Our core business involves helping non-profit organizations succeed. One of the measurements is financial success, and to this end, we’ve helped clients generate financial resources in a variety of ways over the years that have enabled them to add value and services to their members.
Over the last three years, we’ve had the opportunity to work with one our clients, the Nebraska Optometric Association (NOA), on a new venture that involves launching a for-profit subsidiary. It’s been an exciting and challenging project.
This new company, EyeAssure, LLC is a wholly-owned subsidiary of NOA. EyeAssure is a messenger-model Independent Physician Association (IPA).
M&A played a lead role in a year-long feasibility study conducted by NOA in 2015, coordinating involvement of association volunteers, legal counsel, and other outside resources as we researched and explored the opportunities, legal requirements and operational needs of an IPA. At the end of the year, the NOA Board authorized creation of the new entity and EyeAssure was incorporated and officially began operations in early 2016.
M&A serves as the corporate headquarters for EyeAssure and provides management and administration staff for the IPA in addition to our work for the association. We enrolled 119 association members – about 45% of the NOA membership – as Charter Members of EyeAssure during the first six months. A new website was created for EyeAssure, along with a provider agreement and a provider manual for the doctors who participate and there has been extensive time and effort spent on implementing the original business plan and now revising plans and strategies as we better understand the opportunities and marketplace.
The new venture has involved a substantial commitment of resources on the part of NOA and M&A. But, EyeAssure has already paid back the money loaned by NOA for startup capital. It’s been an exciting and educational experience to date for both the NOA and for M&A.