Briefing Paper on Purchasing Pediatric Physical Therapy Title



Briefing Paper on Purchasing Pediatric Physical Therapy Title

Over the past 4 years, Pediatric Physical Therapy faced declining service from Lippincott Williams & Wilkins (LWW) and an unexpected decline in revenue as a result of price changes for institutional subscriptions to the journal. As the time approached to renew the contract with LWW in December 2011, we decided to consider finding a new publisher.

Following lengthy discussions with LWW and other publishing houses we learned that our options were hampered because LWW owns the title “Pediatric Physical Therapy.” Changing publishers would require the Section to either purchase the title from LWW or change the name of the journal. A major problem with changing the name is that Pediatric Physical Therapy is now an indexed journal title and is considered a ‘brand name’ that is well recognized nationally and internationally. Changing the name could jeopardize the journal’s indexing status, which took a long time to achieve. Another problem is that if we leave the publisher without owning the title, others could move in to publish under this indexed title and take over our institutional subscriptions, which are a major source of revenue for the journal.

Because of the complexities of the situation, we have recently finalized a contract with LWW that provides the Section with the option of purchasing the title to the journal. This gives us more time to consider the options available to us.

FINANCIAL CONSIDERATIONS: The cost to purchase the title is approximately $900,000. The amount was derived from the 2 to 2.5 times the journal’s annual gross income that is the standard pricing of journal titles. We would be required to pay the full amount to LWW in one lump sum to avoid paying interest to the publisher. To purchase the title mixed sources of funding appear to be best, and could include:

• dollars from the Section’s reserve fund;

• a loan that could be repaid over a time period deemed reasonable by the Section;

• undertaking special fund raising activities, such as a campaign to raise money to “Take the Title”;

• for a period of time, earmarking funds for a Title Campaign that traditionally have been donated to the Foundation for Physical Therapy;

• organizing educational conferences to raise money for the Title Campaign for which speakers might donate their services;

• using profits from the planned IV STEP Conference organized with the Neurology Section;

• designating SOPAC proceeds for a Title Campaign.

• soliciting donations from members of the Section and friends of the journal;

• holding fund-raising receptions, dinners, or special events c in conjunction with CSM and SOPAC;

• putting a % of the Section’s yearly revenue toward repayment of the loan. This amount could be set at a level that does not significantly compromise ongoing Section activities.

The following pros and cons are presented 3 options: 1) maintain the status quo, 2) purchase the title, or 3) change the name of the journal

| |Option 1: Maintain Status Quo |Option 2: Purchase “Title” |Option 3: Change Journal Name |

|Pros |Cons |Pros |Cons |Pros |Cons | |Financial Issues |No immediate cost |Possible difficulties obtaining best financial return for section, because the title is a bit of a “trump card” for LWW in contract negotiations |The Section would own its primary asset |Other section activities may be affected during period of purchase |No immediate cost | | | | |Lack of control over OVID pricing with LWW- as both LWW and OVID are owned by a parent company that adjusts pricing |OVID pricing could be controlled by contract with publisher | |OVID pricing could be controlled by contract with publisher | | | | |LWW shares copyright with Section |Section would own copyright of all materials | |Section would own copyright of all materials | | | | |Section does not own its primary asset while other sections have ownership of their journal title- We share royalties with the publisher |Ability to obtain contract with publishing company providing most favorable financial terms for the section. | |Ability to obtain contract with publishing company providing most favorable financial terms for the section. |New title would not be indexed. Would need to establish a publishing track record and reapply for indexing. Authors may hesitate to submit articles because the new title would not be indexed | | | | |Section would provide subscriber base. | |Section would provide the subscriber base. |LWW would still own “Pediatric Physical Therapy” title and could “reconstitute” an editorial board in competition to our new journal title | | | | |Most likely Dutch & other Associations would continue to partner with us. |Need to renegotiate arrangements with Dutch Association of Pediatric Physical Therapy |Most likely Dutch & other Associations would continue as partners. |Need to renegotiate arrangements with Dutch Association of Pediatric Physical Therapy | |Publisher Issues |Large Publisher Services reflect an “economy of scale” (less expensive paper, ink, etc., because they buy in bulk). hi-tech expertise |“Society Journals” are a very small portion of the company business and sometimes receive less attention, and frequently rotating staff in production and account management (the “publisher”) |Could select publisher that provides best service including our full approval of changes in key personnel that oversee and produce the journal in the publishing house.

|If a new publisher chosen, there could be an adjustment period as both parties learn each other’s processes The contract we just signed is for a 10 year period Would need legal advice regarding terminating the contract if we choose to start publishing under a different title. |Could select publisher that provides best service |If new publisher chosen, there could be an adjustment period as both parties learn each other’s processes. The contract we just signed is for a 10 year period Would need legal advice regarding terminating the contract if we choose to start publishing under a different title. | | |Current contract provides greater input into selection of “publisher” |Possibility of declining service with changes in “publisher” or production staff. Current publisher’s extraordinary competence makes it likely that he will be promoted to a higher position. We have had 4 different publishers during the last 10 year contract period, none as competent as our current publisher. |Could continue with LWW if they provide best proposal | | | | |Editorial Issues |Indexing maintained.

| |Indexing maintained. | | |Loss of indexing, could be competing with old title if LWW continues to publish under the name Pediatric Physical Therapy | | |Application for Science Citation Indexing in progress

| |Application for Science Citation Indexing in progress

| |Could select publisher with most expertise in obtaining Science Citation Indexing |Need to reapply for indexing in PubMed

Delay in application for indexing in Science Citation Index | |

The Section leadership conducted the following survey in spring 2012:

The Section leadership is interested in members’ thoughts regarding this situation and welcome your feedback. Please take a minute to complete the following brief survey regarding the purchase of the journal title. The Section will be collecting member feedback through June 1, 2012, and hopes to make a decision regarding the purchase of the title at the Section’s Strategic Planning Meeting in early July.

1. I believe that the Section should pursue option #1, and maintain the current status quo

a. Strongly agree Agree Disagree Strongly disagree

2. I believe that the Section should pursue option #2, and purchase the journal title

a. Strongly agree Agree Disagree Strongly disagree

3. I believe that the Section should pursue option #3, and change the journal title

a. Strongly agree Agree Disagree Strongly disagree

Comments: (limit to 500 characters)

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