MELBOURNE, FL -- (Marketwired) -- 04/04/13 -- First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) (OTCBB: FCHS) today reported solid progress in its 2012 year-end results.
FCHS, a company which develops and acquires multi-specialty medical centers, proudly announced its Multi-Specialty Medical Center of Excellence business model, and the Company as a whole, reported solid progress in its 2012 year-end results. Chris Romandetti, First Choice President and CEO, stated with optimism, "Our strong performance last year will position us for an even better first quarter this year."
The Company's recently filed Annual Report on Form 10-K for year ended December 31, 2012 details the strong positive growth for First Choice Medical Group of Brevard, LLC (FCMG), a wholly-owned subsidiary of FCHS.
CEO Romandetti stated, "You can feel the traction; our team is committed to success. The $875,000 loss reported last year was largely attributable to one-time startup and acquisition costs for our Multi-Specialty Medical Center of Excellence. Even with the heavy cost involved with the acquisition and start up, we were still able to achieve a $34,171 positive EBIDTA at year-end, which is nothing short of outstanding."
The Company expects to report a solid first quarter with the Multi-Specialty Medical Center of Excellence and the Company achieving its first quarter EBIDTA objectives. CEO Romandetti stated, "With the first quarter of 2013 already completed, we are confident the Company will report an outstanding $275,000 or more in first quarter revenue plus positive EBIDTA. The Center of Excellence was operating only at 6% of its capacity by the end of 2012 since it was just launched last year. The Company remains on track to significantly ramp up operating use of its first Center of Excellence this year."
Much of the increase in sales in 2012 is attributable to the newly completed and operational FCMG Diagnostic Division within its Center of Excellence. With the installation of the a state of the art GE 450W, 1.5T MRI, complete with GEM Suite, GE's 9800 C-Arm and latest state-of-the-art digital X-Ray equipment, FCMG is able to ensure patients a continuum of care not found in many facilities. In addition to the equipment installations completed last year, management also recently added a sixth physician. Kris Jones, Vice President of Medical Operations, said, "The Company remains on target to secure all nine physicians planned for the Center of Excellence and is poised to meet its financial objectives for 2013. In today's economic healthcare environment, the unique business model that FCHS has implemented is proving to be a successful marketing and recruiting tool for physicians and patients alike."
"Patients have provided us with an overwhelmingly positive response to the convenience of having their procedures performed in the same place as their treating physician offices. Our Physicians are able to access patient diagnostic results and records in an electronic, virtual environment. We continue to maximize efficiencies while maintaining stellar patient care in a timely fashion. At FCMG, we work to create great patient satisfaction, one patient at a time, for every patient," stated Jones.
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