
8:30am – 9:00am
Welcoming Remarks & Audience Self-Introductions
9:00am – 9:30am
Conference Chair’s Introduction —
- John Pouschine, Pouschine Cook Capital Management
9:30am – 10:30am
First Panel —
Finding Gems in a Fragmented Sector —
Which Practices Make Attractive Investments?
10:30am – 11:15am
Networking & Coffee
11:15am – 12:00pm
Morning Conversation —
Zooming In on Due Diligence —
Staying Abreast of Regulations & New Technologies
12:00pm – 12:30pm
Morning Keynote —
- Shawn Garber, New York Bariatric Group
12:30pm – 1:30pm
Networking & Luncheon
1:30pm – 2:30pm
Second Panel —
Managing Specialty Physician Practices —
Transitioning from Fee-for-Service to Fee-for-Value
2:30pm – 2:45pm
Networking & Dessert
2:45pm – 3:30pm
Afternoon Conversation —
Best Practices for Growing Specialty Physician Businesses —
From Negotiating Contracts to Managing Revenue Cycles
3:30pm – 4:30pm
Third Panel —
Attracting & Retaining Doctors —
How to Incentivize Practitioners
Networking & Adjournment
Space at this conference is limited, so register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Chris Agar today to confirm your attendance at 212-832-7300 ext. 0 or firstname.lastname@example.org.
Please note that Capital Roundtable limits the number of registrants from a single firm to three.
Best Rate – Early Registration
Save $300 off the standard fee of $1,495 when you register by Friday, June 14. Just $1,195.
Save $200 of the standard fee! Register by Friday, July 5, and the fee for the conference is $1,295.
$1,495 increasing to $1,595 day of conference, space permitting.
$1095 each until Friday, July 5, when you register two or more people to attend from the same company. This rate increases to $1295 each after Friday, July 5.
You can pay by credit card (using the links above or below) or by check. Mail your check and business card to: New York Business Roundtable Inc., 747 Third Avenue, Suite 200, New York, NY 10017.
Can’t attend but want to hear the program? You can buy the audio package along with the handounts.
This event is sponsored by:
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