Anthony V. Benedetto now works for Dermatology Partners, a growing Berks County practice owned by a physician.
In July, Benedetto gave up his independence and sold his practice to a Berks County company called Dermatology Partners, becoming an employee for the first time since he was a kid.Persistent financial challenges pushed him to make the move, said Benedetto, who is 76 but not ready to retire.
“I was told this by a private equity company that I was entertaining, that their goal was to manage for five years and sell it off,” Benedetto said. To him, that meant they were only in it for the money.just 4% of the market by revenue, according to data company PitchBook Its owner is a dermatologist named Daniel Shurman, who cofounded the practice in 2012 and got to know Benedetto during
Frankel said about two-fifths of the the company’s growth has been through acquisitions like the one that brought Benedetto’s Dermatologic SurgiCenter into the fold. They rest of the growth has come from opening new offices and hiring more dermatologists, he said. Frankel and Shurman coown a company that provides back-office services for Dermatology Partners’ practices,, U.S. Dermatology, and Anne Arundel Dermatology, Frankel said.
Working in an academic setting also did not appeal to Orr because the things he liked about academic medicine, such as research and training medical residents, didn’t outweigh the negatives of the bureaucracy. Going to a private-equity-backed firm was a possibility. The pay was high, he said. But he was concerned about the downsides he heard about, such as cost-cutting pressure and outside control.management, Orr said.
Benedetto was ready for a change, and fortunately since he became a Dermatology Partners employee on July 1, little has changed in the way he treats patients, he said.
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