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I-Med, LLC - Frequently Asked Questions for Consulting Services |
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I-Med, LLC - Frequently Asked Questions for Consulting Services |
I-Med provides consultation services to existing practices and to set up primary care, specialty practices and occupational medical services for physicians in a medical center environment.
Why Should I Pay for An I-Med Consultation?
I-Med’s executive staff has set up over 58 profitable ambulatory care centers in the past twenty years. You are provided with I-Med’s proven system to provide prompt, friendly and quality medical care. Included in your consulting contract include:
How do I know if I-Med is the right consulting firm for me?
The executives have grown the company from the founder’s well known and widely recognized 24 years of consulting with his first New York based firm Health Care Consulting International, which was recognized as the number one firm in setting up walk in medical centers in the U.S. All of the key vice presidents and directors have extensive experience in medical care and or funding. The president and VPs have advanced degrees and have solid records of achievement in either ambulatory care medicine or banking.
Why will patients prefer your center to a typical physician’s office?
I-Med recommends procedures to ensure efficiency of service, setting up payment strategies which are easy for the patients to deal with (filing most insurance’s), marketing to employers therefore providing information to employees and dependents through their employer, and having an up-scaled look and feel to the center. Simple services are suggested to add to patient comfort, such as beverages, current magazines and newspapers, and cable TV.
What does a consulting contract cost and how long does it take to begin making a profit?
Currently, the cost for a consulting contract is $7,500 including at least two site visits, $25,000 for a single site center with four site visits and $50,000 for a multiple site operation with 8 site visits. There is a $3,750 retainer for all contracts and a payment plan over a specified time to coincide with payment if full with the opening of your center. As an owner, you will need approximately $500,000 in funds to build-out and supply your center, made up of $100,000 in cash and $400,000 in loans. We project break-even in 18 months. A typical profitable ambulatory care center made more than $117,000 in profits in 1995 (National Association For Ambulatory Care IV Study) and many of I-Med’s clients have made over $250,000 a year in profits after 5 - 7 years of operation.
What are the typical set-up costs for the medical facility?
We recommend that the physician lease the facility from a developer. Rents for this type of space in the U.S. is typically between $12 and $25 a square foot per year. The physician will usually be required to pay all insurance, utilities and maintenance on the facility. In office buildings and shopping plazas they may also be required to pay common area maintenance (CAM). If the physician wishes to build their own facility, the cost to do so is between $350,000 and $400,000 plus the cost for land. The centers require 7/10ths of an acre in most parts of the U.S. We generally do not recommend this, except in the case of centers that are built for companies on their own land for the use of their executives, their employees and perhaps their families. In this case, the center can be built inside an existing structure or might be housed in a free standing building near the factory, plant or office building. I-Med has several American and international developers who are interested in building and leasing sites.
I have the $100,000 in cash, but how do I get the other $400,000 in loans or leases?
I-Med completes a detailed and exhaustive study to determine not only the suitability of each physician/owner for I-Med, but also their ability to raise funds. For every center, we complete a detailed and focused business plan that can be presented to bankers, investors and leasing companies. If a physician/owner has passed our screening, then they are very likely candidates to receive funding from outside sources.
How do I find physicians and staff to work in the centers?
Several things make walk-in centers very attractive to physicians and staff. First, we suggest you pay employees at the mid to higher end of the wage scale, as well as giving profit sharing incentives to all staff members, provide staff benefits and a good work schedule. Centers are typically open from 8 AM - 8 PM, seven days a week (or just in the afternoons on Sunday). Since our physicians do not admit to hospitals, nor keep a hospital based practice, they are alleviated of the need to carry a beeper, go to the hospital in the middle of the night, and they can have a fixed work schedule. Most physicians will find the computerized office very enjoyable (if you so desire to purchase the capabilities) and much more rewarding than having to arduously write charts, notes and prescriptions. Many primary care physicians, who now have their own practice, will find that they like the idea of having a guaranteed monthly income and not have to worry about staffing, meeting government regulations, paying the overhead for the office or think about contracts with insurance companies and government agencies. Patients like being able to get medical care faster, with no appointment, and having a medical office open evenings and week-ends. Best of all, by using our proven methods, making the office environment more efficient, you can see up to 12 patients an hour, when the typical physician can usually manage no more than 4 patients per hour!
Can I terminate my consulting contract at any time?
Contractually, there are specific parameters that are set which allow either the physician or I-Med to break a contract either party has the right to cancel the contract upon ninety (90) days prior written notice, or upon seven (7) days written notice for cause.
I am interested in having an I-Med consulting contract, now what?
Read all of the enclosed documents carefully, as well as the consulting contract in detail. Then, if these are acceptable, fill out both the application and the personal financial statement. Finally, sign the non-disclosure agreement, have it notarized and send a retainer check of $3,750. If your application is accepted, then you have the option of paying the additional monies over several months. Within 60 days, you must show that $100,000 is available for capital expenditures, if required, in the center. Within 30 days from that time, the remaining $400,000 in financing should be secured. Once this has been completed, then work on your center will begin. The typical center takes between 90 and 120 days to complete depending upon if it is within an existing structure or free standing. Also, the type of construction, the type of soil on the property and the availability of labor and materials will all affect the amount of time to complete. Generally, the entire process from time of application takes 9 - 12 months. We look forward to hearing from you.
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