Physical therapy practice merges
Published 10:22 pm Thursday, January 2, 2014
The recent purchase of Suffolk’s Physical Therapy Works has expanded the reach and attractiveness to health insurers for its buyer, Tidewater Physical Therapy, company officials said this week.
The previously independent business, with locations at 2007 Meade Parkway and in Smithfield at 1250 Smithfield Plaza, became Tidewater Physical Therapy’s 34th location after the deal closed late last month, TPT President Wayne MacMasters said.
“First of all, we had great respect for what Tory and Trent Bishop had built,” he said. “They have a terrific reputation not just in Suffolk, but throughout Hampton Roads; Tory is a premier physical therapist in Hampton Roads.”
Tidewater was attracted to the “quality of the business,” MacMasters said, pointing to its 20-plus years of operation.
“They have a really strong relationship with the community,” he said. “There really wasn’t any downside; they’d done so well as an organization, it was a really easy decision for us.”
Tidewater had remained out of Suffolk out of respect for the Bishops, he said, but eventually realized it needed a presence here, and Physical Therapy Works was the best option.
Tidewater operates across Southeast Virginia, stretching from Powhatan, west of Richmond, to Virginia Beach, as well as north to Williamsburg and south to Great Bridge.
“We needed a location in Suffolk, and obviously Physical Therapy Works by far is the premier physical therapist in the area,” MacMasters said.
Tory Bishop will run the new location for Tidewater Physical Therapy, while her husband plans to concentrate on his separate business.
“We are really excited to have (Tory) on board; she will help us in a lot of ways,” MacMasters said. “She’s very innovative, and stays current on the techniques and innovations.”
Tory Bishop said the merger would allow the practice to provide consistent and relevant services to patients going forward.
“It was just a wise business decision in order to merge with a larger private practice,” she said, adding it would allow therapists at the practice to maintain autonomy.
MacMasters said it was becoming increasingly difficult for single-site, independent medical businesses to continue to operate, as insurers seek health care providers with greater geographical reach.
Bishop also noted the difficulty smaller operators experience in providing continuing education for employees and purchasing supplies at competitive rates.
“You need to have the capability to cover large geographic areas,” MacMasters said. “That is what we are trying to do – building our reach into new communities. We can add Suffolk as a new geographic location.”
He said the logo and letterhead change would take place over an extended period of time. “We don’t want to transition rapidly, without making sure the community knows and trusts that the same quality of service will continue to be provided,” he added.