Spectrum Vision Partners’ OCLI Signs Letter of Intent to Affiliate with The Mackool Eye Institute and New York Eye Surgery CenterDecember 21, 2018
The Mackool Eye Institute and Laser Center and affiliated entities, Astoria, NY and New York Eye Surgery Center and affiliated entities, Bronx, NY, are pleased to announce that they have executed Letters of Intent to affiliate with Ophthalmic Consultants of Long Island (OCLI) and the related Spectrum Vision Partners (SVP), a leading ophthalmic management service organization for OCLI, Island Eye Surgicenter, Ophthalmic Consultants of Connecticut and New Vision Cataract Center.
Post-closing, these will represent the ninth and tenth affiliations by a Spectrum Vision Partners’ managed practice since November 2017, when Spectrum Vision Partners announced its strategic relationship with the growth-oriented private equity firm Blue Sea Capital. 14 locations, including 3 ambulatory surgery centers, will have been added across the 10 affiliations, expanding the leading network of nationally renowned, multi-specialty ophthalmologists and optometrists in the Tri-State region.
Dr. Richard Mackool stated, “there are significant financial and practice benefits from a partnership with a leading organization such as OCLI and SVP, but our vision is to accomplish more. Our member physicians will have immediate access to world-class ongoing internal surgical and skills update programs, and I know we can do this extremely well. We have a great deal of teaching skill and experience in our practices, and we are very serious about this.”
Dr. Jerome Levy, long-term past president and now President Emeritus of the Outpatient Ophthalmic Surgery Society (OOSS), an organization dedicated to ophthalmic ASCs nationwide, stated, “We look forward to working with our colleagues from both OCLI and The Mackool Eye Institute to continue delivering exceptional patient care. The economies of scale of multiple leading ASCs and many affiliated practices in the NY metropolitan area will allow our surgeons to expand their ability to examine and treat patients, and to care for those requiring surgery in our very efficient ASCs.”
“SVP is extremely pleased to be assisting OCLI with its continued growth as these prestigious practices join to expand their partnership of eye care doctors and surgeons in the New York metropolitan area.” Tom Burke, CEO of SVP stated. “We are particularly pleased to collaborate with Dr. Richard Mackool and Dr. Jerome Levy, whom we have known and respected for more than thirty years. They are both innovative thought leaders, whose significant personal and clinical dedication to the advancement of eye care and eye care leadership is renowned. Our team is honored to have been chosen as the management services organization who will lend guidance and support to these state-of-the-art practices and their Ambulatory Surgery Centers.”
“The doctors and respective teams at these practices deserve recognition for all they have done to uphold the high standards of their profession. They are truly at the forefront of ophthalmology, and have led the way with significant efforts to improve their patients’ eye health, first and foremost. Again, we are very proud to call them partners and to be at their service.”
Dr. Eric Donnenfeld, past president of the American Society of Cataract and Refractive Surgery, stated, “The addition of two legendary giants in the field of ophthalmology, Drs. Richard Mackool and Jerome Levy, greatly enhances the dedication of our practice to superb patient care, innovation and extraordinary surgeons.”
The Bloom Organization (“Bloom”) served as an advisor to both New York Eye and The Mackool Eye Institute. Bloom negotiated terms of the letter of intent and assisted with sell-side diligence on OCLI and Spectrum Vision Partners. In addition to advising ophthalmologists across the United States, Bloom is advising physicians and executives in all lines of healthcare services. “Dr. Dick Mackool and Dr. Jerome Levy are national leaders in the ophthalmology space and well respected amongst their peers. We believe they bring tremendous value to their new partners at OCLI,” said Brian Liberty, Senior Vice President at The Bloom Organization.
About The Mackool Eye Institute
The Mackool Eye Institute was established in 1983 by Dr. Richard Mackool, with the purpose of providing eye surgery and laser treatment with minimal patient recovery times. Dr. Mackool’s practice was founded in 1973, and is located in Astoria, NY. Dr. Richard Mackool and Dr. RJ Mackool have patented processes and instrumentation, pioneering innovation in Ophthalmology around the world.
About New York Eye Surgery Center
New York Eye Surgery Center was founded in 1983 with the purpose of providing eye surgery and laser treatment in an outpatient setting. The affiliates consist of an anesthesia practice and a prodigious ophthalmology practice founded in 1972. New York Eye Surgery Center is long considered a leading institution in the Bronx, NY and has been recognized by numerous dignitaries, societies and neighborhood associations for its contribution to the community throughout its 40+ year tenure.
About Ophthalmic Consultants of Long Island
Founded in 1997, Ophthalmic Consultants of Long Island (www.ocli.net) is one of the leading ophthalmology practices in the United States. OCLI includes 19 state-of-the-art medical facilities across Manhattan, Nassau and Suffolk counties, housing the most advanced technology available, to offer patients a variety of ophthalmic services and treatments. OCLI is led by 43 highly skilled eye surgeons in each major sub-specialty of eye care, providing comprehensive eye care services, including treatment for cataracts, corneal disease, refractive surgery, glaucoma, oculoplastics, retinal disease and neuro ophthalmology. OCLI also employs seven Doctors of Optometry, three Physician Assistants and one NYS Licensed Aesthetician.
About Spectrum Vision Partners
Spectrum Vision Partners (www.spectrumvisionpartners.com) is a leading management services organization, serving the ophthalmology sector. Spectrum Vision Partners has over 700 employees, providing world-class practice management solutions to a network of nationally renowned, multi-specialty ophthalmologists in the New York, New Jersey, Connecticut Tri-State region. The Spectrum platform in New York and Connecticut consists of 23 clinic locations, two State Licensed Ambulatory Surgery Centers and over 50 surgeons, doctors and other medical professionals. Spectrum Vision Partners provides a comprehensive set of business support functions, including billing and collections, credential services, marketing, physician recruitment, ASC development, financial and accounting services, benefits and payroll management and information technology.
Blue Sea Capital (www.blueseacapital.com) is a private equity firm based in West Palm Beach, Florida, that invests in growth-oriented lower middle market companies with EBITDA of up to $30 million. The firm has over $1.3 billion in committed capital and invests across three industry verticals: aerospace & defense, healthcare and industrial growth. Blue Sea Capital’s strategy is to partner with talented leaders and differentiated companies, typically as the first or second institutional investor, and deliver strategic and operational value-add that drives growth acceleration, industry outperformance and business transformation.