In an effort to add a new ownership model to the evolving eyecare marketplace, Rev360 is launching an “alternative model” and practice partnership service for ECPs to consider as they weigh the benefits of remaining as an independent versus combining their practice with a larger group under new ownership.
The initiative was announced to RevolutionEHR’s customer base earlier this week. Rev360 is approaching 6,000 optometrists in the Rev360/RevolutionEHR user base, according to company executives.
RevAdvance LLC, which will operate as a separate company under the Rev360 corporate umbrella, is designed to be “an innovative partnership that will sustain the practice beyond [the ODs’ career] while also honoring and preserving your legacy in the community,” according to a Rev360 briefing report.
Rev360 is an eyecare software and business services company that delivers the RevolutionEHR software platform and additional services to RevolutionEHR users.
The core model of RevAdvance is designed around “an extended partnership,” a Rev360 briefing report noted. RevAdvance seeks to invest in practices by initially purchasing between 60 percent and 80 percent of the practice, while the doctor (or practice owners) retains the remainder of the ownership.
“The doctor stays fully engaged for a defined term, assisting RevAdvance in optimizing and growing the business, and providing continued leadership in patient care,” the briefing paper said. “The end goal is to bring in associate doctors (or outside doctors, if needed) to transition the remaining owner equity to the next generation of leaders. Thus sustaining a vibrant, healthy practice in the community for years to come.”
Click HERE to read more about this new Rev360 business venture.