Listen in as David chats orthopaedic surgeon Dr. Steve Hamilton and practice CEO Andy Blankemeyer as they discuss what they have learned a few years out of a private equity investment into their practice – Beacon Orthopaedics and OrthoAlliance.
After Steve and Andy initially explain their roles at the practice and the growth they have enjoyed in recent years, David discusses this business journey with them, beginning with how they came to consider a private equity partner following initial skepticism.
Steve and Andy then explain the challenges that high growth has presented, as a physician working in the practice and CEO running the practice. They chat with David about the importance of culture fit, flexibility, physician autonomy, the challenges COVID presented and more.
Finally, Steve and Andy impart some lessons learned and give advice to other physicians and practices considering private equity transactions.
What You’ll Learn:
- Steve and Andy’s roles at the practice
- Where the practice was at the beginning of their growth trajectory and where they are now
- Why the physicians were initially negative on a private equity (PE) transaction and what changed their minds
- Their evaluation of 7-8 PE firms before finding the right fit
- Why culture fit between the practice and PE firm is fundamental to long-term success
- The challenges that rapid growth has brought them both as an executive and a clinical physician
- The importance of culture fit in determining new practices and physicians to bring on to the OrthoAlliance platform
- The importance of flexibility on some items – and autonomy on others
- The challenges COVID presented and how their PE partner came through
- Lessons they each have learned now that the deal is 2+ years behind them, and advice they would each give to physicians and executives considering PE deals
Andy Blankemeyer is the CEO of OrthoAlliance, a leading orthopaedic practice management company. Andy also serves as the CEO of Beacon Orthopaedics & Sports Beacon Orthopaedics and Sports Medicine, the founding group of OrthoAlliance in Cincinnati, OH. Prior to becoming the CEO, Andy served in multiple roles including the COO and Director of Operations positions over a 7 year period of time. OrthoAlliance is a nationally leading patient-centered, physician-led management services organization that helps orthopaedic practices grow and thrive in an ever-changing healthcare landscape. Formed in partnership with Beacon Orthopaedics, a world-class center for orthopaedic care and Revelstoke Capital Partners, a Denver-based private equity firm in 2019, OrthoAlliance’s partner practices feature more than 70 physicians across all orthopaedics and sports medicine specialties. OrthoAlliance strives to attract the most talented physicians and staff and deliver the highest quality care in the industry.