What did Eye Care Leaders announce on January 16, 2024?
Eye Care Leaders announced the next step in building a sustainable organization that provides a vital service to ophthalmologists and optometrists across the country. Eye Care Leaders filed for Chapter 11 restructuring to reorganize historical debts and strengthen its financial plan for future investments.
Why did Eye Care Leaders file for Chapter 11?
Eye Care Leaders is reorganizing its corporate structure as afforded by Chapter 11. The goal is to strengthen the company’s foundation. Company operations will remain unchanged and all products will remain online. The company will be fully staffed throughout this process.
Is Eye Care Leaders going out of business?
No. The purpose of the Chapter 11 filing is for reorganization, with operations continuing throughout the process. In addition to keeping all products online, Eye Care Leaders is moving forward with its product roadmap, which includes the delivery of new feature developments, continuing product modernization, and continued investment in improving customer support.
How did Eye Care Leaders get into this position?
The company had historical liabilities as well as higher-than-expected costs associated with technical infrastructure transitions. Since the new leadership team joined in late 2022, Eye Care Leaders has made strides in reducing costs and improving the company’s products. These efforts have included eliminating redundant costs by sunsetting certain products (IO Practiceware, EyeDoc / Penn Medical, KeyMed, and Integrity) and reorganizing technical and support headcount to focus on iMedicWare, My Vision Express, MD Office, Medflow, and Management Plus. This Chapter 11 filing is meant to accelerate that process.
How will Eye Care Leaders’ employees be affected?
All departments at Eye Care Leaders are vital to the company’s work in supporting eye doctors and their patients. To continue normal operations, Eye Care Leaders will retain a full workforce, including a fully staffed customer support team.
Will Eye Care Leaders’ vendors be paid?
Vendor payments will be supervised by the Court. More information will become available from the Court throughout the process. We will share information with vendors as soon as it is available to us.
Will there be a change to Eye Care Leaders product offerings?
No. All of Eye Care Leaders’ current products and services will remain online with no service interruption. These software products and services include: iMedicWare, My Vision Express, ManagementPlus, Medflow, MD Office, Alta Revenue Cycle Management, and Clinical Quality Experts MIPS Consulting.
All customer data, PII, and PHI will remain secure and compliant.
Do I still need to pay my monthly bill?
Yes. In continuing its normal operations, Eye Care Leaders will keep its products online while maintaining its high degree of security and compliance. All customers will receive their usual monthly invoices which continue to operate under normal payment terms.
Will Eye Care Leaders continue to improve its products?
Yes. The product and engineering teams will continue to support and improve Eye Care Leaders’ suite of products. They will develop and implement new features according to the product roadmap and will continue to engage with customers and partners on requested additions to the product roadmap.
Will there be any changes to customer or technical support?
No. Eye Care Leaders’ customer support team will remain fully staffed. All existing customer support tickets will continue to be worked and our support team will open new tickets as usual as customers contact us.
Will Eye Care Leaders continue to sell its products and onboard new customers?
Yes. The leadership team is confident that the company’s restructuring will provide a strong foundation for the future. Therefore, Eye Care Leaders will continue to onboard new customers while supporting existing customers.
