State of Franklin Healthcare Associates to follow new Employee Stock Ownership Plan

State of Franklin Healthcare Associates (SOFHA), a multi-specialty, physician-led medical group, launched a new Employee Stock Ownership Plan (ESOP) to increase employee engagement in its mission to improve community health. The decision was made just last week in a near unanimous vote by the organization’s physician member-owners.

With this, SOFHA hopes to continue transitioning toward a more value-based health care model, with quality outcomes and patient satisfaction taking precedence.

For SOFHA CEO Rob Slattery, the move is a large step forward in the right direction.

“The organization is pretty ecstatic,” he said. “It is a big step, particularly for our physician leaders; this will undoubtedly cement their legacy for many years to come.”

As an organization with over 30 clinics and a team of more than 250 providers, SOFHA “has long stood at the forefront of delivering exceptional healthcare services” to the region, a statement from SOFHA reads.

Under the ESOP initiative, Slattery believes these services will only be enhanced by combining employee interests with the company’s success.

“What we’re doing is really enhancing a benefit that will meet their retirement needs in the future,” he said. “But it also unifies their commitment as associates to one another and to the organization. We’re all going to share through this long-term return that’s the result of each and every associates’ work ethic.”

An intentional design from the beginning, Slattery shared that there have been many opportunities presented to SOFHA over the years, but none of them matched what their physician leaders were seeking.

All of that changed this past March when they decided to pursue the ESOP model.

“I can’t speak enough of our physician leaders,” Slattery said. “They had the foresight to be able to say that this is a model that we can believe in. It’s going to continue to allow us to lead it and to grow.”

SOFHA will eventually introduce new patient services because of the ESOP model as well.

“We want to continue to maintain our culture that has been built over decades,” Slattery said. “In the perspective of where we’re going, we want our culture to remain key to who we are, and taking care of people is of the utmost importance.”

As seen in the Johnson City Press and written by Grace Teeter.