First Choice Healthcare Solutions, Inc. (OTC/BB: FCHS) (OTC/BB:
FCHSD) (“First Choice” or “the Company”) today announced its
acquisition of First Choice Medical Group of Brevard, LLC, (“FCMG”)
a multi-specialty medical group practice including orthopedics
(both operative and non-operative), sports medicine, pain
management and neurology located in Melbourne, Fla.
The purchase price for the acquisition was $2,524,000, of which
approximately $1.14 million was paid in cash and the net balance
was paid by issuing to the members of 976,179 pre-reverse split
shares of the Company’s restricted common stock valued at $0.90 per
share (which is 244,045 post-split shares). Further details of the
closing can be found in the Company’s most recent Form 8-K as filed
with the SEC.
“We are excited to complete the acquisition of FCMG, which is a
remarkable medical practice in its own right and will serve as the
prototype for our future medical specialty units,” said Chris
Romandetti, First Choice President and CEO. “The Brevard practice
is state-of-the-art and has some of the most highly trained
professionals in the region. With the completion of the
acquisition, we will continue to add skilled physicians in the
areas of neurosurgery, orthopedic surgery, interventional pain
management and neurology to ensure our flagship facility is able to
provide world-class care to our patients.
“Furthermore, First Choice will offer the financial capability
to implement a host of on-site ancillary services including, but
not limited to, MRI, X-Ray and Aquatic Physical Therapy that are
convenient for the patient and improve clinical outcomes. Beyond a
comprehensive offering of services in a single, modern facility,
all of the professionals at FCMG share an unwavering commitment to
superlative patient care and customer service. That commitment
permeates the entire First Choice organization and is the hallmark
of our operations.”
First Choice Medical Group of Brevard is located in a
68,000-square-foot facility on the first floor of Marina Towers, a
Class A office building owned by First Choice. Installation of the
diagnostic and rehabilitation services is underway and is expected
to be completed in mid-2012.
This acquisition is the first of several to be carried out under
the Company’s new business strategy, which provides incentives for
certain physician specialists to remain in private practice despite
economic pressures to become employed by hospitals and other health
systems, while continuing to deliver first-class care to their
patients. First Choice is taking a fresh and innovative approach to
medical group practices by adapting a scalable, retail services
model that capitalizes on the changing dynamics in the
multibillion-dollar medical services industry. The Company’s model
provides patients with access to high-quality medical services with
a human touch, and allows physicians to focus their full attention
on practicing medicine by freeing them from the burden of
nonclinical, administrative functions.
“Physicians tell me time and time again they love to practice
medicine, but are being squeezed out of private practice by current
healthcare and business economic realities, and are being forced to
make tough decisions – one of which is to join assembly line-like
operations such as hospitals where they lose control over the
patient relationship and are unable to participate in revenues from
ancillary services,” commented Mr. Romandetti. “Our business model
features developing and acquiring a network of efficient,
professional multi-specialty practices and physicians, including
neurology, orthopedics and pain management, among others, that
utilize diagnostic and other ancillary services, together with a
facility that will house state-of-the-art equipment for those
services; including these ancillary services as part of the
physicians' group practice where appropriate, will provide
additional revenues to the group that would otherwise be lost to
others.”
Additionally, the Company builds financial and operational
efficiencies into practices by providing all front- and back-office
functions including the latest in paperless electronic patient
scheduling and electronic medical record software, paperless
billing systems, collections and cash-flow management without the
significant fixed overhead of legacy leases, systems and contracts.
The Company has a strategic alliance with Medtrx, which brings
unmatched expertise in billings and collections, as well as
proprietary IT billing and collection software systems built from
the ground up specifically for the medical industry. Medtrx has
further customized their system to meet the specific needs of our
prototype medical specialty unit.
“We believe ours is a scalable model that requires minimal
capital expenditures. Now with the completion of the acquisition of
our first medical specialty unit, our plan is to expand with
multiple clinical units by the end of 2013. Our business model
provides for predictable cash flow and we expect to benefit from
economies of scale as we build up our operations,” he added. “We
believe our current financial resources are sufficient to support
our operations and near-term expansion plans.”
Effective April 2, 2012, the State of Florida issued a Health
Care Clinic license to First Choice Medical Group of Brevard, LLC,
the company’s first medical specialty unit. In addition,
FCMG has been licensed for two additional locations in Brevard
County, which will serve as satellite offices for FCMG’s main
facility.
Conference Call and Company Presentation
First Choice Healthcare Solutions, Inc. has scheduled an
investor conference call for Tuesday, April 17 at 4:30 p.m. Eastern
time. During this call, management will present the new business
strategy and take questions. Individuals interested in
participating in the call may do so by dialing (888) 803-7481 for
domestic callers, or (706) 679-7889 for international callers. A
telephone replay will be available for 48 hours following
conclusion of the call by dialing (855) 859-2056 for domestic
callers, or (404) 537-3406 for international callers, and entering
reservation code 69995523. Copies of the presentation materials
that will be discussed on the call will be filed with the SEC on
Edgar, as an exhibit to a Current Report on Form 8-K, and will be
available prior to the call on the Company’s website at
www.myfchs.com.
The live conference call also will be available via the Internet
by visiting the company’s website and a recording of the call will
be available on the company’s website for 90 days following the
completion of the call.
First Choice Healthcare Solutions, Inc.
First Choice Healthcare Solutions, Inc., through its wholly
owned subsidiary FCID Medical, Inc., is developing and acquiring
efficient, medical specialty units. The company is carving a
new niche in the multibillion-dollar medical clinical service
industry with specialized medical units that offer an optimal mix
of synergistic multi-specialty physicians combined with an array of
diagnostic capabilities. More information is available at
www.myfchs.com.
First Choice Healthcare Solutions was previously known as
Medical Billing Assistance, Inc. and changed its stock symbol to
“FCHS” in December 2011 in anticipation the company’s new business
strategy. The Company recently completed a 4-to-1 reverse stock
split bringing a total amount of outstanding shares to
approximately 12.4 million. Accordingly, the Company’s ticker will
be “FCHSD” for the next 20 business days.
Forward-looking Statements
This press release contains statements which are forward-looking
statements. Such forward-looking statements are based on current
expectations, estimates, and projections about our industry,
management beliefs, and certain assumptions made by our management.
Words such as “anticipates,” “expects,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” variations of such words, and
similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict; therefore, actual
results may differ materially from those expressed or forecasted in
any such forward-looking statements. Information concerning factors
that could cause the Company’s actual results to differ materially
from those contained in these forward-looking statements can be
found in the Company’s periodic reports on Form 10-K and Form 10-Q,
and in its Current Reports on Form 8-K, filed with the Securities
and Exchange Commission. Unless required by law, we undertake no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events, or otherwise
to reflect future events or circumstances or reflect the occurrence
of unanticipated events.
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