Showing posts with label Heartland Dental Kick out of North Carolina. Show all posts
Showing posts with label Heartland Dental Kick out of North Carolina. Show all posts

Wednesday, April 16, 2014

Herbert Salisbury, III, DMD vs. Heartland Dental: Seller Beware

So you want to sell the dental practice you worked years to establish instead of just retiring and closing the doors? Were you offered, a “too good to be true” deal by Heartland Dental, or some other Dental Practice Management organization?

Do yourself and your patients a favor and decline. Take the lesson’s learned by Dr. Salisbury and don’t be swayed with visions of riches offered by Rick Workman. Otherwise be ready to become the slave of white collar suits sitting in a Canadian board room. Why? Because you will have to hit their production goals in order to receive the your final installment payments. (Read the lawsuit below).

Tuesday, November 06, 2012

Ontario Teachers Union Pension Plan “takes control” of Heartland Dental–Anyone Thrilled?

Wasn’t it this same union who invested heavily in some dental clinics in NY a few months ago? No, it was Ontario Municipal Employees’ Retirement System (OMERS )and GEDC Super Holdings Inc., who bought 170 Great Expressions dental clinics.

WOW, that’s two Canadian pension plans who are invested in American’s dental care to the tune of 545 dental clinics!! Is anyone concerned about this at all? Buehler?

I don’t see the words: sell, sold, bought, but rather “take control” in the Heartland take over. I’m told it is all about Heartland’s ESOP plan.

November 6, 2012

Reuters – Ontario Teachers Acquires Control of Heartland Dental

Ontario Teachers’ Pension Plan has agreed to take control of Heartland Dental Care Inc in a deal that values the US dental practice management firm at about $1.3 billion, writes Reuters. Ontario Teachers is buying a majority stake in Heartland, while founder and chief executive Rick Workman will retain a minority stake along with management and employees.

Reuters – Ontario Teachers’ Pension Plan said on Monday it has agreed to take control of Heartland Dental Care Inc in a deal that values the U.S. dental practice management firm at about $1.3 billion, according to a person familiar with the matter.

Thursday, October 25, 2012

Final Bids in for Heartland Dental

Update Thursday October 25, 2012:

Effingham Daily News:

October 25, 2012

Heartland Dental Care for sale

Bill Grimes Effingham Daily News

EFFINGHAM — While international news services are reporting that Heartland Dental Care is for sale in a potential 10-figure deal, a Heartland executive said Wednesday that no deal would affect the local presence of the dental practice management giant.

    “We want the people of Effingham to know that we are committed to Effingham,” said Chad Thompson, the company’s vice president of administration.
 
  Thompson declined to comment on the potential deal, but international news service Reuters reported earlier this week that private equity firms KKR & Co., Apax Partners and Madison Dearborn Partners have bid for Heartland Dental. Reuters said the sale price could reach $1.3 billion.

 

Friday, September 14, 2012

Heartland Dental–Rick Workman paid $3 mil to settle fraud charged in 2008; May 2012 they got their $3 million back

On May 23, 2012, Rick Workman breaks ground on a HUGE expansion for their corporate headquarters in Effing-no-where, IL. Part of the new facility will be for “training” purposes and I’m sure the psychiatric department will have new offices. Psychiatric department you ask? Yes, that’s what I’m told. If you can’t maintain your production numbers, they actually have psychologists come for a little chit chat. A little couch time, so to speak.

Now,less than 4 months later, Workman has put Heartland up for sale, asking price… a mere $1.4 BILLION dollars.

To here him tell it, he just leases the use of some appointment scheduling software, that he doesn’t even own, and does some payroll services for independent dental clinics. (liar, liar, pants on fire…) 

I’m sure the folks of Illinois are tickled pink to give Workman his $3 million dollars back for his “expansion”.  ( $3 mil is the EXACT amount Heartland had to pay to settle fraud allegations in 2008.) Did anyone hear the “Kennedy” tone in the voice?

HOMES 

In Effingham, IL Richard Eugene and Angie Workman’s home is located at 16130 Hildene Drive, Effingham, IL 62401

16130 N. Hildene Drive Effingham IL - Workman Home

Thursday, September 06, 2012

Is Rick Workman trying to dump his baby - Heartland Dental - before its value is zero?

Many in the industry don’t see it.  Even more are in denial about it. But it’s happening, non-the-less. Corporate Dentistry is under attack. Federal, state and local governing boards as well as law enforcement agencies are making bold moves to clean up what has been left to run amok for years. This “clean up” may be fatal. Which is fantastic for every person in America, because everyone sees the dentist at some point.

Though it may be slow and painful. Has Rick Workman finally come to gripes with that reality? I think this is a HUGE signal to all “corporate dental chains” out there. When one of the first, largest and most influential entities in the industry is ready to tuck it’s tail and run, you know it’s bad.

 

prhubHeartland Dental Care, Inc. Sale
September 6, 2012
Heartland Dental Care Inc., one of the largest dental practice management companies in the United States, is exploring a sale that could fetch as much as $1.4 billion, according to two people familiar with the matter, Reuters wrote Thursday. The company, in which Chicago-based private equity firm CHS Capital Partners has a stake, has hired investment banks Jefferies and Moelis to find a buyer and has drawn interest mostly from other buyout firms, the people said.
(Reuters) – Heartland Dental Care Inc, one of the largest dental practice management companies in the United States, is exploring a sale that could fetch as much as $1.4 billion, according to two people familiar with the matter.

The company, in which Chicago-based private equity firm CHS Capital Partners has a stake, has hired investment banks Jefferies and Moelis to find a buyer and has drawn interest mostly from other buyout firms, the people said.

The sources asked not to be identified because the process is not public.
Heartland Dental has about $120 million in annual earnings before interest, tax, depreciation and amortization (EBITDA) and could be sold for 10 to 12 times EBITDA, they added.

The auction is early in the second round and final bids are expected about a month from now, according to the people. Jefferies has offered to provide financing for potential buyers, they added.

Representatives for Heartland Dental, CHS Capital, Jefferies and Moelis did not immediately respond to requests for comment.

 

Friday, November 04, 2011

North Carolina Dental Board nixed Heartland Dental’s attempt to take root, taking the bull by the horns.

It looks like North Carolina is taking the lead to put an end to the corporate take over of dentistry.  Now, if they would just look into the Smile Starters agreement with Root Dental Management, and the sales agreement between Dr. Rivera and Dr. Michael DeRose another income flow to the DeRose family might be cut off. 

If you want to understand how the corporation do business, you should read this.  It lays it all out for you.

North Carolina State Board of Dental Examiners (NCBDE)

vs.

Heartland Dental Care, Inc
d/b/a Heartland Management, Inc
Gary Cameron and Associates, P.C and';
Gary L. Cameron, DDS

Case 11-CVS-2343

Heartland Dental Permanent Injunction

heartlanddentalThe NCBDE filed a complaint in Superior Court, Randolph County, North Carolina in September accusing Heartland Dental of implementing a series of transactions, contracts, documents and agreements to which Dr. Gary Cameron, DDS of Asheboro, North Carolina unlawfully transferred to Heartland Dental; Ownership, Management, Supervision and Control of his dental practice, Asheboro Dental Care..

Dr. Cameron was selling his dental practice to a corporation, “an unlicensed individual or entity.”

Heartland denied Dr. Cameron transferred ownership or management to anyone and maintained Dr. Cameron merely sold certain assets to Heartland then entered into a lawful management agreement with Heartland.

This violates North Carolina’s Dental Practice Act (N.C. Gen. Stat. 90-22) and the Management Arrangement Rule (21 N.C. Admin. Code 126X.0101).

Heartland Dental denied the allegation that Dr. Gary Cameron transferred ownership or management to anyone and maintained Dr. Cameron merely sold certain assets to Heartland Dental then entered into a lawful management agreement with Heartland.

[I’m seriously trying not to roll on the floor while laughing at Heartland’s position]

However, in 2009, Dr. Cameron hired Roger K. Hill and Company to assess and valuate his dental practice and provide him with a valuation of $2,350,800.00.  I’m not even going to get into what was likely done to make sure the the clinic had a high value.

By December 1, 2009 Dr. Cameron and Heartland agreed on a price of $2,450,000.00 PLUS the value of his accounts receivable and entered into a “Letter of Intent to Acquire Certain Assets”.  In this letter of intent it listed the “assets of the Seller” to be:

”All operating assets, leasehold improvements, office equipment, dental equipment, supplies, inventory, trade receivables, licenses, contracts,
trademarks, and other tangible and intangible property necessary to the operation of the Seller

In January 2010 Dr. Cameron established a new company called Gary Cameron and Associates, P. C. with him being the sole owner.