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About Vision Service Plan

Vision Service Plan (VSP Global) is a top managed eye care benefits provider that serves nearly 90 million members in the US, Australia, Canada, Ireland, Singapore, Hong Kong, and the UK. Its VSP Vision Care programs offer coverage ranging from general plans (eye exams and eyewear) to laser vision correction procedures through a network of more than 40,000 preferred doctors. Behind the managed care business is VSP's vertically-integrated eye care and eye wear business including frame manufacturing (Marchon and Altair), optical labs (VSP Optics), and optical practice management services (Eyefinity). VSP agreed to acquire optical chain Visionworks in 2019.

Strategy

VSP aims to provide fully integrated eye care services to its members, reducing the need for external services and maximizing its supply chain efficiencies. 

VSP Global has expanded into new service areas over the years through acquisitions and organic measures. In 2019 the company announced plans to open retail eyewear locations under the Eyeconic brand to extend the reach of its eyeconic.com ecommerce site. The stores will offer sublease options to the company's network doctors. Shortly after opening its first two Eyeconic locations, VSP Global took a bold step deeper into the retail market by agreeing to acquire Visionworks, which operates more than 700 stores in 40 states. 

The company also branched into the eye care provider market in 2019 when it launched its VSP Ventures unit, which gives optometrists a care-focused option when looking to sell their practices. VSP Ventures formed a joint venture with Rosin Eyecare to acquire Coley and Coley Family Eyecare and Shanks Family Eye Care in the Nashville, Tennessee, market later that year.

VSP Global expects the retail eyewear and provider market ventures to expand the reach of its eyewear products, grow its vision plan membership and care provider network, improve career options for optometrists, and improve patient access to affordable eye care.

Additionally, the Marchon Eyewear and VSP Optics units regularly introduce new product lines to improve consumer offerings. For instance, VSP Optics launched the Unity Relieve lens for digital eye strain in 2018 and the Sunsync Elite XT extra-active photochromic lens in 2019.

Company Background

VSP Global was founded in 1955 as California Vision Services by a group of optometrists. The company entered the optical lab business in 1972, changed its name to Vision Service Plan in 1976, and entered the managed care (health plan partnership) market in 1979. The company expanded across the US in the 1980s. Altair Eyewear was launched in 1992. 

The company launched Eyefinity in 2000 and acquired Marchon in 2008. It expanded into international markets with the 2009 launch of the VSP Global brand.

Though VSP Global continues to operate as a not-for-profit, the company's tax-exempt status was revoked in 2003 after an IRS audit said it failed to meet the criteria. VSP paid its tax bill but sued the government to regain the funds and the not-for-profit status it held for 40 years. The US District Court in Sacramento ruled against VSP and in 2009 the Supreme Court refused to hear the case. 

Vision Service Plan

3333 QUALITY DR
Rancho Cordova, CA 95670-9757
Phone: 1 (916) 851-5000

Stats

Employer Type: Privately Owned
CFO: Donald J. Ball
Chairman: Tim Jankowski
President and CEO: Rob Lynch
Employees (This Location): 1,600
Employees (All Locations): 3,055

Major Office Locations

Rancho Cordova, CA

Other Locations

Irvine, CA
Long Beach, CA
Mcclellan, CA
Sacramento, CA
San Francisco, CA
Denver, CO
Miami, FL
Atlanta, GA
Honolulu, HI
Chicago, IL
Indianapolis, IN
Shawnee Mission, KS
Southfield, MI
Maplewood, MN
Minneapolis, MN
Parsippany, NJ
Melville, NY
New York, NY
Columbus, OH
Portland, OR
Greenville, SC
Houston, TX
Lewisville, TX
Plano, TX
Seattle, WA
Treviso, Italy
Fukui, Japan