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| [April 09, 2012] |
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First Choice Healthcare Solutions Completes Acquisition of First Choice Medical Group of Brevard
MELBOURNE, Fla. --(Business Wire)--
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 (News - Alert).
"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 healthare 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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