PartnerMD’s headquarters are on the third floor of the building at 7001 Forest Ave. Photo by Michael Schwartz.
A Richmond-based high-end healthcare provider is pulling the plug on three of its offices.
PartnerMD is preparing to close its three westernmost locations, reining in operations as it works to refocus on its East Coast footprint.
The three offices – in Bothell, Washington, and St. Charles and Hinsdale, Illinois – will close their doors on Nov. 20.
With the move, PartnerMD will now operate solely in East Coast states, with its eight remaining locations stretching from Baltimore to Atlanta. CEO Steve Nardo said having its core operations in a more centralized geographic area will allow it to continue its current rate of growth.
“We have made a business decision to focus our efforts in the mid-Atlantic region and exit the Seattle and Chicago markets completely,” Nardo said. “We’ve been thinking about it really this whole year.”
PartnerMD offers what it calls concierge medicine, providing patients with 24/7 access to their physicians and highly personalized care. It sells memberships to patients and also has an executive physical program and works with corporations like Capital One, Dominion and Brink’s.
In 2011, PartnerMD was acquired by Markel Ventures, the investment arm of Glen Allen-based insurance giant Markel Corp. The Washington state location opened in 2013, and the two outside Chicago opened in 2014.
Steve Nardo
Nardo said the closures comply with goals established earlier this year when he took over as PartnerMD’s CEO. Nardo replaced founder Linda Nash, who stepped down to pursue other ventures. She founded the company in 2003.
“One of the things we mentioned was not growing for growth’s sake,” Nardo said. “As we thought about this year and reflected on the business, what we wanted to be and where we wanted to be, we looked at these areas geographically and the long-term performance of the locations.
“As a management team, we looked at our past decisions and tried to figure out if that matches with our corporate philosophy,” he said. “We want to do things the right way and be able to execute them. It’s difficult to execute on something when you’re geographically stretched.”
The company just developed a commercial, working with production company Studio Center, which has an office in Scott’s Addition, and locally based Spurrier Media Group. Nardo said he hopes the commercial will have a bigger impact on multiple locations that are now more centralized.
And Nardo said PartnerMD is still growing, with plans to announce new physicians in Georgia and Northern Virginia.
The decision to close the company’s western locations was made this summer, Nardo said.
Thirteen employees work in the three closing locations, including three physicians. Some were offered positions in mid-Atlantic offices.
The company now has 8,500 members and 25 physicians. According to Nardo, it continues to see its membership grow 10 percent every year in the areas where it is continuing operations.
“We’re continuing to see a lot of growth, and we hope to see that for a long time,” he said.
In Virginia, PartnerMD has offices in Richmond and Midlothian and two in Northern Virginia. It has also set up shop in Greenville, South Carolina; Charlotte, North Carolina; Owings Mills, Maryland; and Sandy Springs, Georgia.
PartnerMD’s headquarters are on the third floor of the building at 7001 Forest Ave. Photo by Michael Schwartz.
A Richmond-based high-end healthcare provider is pulling the plug on three of its offices.
PartnerMD is preparing to close its three westernmost locations, reining in operations as it works to refocus on its East Coast footprint.
The three offices – in Bothell, Washington, and St. Charles and Hinsdale, Illinois – will close their doors on Nov. 20.
With the move, PartnerMD will now operate solely in East Coast states, with its eight remaining locations stretching from Baltimore to Atlanta. CEO Steve Nardo said having its core operations in a more centralized geographic area will allow it to continue its current rate of growth.
“We have made a business decision to focus our efforts in the mid-Atlantic region and exit the Seattle and Chicago markets completely,” Nardo said. “We’ve been thinking about it really this whole year.”
PartnerMD offers what it calls concierge medicine, providing patients with 24/7 access to their physicians and highly personalized care. It sells memberships to patients and also has an executive physical program and works with corporations like Capital One, Dominion and Brink’s.
In 2011, PartnerMD was acquired by Markel Ventures, the investment arm of Glen Allen-based insurance giant Markel Corp. The Washington state location opened in 2013, and the two outside Chicago opened in 2014.
Steve Nardo
Nardo said the closures comply with goals established earlier this year when he took over as PartnerMD’s CEO. Nardo replaced founder Linda Nash, who stepped down to pursue other ventures. She founded the company in 2003.
“One of the things we mentioned was not growing for growth’s sake,” Nardo said. “As we thought about this year and reflected on the business, what we wanted to be and where we wanted to be, we looked at these areas geographically and the long-term performance of the locations.
“As a management team, we looked at our past decisions and tried to figure out if that matches with our corporate philosophy,” he said. “We want to do things the right way and be able to execute them. It’s difficult to execute on something when you’re geographically stretched.”
The company just developed a commercial, working with production company Studio Center, which has an office in Scott’s Addition, and locally based Spurrier Media Group. Nardo said he hopes the commercial will have a bigger impact on multiple locations that are now more centralized.
And Nardo said PartnerMD is still growing, with plans to announce new physicians in Georgia and Northern Virginia.
The decision to close the company’s western locations was made this summer, Nardo said.
Thirteen employees work in the three closing locations, including three physicians. Some were offered positions in mid-Atlantic offices.
The company now has 8,500 members and 25 physicians. According to Nardo, it continues to see its membership grow 10 percent every year in the areas where it is continuing operations.
“We’re continuing to see a lot of growth, and we hope to see that for a long time,” he said.
In Virginia, PartnerMD has offices in Richmond and Midlothian and two in Northern Virginia. It has also set up shop in Greenville, South Carolina; Charlotte, North Carolina; Owings Mills, Maryland; and Sandy Springs, Georgia.
It’s certainly within Partner Md’s right to re-focus their sights on a more regionalized business model, after all, they are a for-profit entity. You mention that 13 individuals lost their jobs in the closing of these 3 offices. As one of the patients who counted on 5 of those professionals as my medical support team I am very disturbed by the only 30 day notice we were given of the closing, the total disruption and uncertainty as my doctor’s office is now closed, and , in my mind, what appears to be a lack of care for the health of… Read more »