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Thread: Becoming a VSP provider

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    Becoming a VSP provider

    I am an optician. I will be partnering with an optometrist to start an optical practice. I have spoken briefly to a VSP provider relations specialist and understand what is required, but did not get specific details on what documents are needed to verify eligibility. Particularly, can anyone provide me with what is used to verify that the practice is at least 51% owned by the OD. i.e. Lease, articles of incorporation or whatever else is used.

    Any advice is greatly appreciated.

    Thanks.



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    Master OptiBoarder OptiBoard Silver Supporter Jubilee's Avatar
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    When we changed our structure from Sole Provider to an PC Corp, we had to provide VSP with the Articles of Incorporation, and the tax documents that also listed our new EIN and verified the ownership set up.
    Last edited by Jubilee; 01-10-2015 at 04:33 PM. Reason: Should be PC not S corp
    "Some believe in destiny, and some believe in fate. But I believe that happiness is something we create."-Something More by Sugarland

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    Master OptiBoarder mshimp's Avatar
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    Why can't you set up your corp. as an LLC. As I understand the structure of an LLC will allow an individual to have 51% or more ownership but not commanding control over the corporation. Worth checking out.

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    Master OptiBoarder mshimp's Avatar
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    Another option is to be an out of net-work provider. No hoops to go through to do that.

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    Quote Originally Posted by iqoptique View Post
    I am an optician. I will be partnering with an optometrist to start an optical practice. I have spoken briefly to a VSP provider relations specialist and understand what is required, but did not get specific details on what documents are needed to verify eligibility. Particularly, can anyone provide me with what is used to verify that the practice is at least 51% owned by the OD. i.e. Lease, articles of incorporation or whatever else is used.


    Any advice is greatly appreciated.

    Thanks.


    What state will you be doing business in? I had the same vision/business plan, but it is not possible in our state. I spoke to a lawyer about this. Optometry cannot be S corp, LLC, C corp, etc.. It can only be a professional corporation, no regular corporation.
    But, if you find get more info from VSP, please share with me.

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    Quote Originally Posted by Jubilee View Post
    When we changed our structure from Sole Provider to an PC Corp, we had to provide VSP with the Articles of Incorporation, and the tax documents that also listed our new EIN and verified the ownership set up.

    Thank for the info Jubilee. Are you optician partnering with a OD or vice versa? Did you have to provide a copy of the lease during the credentialing process?

    I will have to consult with an attorney to confirm, but I think I will encounter a roadblock when forming the PC or PLLC with the OD. The state I live in will probably not allow a partnership in the professional entity if the other owner is not an OD themselves. Unless it is possible to form a partnership as an LLC instead of a PLLC.

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    Quote Originally Posted by optician2601 View Post
    What state will you be doing business in? I had the same vision/business plan, but it is not possible in our state. I spoke to a lawyer about this. Optometry cannot be S corp, LLC, C corp, etc.. It can only be a professional corporation, no regular corporation.
    But, if you find get more info from VSP, please share with me.
    I will be doing business in Illinois. Unfortunately, I read that Cali. does require optometry to be a Professsional entity. I'm still trying to figure out what the rules apply to my state.

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    LLC isn't all that it's made out to be....be careful!

    Quote Originally Posted by mshimp View Post
    Why can't you set up your corp. as an LLC. As I understand the structure of an LLC will allow an individual to have 51% or more ownership but not commanding control over the corporation. Worth checking out.

    Be careful with the LLC. Alot of people use this method to feel more secure but you can get really stuck if you make more than $250k profit as an LLC. Such as paying 40% tax on anything over. You can have an independent doctor of optometry own the practice side and you own the optical. I'd say most of us are willing to help each other. Go to another place that accepts it in your area and ask them! Just my advice. Best wishes!

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    Compulsive Truthteller OptiBoard Gold Supporter Uncle Fester's Avatar
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    Quote Originally Posted by eyeguy55 View Post
    Be careful with the LLC. Alot of people use this method to feel more secure but you can get really stuck if you make more than $250k profit as an LLC. Such as paying 40% tax on anything over. You can have an independent doctor of optometry own the practice side and you own the optical. I'd say most of us are willing to help each other. Go to another place that accepts it in your area and ask them! Just my advice. Best wishes!
    I'd venture to guess if you need VSP in your store/practice a $250Kyearly profit is unachievable.

    No?

    Could an S corporation work here?

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