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This is a very rare opportunity to acquire a health benefit plan (The Plan) which has already been licensed by the California Department of Managed Health Care (DMHC) and has established its own network of contracted providers in place. Any health plan, such as a medical, vision, dental, or chiropractic plan needs a Knox-Keene license to do business in California. Acquiring a Company with a Knox-Keene license, contracted provider network, distribution and a significant membership block already in place would allow a buyer to enter the California vision benefit market immediately with an ongoing turn-key operation. This opportunity will allow the buyer to skip the long, arduous and costly process of filing for and obtaining a new Knox-Keene license from scratch. Obtaining a new Knox-Keene license from the state of California typically requires a team of attorneys consistently working on the application and corresponding with the DMHC over the 2-3 years it takes for final for approval before going to market. All-in costs and affiliated fees for the license and network construction are conservatively estimated be about $1M, per Seller.
Acquiring this Plan bypasses this laborious process, and a buyer would benefit by immediately having a fully operational vision plan network that is automated and cash-flowing on day one! The Plan provides to its members the following benefits: preventative eye care, annual eye examinations, ophthalmic lenses, ophthalmic frames, and contact lenses to correct visual deficiencies. The Plan also has established strategic partnerships that allow it to offer coverage for LASIK Refractive Surgeries (which pays a referral amount back to the Plan) as well as bundled dental benefits to its members. The Plan has a vast network of approximately: 14,000 covered members, 1,500+ referring brokers, and 650 contracted vision providers. This Plan has been an innovator in the California market for over 30 years; it is profitable, growing annually, has a fully automated business structure, staff in place, and audited financials.
This opportunity is perfect for the following types of buyers: 1) out-of-state health plans who want to break into the California market, 2) other California health plans (such as dental, chiropractic) who want to easily assimilate into the vision plan market, 3) insurance companies who could offer current clients a vision benefit plan, 4) optometrists who want to diversify income, 5) a retail optical chain who wishes to expand into full service optometric services, 6) financial buyers with platforms in healthcare services.
Note: buyer must qualify and meet the criteria for Knox-Keene licensing as mandated by the DMHC in order to purchase this Company
This is a leased location with a Total Monthly Rent of $3,550. Lease ends 9/2022 with One 5 year option. Seller is active in the business with 3FT, 1PT, and 1 Independent Contractor. Hours of operation are Mon-Fri 8:30am-5pm. $25,000 in FF&E included in Asking Price. A Knox-Knee License is required.
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