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private equity

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100 - An Inside Look at Merging and Consolidating Fertility Groups, an interview with Mark Segal

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We’ve seen it happen all over the country and you’ve probably seen it in your backyard--clinics are merging and consolidating, absorbing the market share. But with the fall of Integramed in the spring of 2020 and dozens of clinics left in the lurch, mergers and consolidations started to appear more risky.

On this episode of Inside Reproductive Health, Griffin talks to Mark Segal, CEO of Shady Grove Fertility and CEO of the newly-formed US Fertility, a fertility group made up of Shady Grove Fertility, IVF Florida, RSC of the Bay Area, and FCI in Chicago. Despite forming in a pandemic and after the Integramed news, US Fertility’s partnerships thrive--and are geared to keep growing, especially in the next 18 months. So what does that mean for the hundreds of smaller clinics that continue to remain in the field?

99 - Entrepreneurship, Practice Valuation, and Working with Private Equity, an interview with Dr. Andrew Meikle

Are all clinic owners entrepreneurs? Do all physician-owners really have what it takes to successfully run and grow a private practice?

We’ve talked about joining networks, understanding private equity, and entrepreneurship a lot on this podcast, but usually we are talking about high-level practices to get patients in the door and help them convert to treatment. On this episode of Inside Reproductive Health, we get a new perspective, one that focuses on entrepreneurship, best business practices, and what it really takes to grow in our field.

Dr. Andrew Meikle is the Founder and CEO of The Fertility Partners, a company based in Canada that aims to empower and enable fertility clinics by providing collaboration and strategic expertise. Through his experience in other healthcare fields and his current work in the fertility field, Dr. Meikle shares his thoughts on clinic ownership and entrepreneurship, what fertility networks are looking for, and important things to keep in mind when considering joining private equity.

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94 - How Modern Fertility is Changing the Patient Journey, an interview with Afton Vechery

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After her own experience with fertility testing, Afton Vechery set out to make the testing process easier for millions of women across the country looking for a better understanding of their reproductive health. From day one, Modern Fertility aimed to provide quality, peer-reviewed information to empower young women to have the knowledge they need to make more informed decisions about her fertility.

On this episode of Inside Reproductive Health, Afton shares the Modern Fertility story. She shares how she brought her vision to life, including how she has been able to raise funds from Venture Capital companies. Griffin and Afton also discuss how Modern Fertility hopes to work with fertility clinics to improve the patient experience across the board.

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90 - The Best of 2020

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As we head into a new (and hopefully better) year, we wanted to take a look back on all the wonderful, inspiring guests we had on Inside Reproductive Health throughout the year. We talked about affordable care, mentoring new staff in the clinic and the lab. We learned about independent clinics and how they thrive despite heavy network competition, networks and how they continue to provide personalized care even after becoming publicly-owned. We talked about reducing physician burnout and increasing patient communication. And so much more.

On this episode of Inside Reproductive Health, we highlighted your favorite episodes and compiled the best clips into one episode for you to enjoy as 2020 wraps up.

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85 - Venture Capital and Its Interests in the Fertility Field, an interview with Dr. David Sable

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Venture Capital has been slowly making its way into the field over the last several years. But just what is it looking to improve?

On this episode of Inside Reproductive Health, Griffin talks to Dr. David Sable, a retired REI and current serial investor in biotechnology and other companies that aim to make the field more efficient and accessible by the patients we aim to treat. They discuss what it is going to take to scale to a million cycles in the US and 15 million around the world. From lessons from oncology to bottlenecks holding us back, Dr. Sable shares his biggest hopes for the fertility field and what entrepreneurs need to do to get it to the next level.

Dr. David Sable co-founded and served as director of the Institute for Reproductive Medicine and Science at Saint Barnabas Medical Center in New Jersey, was founder of Assisted Reproductive Medical Technologies, and was co-founder of Reprogenetics. In addition to serving as a reproductive endocrinologist, Dr. Sable also sought to help the field as a whole by finding investors to create new technology to increase the amount of people served by the field. Today, Dr. Sable is a life sciences portfolio manager, an adjunct at Columbia University, and serves as director, advisor, and board member for a wide range of biotech and advocacy organizations.

Learn more about Dr. David Sable at www.dbsable.com or find him on Twitter @dbsable.

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84 - Pivoting Clinic Operations in the COVID-19 Era, an interview with Dr. Yemi Famuyiwa

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When COVID-19 entered the United States, it felt like a scramble to figure out what our next steps were as a field. Do operations continue to give patients the best chance of success? Or do the risks outweigh the benefits? Some clinics pivoted quickly, following the ASRM guidelines precisely. And some clinics panicked with feelings of apprehension of stopping treatment altogether.

On this episode of Inside Reproductive Health, Griffin talks to Dr. Oluyemisi (Yemi) Famuyiwa, the leader of a clinic who seemed to be well-prepared for the unknowns of the virus. Dr. Famuyiwa is the founder and director of Montgomery Fertility Center, an independent clinic located in Rockville, Maryland. Dr. Famuyiwa aims to provide state-of-the-art care based on emergent technologies and ongoing research. And this philosophy was truly exposed when COVID-19 first came on the radar.

Her ahead-of-the-game research got her clinic appropriately prepared for the emergence of the virus in her area, keeping volume steady--and even at the highest it has ever been. So what lessons can other clinics take from her experience in the COVID-19 era?

Learn more about Dr. Yemi Famuyiwa and Montgomery Fertility Center by visiting montgomeryfertilitycenter.com.

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83 - Growing an Independent Practice in the World’s Most Private Equity Dominated Market, an interview with Dr. John Crochet

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On this episode of Inside Reproductive Health, Griffin talks to Dr. John Crochet of the Center of Reproductive Medicine. CoRM is an independently-owned clinic based in Houston, Texas, one of the largest markets in the field. In recent years, PE-owned and PE-backed clinics have started to take over the city, making the independent clinic almost obsolete… or have they?

Together, we discuss how the Center of Reproductive Medicine continues to thrive despite the money being funneled into their competitors in the market. From how they hire new docs to their philosophy on patient experience, we hear it all.

Dr. John Crochet trained in Reproductive Endocrinology and Infertility at Duke University and Obstetrics and Gynecology at the University of Texas. Originally from Texas, Dr. Crochet went back to his roots, joining the Center of Reproductive Medicine in 2012. As an REI, Dr. Crochet has a goal of providing personalized care and an evidence-based approach to each family hoping to expand.

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78 - Is Private Equity Putting Money Ahead of Patient Care? An Interview with Dr. Francisco Arredondo

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Wall Street has been moving into healthcare for several years and it has been making its mark in the fertility field. Some practices have taken advantage of the influx of money in the field, but several haven’t. But several docs have some concerns, specifically when it comes to decision making.


Do private equity firms or people who invest in fertility clinics and businesses really have the best patient care in mind?


On this episode of Inside Reproductive Health, Griffin talks to Dr. Francisco Arredondo, founder of RMA of Texas and author of his upcoming book, MedikalPreneur. Together, we dive into the pros and cons of money entering our field in the form of private equity.

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70 - How HRC Came to be an International Publicly-Traded Fertility Group, an interview with Dr. Bradford Kolb

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HRC Fertility is one of the largest providers of Assisted Reproductive Care in the United States. Started in Southern California in 1988, the clinic has grown immensely, serving thousands of patients every year. In 2017, HRC took their success globally, joining forces with Jinxin Fertility and listing on the Hong Kong Exchange. Despite the booming expansion, HRC never forgot its roots: providing quality, personal care for its patients and giving physicians the opportunity to have full control of patient treatment.

On this episode of Inside Reproductive Health, Griffin spoke with Dr. Bradford Kolb, President of HRC Fertility. Dr. Kolb joined the practice in 2001 and worked through the IPO process with his partners, making HRC what it is today. Not only did we talk about the process of going public, but more importantly, we talked about how HRC was able to maintain their patient and physician culture in this rapid phase of growth. He shares the structure of the clinic and what they do to maintain a small practice feel for such a large organization. Plus, Dr. Kolb offers advice for young fellows and physicians entering the world of Reproductive Medicine and what they can do to be successful in the field from both a personal and professional standpoint.

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61 - Financing a New Business in the Fertility Field, An Interview with Jeff Issner and Taylor Stein

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Entering the fertility space outside of owning a clinic is challenging. Entering the space as a tech company, well, that’s a whole other story. On this episode of Inside Reproductive Health, Griffin spoke with Jeff Issner and Taylor Stein, co-founders of EngagedMD. Together, they developed software that helps to educate patients and provide informed consent in clinics across the country. They share the story of how they got started in the fertility space, from idea to execution, without any commercial debt.

Jeff and Taylor also talk about how they got doctors and clinics on board before their software was even fully developed. Plus, they discuss the ever-challenging hiring process and what they do to make sure they are getting the best people on board.

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59 - Retaining Patient and Physician Focus While Growing a Clinic, An Interview with Michael Alper

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Boston IVF, one of the largest IVF centers in the nation and one of the first free-standing clinics in the country. What started as an independent clinic grew into one with a well-respected academic affiliation, and now has partnered with a worldwide hospital group. Through it all, their mission remained the same: bring state of the art technology to a patient-centered outpatient clinic. On this episode of Inside Reproductive Health, I talk to one of the founders of Boston IVF, Dr. Michael Alper. Dr. Alper shares the history of Boston IVF, but more importantly how they grew into what they are today. His story teaches important lessons to any doctor-owned clinic curious about academic affiliations or partnering with outside equity groups.

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58 - From Fellow to Partner: Advice for New Associates and Growing Practices, An Interview with Lowell Ku

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Large practice networks and groups with private equity backing are becoming more and more attractive to new REIs coming out of fellowship. Is there still a draw for new doctors to join smaller, independently-owned practices? On this episode of Inside Reproductive Health, Griffin talks to Dr. Lowell Ku, Senior Partner and Medical Director at Dallas IVF. Dr. Ku left fellowship with a plan to join academia, but was quickly drawn into being his own boss at a small privately-owned clinic. Dr. Ku shares his story about why he chose this path and offers his advice to new fellows who are searching for answers to determine their own path in the fertility world.

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52 - The Independent REI Practice: A Business Model That’s Fading or Relevant? Dr. John Nichols

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Privately-owned, private equity-backed, academic medicine, independent practice...each type of clinic comes with its own set of pros and cons, but are all of them going to be around forever? On this episode of Inside Reproductive Health, Griffin talks to Dr. John Nichols. Dr. Nichols left his job in academic medicine to open his own private-practice, Piedmont Reproductive Endocrinology Group (PREG) in Greenville, South Carolina. They discuss Dr. Nichols’ journey, his thoughts on the benefits of independent practices, and whether or not these clinics will continue to be relevant in the ever-changing fertility world.

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48 - David Wolf, Do Regulatory Restrictions Hinder or Help Innovation in the Fertility Field?

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“...I think fighting consolidation is not going to be a winning strategy in the long run. That being said, I think there's still lots of room for creative, innovative, entrepreneurial operators whether they’re at the clinic level or the supplier level and... as the field gets bigger and gets more interesting from a public capital markets perspective, there's going to be a lot more opportunity for funding those exciting innovations.”

Consolidation, IPO, publicly-owned...all words that weren’t a part of the fertility world vocabulary 10 years ago. Now, they are becoming more and more common, which can be both exciting and nerve-wracking to entrepreneurs in the field. On this episode of Inside Reproductive Health, Griffin Jones, founder of Fertility Bridge, talks to David Wolf, President and CEO of Hamilton Thorne. They discuss the implications of consolidation coming into the fertility world as well as the pros and cons of both publicly- and privately-owned clinics and suppliers.

Click here to learn more about David Wolf and Hamilton Thorne.

To get started on a marketing plan for your company, complete the Goal and Competitive Diagnostic at FertilityBridge.com.

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16 - What Does Wall Street Want with the Fertility Field? An Interview with David Sable, MD

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Today, Griffin Jones spoke to Dr. David Sable, who directs healthcare and life science investing for the Special Situations Fund in addition to acting as the portfolio manager for the Special Situations Life Sciences Fund and the Life Sciences Innovation Venture Fund. Dr. Sable’s deep background in reproductive medicine and his interest in entrepreneurship led to a fascinating discussion about the future of reproductive endocrinology and IVF, with a focus on the fear of a private equity takeover and the realities of the large population of underserved people experiencing infertility in America today.

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The Battle for the IVF Market: 5 Wall Street backed companies vs. private practice

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Part 3 of a four part series on the main business challenges facing fertility centers because of the shift from "small clinic" to "entrepreneurial endeavor"

Multi-million dollar private equity firms offer fertility practices an ultimatum: sell part of their practice, or have their market-share siphoned away.

Major firms spend hundreds of millions of dollars nationwide because they are in a race to consolidate as much of the fragmented IVF market as they can. This is only to speak of companies who own and operate networks of fertility clinics. In parallel, in 2017, PitchBook tallied more than $178 million invested into startups developing fertility products. In our series about fertility practices’ tectonic shift from small clinic to entrepreneurial venture, we’ve detailed the challenges that independent fertility practices face that their big new competitors don’t. So who are these new titans, and what are they up to?