Seller Insights with Dr. Elizabeth Smith

Elizabeth Smith, M.D., reflects on exploring partnership opportunities, balancing private practice integrity with growth, and the future of her practice in collaboration with Together Women's Health (TWH).

Q. Why did you decide it was the right time to explore a partnership?

A. Before I became a partner, my senior partners had been approached by several other companies trying to do the same thing as TWH, but the fit never felt right to them. One of my partners suggested that we attend a Day with TWH event so I could understand what private equity and partnership are about and how TWH’s model is different from other groups out there. This would allow me to make educated decisions about what was right for our practice.

Q. Were you and your partners on the same page?

A. Initially, I was very hesitant about the partnership. I was a brand-new partner at the time and had very little knowledge about what partnership entailed and what it would mean for our future. Our group was doing well and growing - we had just added a second office within the year before our partnership. I was very apprehensive about potentially rocking the boat in such a big way. As the newest partner, I worried about what partnership would mean in the long term for our practice and the ability to recruit and retain our associate physicians. As time went on and I learned more about TWH’s model, I became confident this was the right way for us to move forward.

Q. Why TWH?

A. What stood out the most to me about TWH is how much they care about their physicians and preserving the integrity of private practice. Their goal is to keep physicians happy and help them have the resources they need to succeed. I also really liked how invested they were in retaining our associate physicians and helping us create a path to partnership for them.

Q. What is your favorite part of the partnership?

A. My favorite parts of the partnership have been having such a great support staff behind us and seeing our goals for the practice fulfilled. We had discussed bringing diagnostic breast imaging to our office for years before the partnership. The logistics of making it happen and the financial capital needed were difficult, even as a large private practice. TWH has been able to help us make that plan a reality.

Q. What has been the most difficult for you since partnering?

A. The most challenging part has been the EMR transition. I think the new EMR will serve us better than the one we had, but change is always difficult. The EMR transition was the most significant daily change for the office. Most of our other day-to-day logistics have remained exactly the same, so I think this is why the EMR transition sticks out to me.

Q. Where do you see your practice in five years?

A. In five years, I hope we have the same feel for our practice as we do now. We are like a family and truly love taking care of our

A. In five years, I hope we have the same feel for our practice as we do now. We are like a family and truly love taking care of our patients. I also hope we can continue expanding our patients' services. I would love to see our pelvic floor physical therapy program expand and offer mental health services to our patients.

patients. I also hope we can continue expanding our patients' services. I would love to see our pelvic floor physical therapy program expand and offer mental health services to our patients.

Q. What's one thing you can do now that you couldn't do before partnering?

A. Significant financial decisions, like expanding our office or hiring new physicians, are much easier now. TWH has the team to help us make calculated decisions that make sense for our practice and the financial backing to relieve the partners of a lot of stress.

Q. What is one piece of advice you would give to a physician thinking about partnering?

A. I encourage you to think about what your future looks like now – who from your group will retire in the next few years, can you recruit new physicians, and what do the financial implications of that look like? For us, partnership was the logical way to keep taking care of patients the way we always have with much less worry about what the future holds because we have support behind us.

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