Ophthalmic Consultants of Boston, Boston, Massachusetts.
Associated Retinal Consultants, Royal Oak, Michigan, USA.
Curr Opin Ophthalmol. 2022 Sep 1;33(5):362-367. doi: 10.1097/ICU.0000000000000879. Epub 2022 Jul 12.
To review how private equity entities generate profit for investors and ophthalmologists.
There is a preponderance of private equity acquisitions and consolidation in ophthalmology. These private equity entities generate revenue by growth, profit improvement, and efficient use of capital structure. Physician partners sell their revenue and assets to a private equity entity while retaining a percentage of future profit. In general, a greater percentage going forward, will result in a smaller initial buyout. Partners typically receive payment in the form of cash and stock in the private equity entity, aligning incentives of both parties to grow and succeed. Junior associates and future partners typically do not benefit from the cash buyout but might have opportunity to buy shares in the private equity entity.
The ophthalmology job market has changed significantly with the rise in private equity. Private equity investors profit from organic growth, economies of scale, and future revenue of ophthalmology practices. Ophthalmology partners benefit from often sizeable buyouts and potentially profitable shares in the private equity entity. Junior and future ophthalmologist may be less likely to succeed financially compared with their contemporaries. Some private equity entities will thrive and other may fail, particularly if they are unable to attract talented new ophthalmologists.
回顾私人股本实体如何为投资者和眼科医生创造利润。
眼科领域的私人股本收购和整合占据主导地位。这些私人股本实体通过增长、利润改善和有效利用资本结构来创造收入。医生合伙人将他们的收入和资产出售给私人股本实体，同时保留未来利润的一定比例。一般来说，未来的比例越大，初始收购的规模就越小。合伙人通常以现金和私人股本实体的股票形式获得报酬，这使双方的利益保持一致，即共同成长和成功。初级合伙人及未来的合伙人通常无法从现金收购中受益，但可能有机会购买私人股本实体的股票。
随着私人股本的兴起，眼科领域的就业市场发生了重大变化。私人股本投资者从眼科业务的有机增长、规模经济和未来收入中获利。眼科合伙人从通常规模较大的收购以及私人股本实体中潜在的盈利股票中受益。与同时代的人相比，初级和未来的眼科医生在经济上可能不太成功。一些私人股本实体将蓬勃发展，而另一些可能会失败，特别是如果它们无法吸引有才华的新眼科医生的话。
