June 5, 2013
New Capital Partners, a private equity firm out of Alabama, bought TMC Orthopedic. TMC was previously known for its questionable business practices including Medicare fraud. While I was being recruited the company changed CEOs three times. The executive staff are partners or members in the equity firm with only financial interest to gain. None of them have any orthotic or prosthetic education or background. They lack compassion and empathy.
The work environment was toxic, the worst I have ever endured. Not a single employee in the company liked their job. Attitudes were dark. Negaholics bled hatred for the company but put on a fake smile when an executive walked by.
Some of the front office staff is rude to patients when they call or come in for appointments. I witnessed several patients walk out of the clinic.
In a desperate attempt to appease the bankers and make more money (greed) the company changed its financial policy in November 2012, against the advice and suggestion of many practitioners and staff. The CEO was comfortable losing 40% of the prosthetic patient population and was insistent that the company would break even. Patients missing limbs were refused services and were not able to get a prosthesis until they paid at least 50% of the invoice for their prosthesis up front., 25% at delivery, and the balance 2 weeks later. This left many (most) patients stuck in their wheelchairs, hopeless and depressed. Patient loads dropped as well as referrals from physicians.
When I came on board there were 7 practicing prosthetists. They slowly dismissed some, all females, and eventually drove away the rest. Now they have 2 practicing prosthetists covering 6 offices.
Management did not take into consideration that most of the patients affected by this new policy were disabled, sick, and living on fixed incomes with other medical expenses besides their prosthesis. In fact, management does not even take the patient as a human being into consideration when making business decisions. They were calculated as BKs, AKs, in quantity…like widgets
The arrogance in management coupled with the depressed moral of the staff makes this a terrible prosthetic company to work for.
Compensation is negotiable to a point., but still low in comparison to other companies in Houston and the general arena of Prosthetics and Orthotics. Health benefits are mediocre. Mileage reimbursement is very low, .30 cents per mile. No bonus structure until January 2013, and virtually impossible to reach at that. There was no incentive or performance bonus while I was there. However, managers get the IRS standard mileage reimbursement.
They could not keep an HR Manager so they did away with the department. If you had a problem or complaint there was no one to go to.
There are no positives with the company. Individuals not associated with the equity firm are great but stunted and beaten.
It was recommended by the State Board to change the company in an attempt to get away from the corrupt reputation as TMC Orthopedic. They changed their name to ViaFit…but that is all that changed. They have not addressed lack of positive leadership nor the existing toxic environment.
I would not recommend working for this company. – less