Platinum Medical Imaging

Newly merged company provides best of both worlds

In December 2009, a merger took place that garnered much attention in the medical equipment industry. Platinum Medical Parts, a respected provider of GE Healthcare MR parts and a strong supporter of the third-party service sector, joined forces with Eclipse Medical Imaging, an undisputed leader in the aftermarket CT industry. Together, they operate under one name – Platinum Medical Imaging – and incorporate both product categories into their service repertoire.

It’s the best of both worlds, company executives say. Instead of only focusing on one core competency, Platinum Medical Imaging can better serve customers while simultaneously increasing market share. It’s also a tremendous boon to customers; the newly merged company provides a one-stop shop for their CT and MR needs.

“We share the same philosophy for serving companies,” Platinum Medical Imaging COO Robert Costa asserts. “As one company, we can integrate our capabilities to support expanding clinical requirements, such as improved utilization of existing MR and CT suites with capabilities like CT/MR fusion for enhanced treatment planning.”

Platinum Medical Imaging President, Jeffrey Fall, concurs. To him, the merger represents a powerhouse in the making. “As individual entities, both companies have been pioneers in the provision of unique solutions for customers, including CT Simulation for Oncologists, Hero Kits and MRI parts contracts,” Fall says. Joining forces, however, “the company expects sales in 2010 to exceed $18 million, which includes more than 110 CT and MR service contracts.”

Fortunately, experience is on their side. The Platinum Medical Imaging management team contains more than 100 years of combined experience in a variety of specialties. For instance, company CEO David Band is the founding President of the International Association of Medical Equipment Remarketers and Servicers while Costa is a nationally renowned expert in oncology. Furthermore, CFO Mark Bringolf and Vice President of Engineering Scott Simmons are undisputed experts CT and MR, respectively.

Fall believes that this pool of talent will work to Platinum Medical Imaging’s advantage. “Combining the strengths of our two companies will address an unmet need in the marketplace – the ability to work with a single aftermarket service provider for both CT and MR scanners,” he says. “This will translate to greater convenience, better service options, and more value across the board for our customers.”

From Atlantic to Pacific
With every business merger comes a litany of questions. For instance: Will the newly merged company move into Company A’s facility or take up residence in that of Company B? Or, will the company relocate to an entirely new location altogether? For Platinum Medical Imaging, however, the decision was easy. Instead of uprooting employees and product inventories, the company would operate out of two facilities.

Although both buildings span 25,000 square feet and feature the most innovative technologies, the similarities end there. For instance, the facility in Vacaville, CA, the corporate headquarters of the former Eclipse Medical Imaging, is dedicated to CT refurbishment while the facility in Deerfield Beach, FL, home to the former Platinum Medical Parts, is focused on MRI parts testing and repair. According to Fall, “Both facilities are stocked to provide for the service needs of our customers without being dependent upon cross-country shipments to meet our obligations.” Again, Platinum Medical Imaging customers get the best of both worlds.

In addition to their vast warehousing capabilities, another factor that sets Platinum Medical Imaging apart is their stalwart commitment to quality. Case in point: On the CT refurbishment side, Platinum Medical Imaging utilizes a 93-point checklist to ensure that each piece of equipment is of the highest caliber. “To our knowledge,” Fall says, “we’re the only company that tests all of our MR parts using our state-of-the-art testing bay to ensure that all components we sell are of the highest quality in the marketplace.”

This commitment to quality also extends to Platinum Medical Imaging’s service model. Fall says, “Our service model requires that troubleshooting begins when the call for service is placed and extends to supplying our engineers with expected parts when they’re dispatched.” This enables Platinum Medical Imaging to address issues upon arrival, rather than having to wait for parts shipments, he explains.

Moving Forward
Given the current financial state of many healthcare facilities, it’s crucial that medical equipment vendors implement cost-cutting strategies. After all, Fall says, “The cost pressure on the broad imaging market means that hospitals and imaging centers can no longer rely on long-term reimbursement schemes to ensure profitability. They must look aggressively at cost containment while simultaneously looking to improve quality.”

Enter: Platinum Medical Imaging. Providing top-notch MR and CT products at a fraction of the cost of OEMs, “we continuously look for ways to address these needs and respond creatively to them,” Fall says. In fact, he has a very ambitious five-year plan for Platinum Medical Imaging; Fall expects his company to generate $50 million in annual revenue by 2015.

Fortunately, if the past three months are any indication of what’s to come, then Platinum Medical Imaging is well on its way to achieving this goal. “We’re not just changing company names, we are joining forces to take the value of aftermarket services to the next level for customers from coast to coast,” says Platinum Medical Imaging CEO Dave Band. “The new Platinum Medical Imaging will be able to deliver even greater economies of scale to help customers save money and deliver quality care to patients.” The best of both worlds, indeed.