Shared Equity, Stronger Practice: Inside Northeast Pain Management’s ESOP
“The ESOP Bellview built gives our independent pain‑management practice the level footing we need to compete with hospital giants.” – Dr. Eric Wise
Challenge: Funding Succession & Recruiting Physicians
Post-pandemic, Northeast Pain Management sought an ownership model that could fund succession, attract top physicians, and keep the business independent. Bellview’s hands‑on approach delivered these outcomes. Dr. Eric Wise, a physician at Northeast Pain Management since 2017 and the practice’s president since finalizing the ESOP transaction, says “Bellview was able to demonstrate, in a very matter‑of‑fact manner, why ESOP works.” He recalls discussions with Bellview converting even their “once‑skeptical CPA into a devout ESOP follower.” “Building an ESOP is never simple,” admits Dr. Wise “But the Bellview team turned complexity into clarity.”
Results: Seamless Transitions & Attractive Recruitment
The results speak loudly. The ESOP enabled two seamless physician transitions, saving enough “to make their package more attractive” without upfront buy‑ins. Additionally, the recruiting challenges in rural Maine were eased because candidates saw incentive and opportunity to “earn their equity through time and effort.”
Culture: Ownership Mindset Takes Root
Inside the clinic, culture shifted. Employees now examine their annual statements, saying, “We did it—my work actually translated onto paper.” Dr. Wise hears even his younger staff say, “This is good for the ESOP,” while willingly “putting in that little bit extra work at the end of the day.”
Future: Expansion & Legacy
Looking ahead, Dr. Wise sees the ESOP as a launchpad for expansion. “My goal is to get the ESOP rock‑solid, move into a bigger facility, and build complementary lines—from adjacent medical practices to commercial real estate that supports our mission.” As for Dr. Wise’s legacy, “I hope it’s one that says ‘he made the practice a strong, board‑level business’ and makes Northeast Pain Management a model for other ESOPs,” Dr. Wise says.