Virginia Eye Associates has raised $7 million from private equity firms to expand its business and expand its market.
The investment will help Virginia Eye expand to more states, said Virginia Eye CEO Dr. Michael Houghton in a statement.
“I’m so excited about this opportunity to serve our customers in the Commonwealth of Virginia and the entire world,” he said.
“I’ve been a passionate advocate of the VA health care system for many years, and I believe this investment will have an even greater impact in the years to come.”
Houghton will remain chairman of Virginia Eye, and his wife will remain CEO, the company said in a news release.
Houghtons $3.9 billion stake in the company came as Virginia Eye announced it was raising $7.8 million from investors to expand into New York, New Jersey and Maryland.
Virginia Eye has been criticized for its lack of transparency on its security procedures and how it treats patients.
A 2014 report from the Government Accountability Office said Virginia Eyes policies were lax.
A 2016 study from the same GAO found Virginia Eye had an overburdened and underfunded system, according to the Associated Press.
The GAO concluded Virginia Eye did not have enough staff to handle the growing demand for its care.
The GAO also said Virginia’s Medicaid program is too expensive.