2016 Is Banner Year of Growth For Melbourne-Based First Choice Healthcare Solutions
By Space Coast Daily // December 11, 2016
SPACE COAST BUSINESS SPOTLIGHT
BREVARD COUNTY, FLORIDA – In November, the Florida Department of Economic Opportunity reported that all 24 metro areas in the state had over-the-year job gains in October with Central Florida showing the largest gains (47,400+ new jobs – up 4%). Key industries leading job growth included education and healthcare services.
These findings came as no surprise to Chris Romandetti, CEO of Melbourne-based First Choice Healthcare Solutions, an Orthopaedic and Spine care company which has been one of Brevard County’s high growth success stories of 2016.
Strong Revenue Growth
In its third quarter financial report filed with the U.S. Securities and Exchange Commission, publicly traded First Choice (OTCQB: FCHS) reflected a 72% increase in revenues for the first nine months of this year; seeing its top line rise to $22.56 million from $13.12 million for the same nine-month period in 2015.
Total revenues for the year are expected to exceed $30 million. And, according to Romandetti, the Company has yet to hit its stride.
According to Romandetti, looking to 2017 and beyond, it is the company’s belief that the organic growth of their business will continue to be fueled in large measure by three primary market realities confronting the overall healthcare industry:
1) Physicians are continuing to seek alternatives to owning and operating private practices;
2) There is a shift of care services underway to outpatient settings, such as ambulatory surgery centers and home healthcare; and
3) The industry is being redefined by a movement to bundled and global reimbursement models, which require that providers and other stakeholders work together on innovative strategies to reduce system inefficiencies, share savings and improve the overall quality of care.
In view of these growth drivers, Romandetti said that revenues in 2017 will continue to ramp, forecasting that $40-$45 million is likely. What’s more, the Company intends to continue contributing to local job growth in the new year.
Romandetti notes that in the past nine months, First Choice has expanded its care and support teams from 133 to 151, and they are still hiring.
“We still have staffing needs for top notch, qualified professionals for virtually every area of our business – from clinical operations to our corporate office,” said Romandetti.
The Company is also looking to expand its geographic footprint on the Space Coast, as well.
With practice locations currently in operation in Melbourne, Viera and Merritt Island, management is now in talks to open up additional physical therapy centers across Brevard to provide patients with optimal travel convenience while enhancing their overall care experience.
They are also looking at expansion opportunities in Indian River County.
Reflecting on 2016 Achievements
In Jim Collins’ best-selling business book, Good to Great, the author states that “a flywheel takes relentless pushing to get it to turn over even once; but after a while of pushing in the same direction, it starts to gain momentum until it is a very powerful force.”
In its ongoing quest to become a major force in Brevard’s healthcare arena, the Company’s momentum was spurred on by several key accomplishments this year.
Not the least of which was its sale and leaseback of Marina Towers, a six-story, fully occupied commercial office and medical building on U.S. Highway 1 in Melbourne to Global Medical REIT, Inc. for $15.45 million.
The building sale netted First Choice over $9 million in cash, significantly strengthening its balance sheet and empowering its leadership to pursue several new growth initiatives.
Further, First Choice succeeded in recruiting two world class, board certified Orthopaedic surgeons to First Choice Medical Group: Dr. Kenneth Sands, a nationally recognized Orthopaedic surgeon who specializes in minimally invasive total joint replacements; and Dr. Raymond DeLorenzi, one of the region’s leading General Orthopaedic and Sports Medicine doctors.
In May and June, respectively, Sands and Delorenzi joined First Choice’ Medical Group’s dynamic team of surgeons and physicians – all board certified. Each have decades of proven experience delivering state-of-the-art surgical and non-surgical Orthopaedic care.
To one degree or another, they have all earned notable industry distinction as experts in the areas of total joint reconstruction, sports medicine, total shoulder reconstruction, hand trauma, Parkinson’s, MS and interventional pain management.
In addition to Sands and Delorenzi, the practice’s providers include Dr. Anthony Lombardo, Dr. Richard Harrison, Dr. Richard Newman and Dr. Donald Vliegenthart. FCMG operates clinical offices at Marina Towers located at 709 South Harbor City Boulevard, Suite 100 in Melbourne; and at 7000 Spyglass Court, Suite 220 in Viera.
B.A.C.K Center Internationally Recognized
Just as notable are the providers at The B.A.C.K. Center in Melbourne, also a First Choice Medical Center of Excellence.
The B.A.C.K. Center care team includes internationally recognized back and neck surgeons Dr. Richard Hynes and Dr. Devin Datta; interventional pain experts Dr. Hicham Merheb and Dr. John Sassano; Dr. S. Farhan Zaidi, a leading Physical Medicine doctor and Dr. Susan Ville who specializes in Chiropractic Orthopaedics and acupuncture.
The practice sees patients at two locations: 2222 South Harbor City Boulevard in Melbourne and 650 S. Courtenay Parkway in Merritt Island.
Crane Creek Surgery Center, one of the top ambulatory surgery centers in the nation as ranked by Becker’s ASC Review, is also a First Choice Medical Center of Excellence, and is co-located in the same building with The B.A.C.K. Center’s main office in Melbourne.
Romandetti believes that First Choice’s impressive financial performance, to date, is a direct testament to the success that its fully integrated platform of Orthopaedic and Spine-focused Medical Centers of Excellence continues to enjoy through the day-in, day-out delivery of superior patient- and family-centric care and experience.
“Our world class surgeons and medical specialists not only take ownership in consistently achieving optimal outcomes for our patients; but they are also highly energized and engaged in teaming with our administrators and support staff to take ownership of our Company and its culture.”
ABOVE VIDEO: First Choice Healthcare CEO Chris Romandetti talks about the growth and goals of First Choice Healthcare Solutions.
Key Milestones Ahead for First Choice in 2017
Hinting at big things to come in 2017, Romandetti told shareholders during the Company’s third quarter results conference call that his team has recruited additional new surgeons and physician assistants who will be joining the Company’s clinical staffs early in the new year.
Continuing, he added, “Our strategic growth may also be propelled by possible acquisition of other healthcare service businesses that will either enhance or expand our current ancillary service lines; and through the launch of our Orthopaedic bundled payment programs early next year.”
Now Accepting New Patients
Both First Choice Medical Group and The B.A.C.K. Center are accepting new patients. Appointments may be scheduled by calling 321-802-5820 or visiting www.mydoctor321.com/SCD
Career Opportunities at First Choice
Interested in career opportunities at First Choice?
First Choice Healthcare Solutions and its practices, all equal opportunity employers, are currently seeking qualified, experienced candidates for the following posts: Vice President of Human Resources, Director of Marketing, Physician Assistants, Decision Systems Support Analyst, Accounting Manager, Physical Therapists and Physical Therapy Assistants, Occupational Therapists and Schedulers.
To reach First Choice Healthcare Soultions call 321-802-5820 or visit MyDoctor321.com/SCD