Sacramento CA, September 27, 2005 — Vision Service Plan (VSP), the nation's largest eyecare provider with 41 million members, is celebrating its 50th anniversary this month, reflecting on its growth from a small storefront shop in Oakland to a nationwide industry leader with nearly 2,000 employees across the country. Recently ranked number 10 on Fortune magazine's '100 Best Companies to Work For' list, VSP will mark its 50th anniversary and honor its employees at its Sacramento headquarters on September 30th.
"Throughout VSP's 50-year history, we've put people first, and those people in turn have helped the company grow to be what it is today," said Roger J. Valine, president and CEO of VSP. "We have many people to thank for our success, from the innovative doctors who founded our company to the many loyal clients who choose VSP year after year."
VSP's long commitment to providing vision care for Americans — one out of every eight people in the U.S. relies on VSP for their eyecare health coverage — was demonstrated recently by their $15 million donation in services and money to the survivors of Hurricane Katrina. Efforts such as this aren't unusual: in 2005, for the second year in a row VSP ranked highest in overall member satisfaction among national vision care plans in a study by J.D. Power and Associates. VSP is the first in the vision care industry to be awarded this distinction.
Humble Beginnings
VSP's humble beginnings started in 1955 in Oakland, California. Then known as CVS (California Vision Services), the company was founded by nine optometrists who had grand visions of providing eyecare benefits for all Californians. After the company's first multi-state contract in 1958, VSP's rapid growth led to the company's relocation to Sacramento in 1968. VSP has continued that steady expansion, marking major milestones throughout the next 37 years:
- 1976 – CVS becomes VSP, reflecting a decision to begin offering services outside of California and other neighboring western states
- 1979 – VSP signs its first major health plan client, marking VSP's entry into the managed care market
- 1980 – VSP's member base grows to 2.5 million
- 1985 – VSP opens first regional facility to serve New York, New Jersey, Connecticut and Rhode Island
- 1990 – VSP membership reaches 8 million
- 1992 – VSP launches Altair Eyewear, a subsidiary that sells private-label frames to VSP network doctors
- 1993 – Roger J. Valine becomes president and CEO on January 1
- 1997 – VSP launches Sight for Students, a charity that delivers free eyecare services to thousands of low-income children who need vision care, but can't afford it
- 1998 – VSP earns $1 billion in revenue
- 2000 – VSP included on Fortune's 'Best Places to Work' list
- 2000 – VSP launches Eyefinity, a company that provides marketing, business management and information service solutions to private-practice eye doctors
- 2004 – VSP earns $2 billion in revenues
VSP's People Commitment
Known throughout the country as one of the nation's top employers, VSP credits its high employee-retention rates to the company's unique corporate culture. Staff-recognition techniques vary from a monthly 'Cake Day' — an afternoon full of birthday and anniversary cakes for the entire company — to letters in the 'Dear Rog' box, a place for staff to voice their concerns or ask their questions directly to the CEO. In addition, VSP holds quarterly employee focus group meetings and bi-annual staff meetings as ways to maintain excellent two-way communication.
"It is our consistent goal to make sure our employees know that they are valued and a vital asset to VSP's success," said Valine. "The dedicated individuals who come to work here every day and our strong national network of 22,000 member doctors are two important groups that have contributed to our growth for fifty years."
About VSP
VSP provides eyecare benefit plans that range from comprehensive eye examinations and materials to complete medical and surgical eyecare. With more than 41 million members nationwide, one in eight people in the United States relies on VSP for eyecare health coverage. VSP's Sight for Students program has helped more than 250,000 low-income/uninsured children receive free eyecare services since its inception in 1997. VSP, a company with over $2 billion in annual gross revenue, has been recognized by Fortune Magazine for the sixth consecutive year as one of best places to work in America. For more information, visit us online at www.vsp.com.
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For more information about VSP's 50th Anniversary Celebration, please contact Christine Pierson at 916-442-2331.
