Opportunity Knocks for Florida Imaging Center; IFC Helps Answer the Call

For more info, contact:

Gus Nicolopoulos
Vice President, Spectrum Medical Leasing
800-237-1359

gus@
specmedleasing.com
Spectrum Medical Leasing is a subsidiary of IFC.
In business, opportunity often only knocks once, and if a chance is missed, it is missed forever.
Take, for example, a medical imaging center in Florida.  The imaging center had been doing business for a number of years, and had grown as big as its revenue would allow. Month in, month out, business was decent and routine, but the center’s prospects for growth were limited.
Then, one day, the knock came. Opportunity arrived in form of a large Health Maintenance Organization (HMO), inquiring to see if the imaging center offered a specific service. The HMO needed a new partner, and was seeking a contract to refer its clients to the center if that service could be offered.  This service, compared to the imaging center’s current operations, was particularly lucrative, and the contract would be a huge boon for the center.
There was only one problem:  the center did not have the equipment to offer that service. 
Undeterred, the owner of the center thought to finance the equipment.  With financing in place, he could offer the service, get the immediate clients from the HMO contract, and use those revenues to repay the loan and enjoy new profits.
Then came a bigger problem: he could not get the financing.
With past financial difficulties stemming from a transfer of ownership, and what was seen as an over-leveraged position, the owner was repeatedly turned down for the financing he needed to win the contract.
With the HMO actively looking for a partner, and the imaging center not being able to get the equipment, it looked as though opportunity’s knock would be missed, and a vital chance would slip by.
Frustrated, the owner spoke of his situation with a friend, who mentioned Spectrum Medical Leasing (a division of IFC Credit Corporation). Spectrum had financed a deal for him, and he thought Spectrum may be able to do something for the imaging center.  Interested, the owner gave Spectrum a call.
The owner was put in touch with Gus Nicolopoulos, Vice President of Spectrum Medical, and the two proceeded to work out a plan. The owner told Nicolopoulos what was at stake, and Nicolopoulos went over the books, looking closely to see if there was a way to get the equipment in the owner’s hands.
“Often, the largest financing organizations will turn a client down based on something they don’t like here or there. It is our job to take a look at the whole picture, to get a feel for the personal side of the equation, and to dive a bit deeper to come up with a financing solution that will work for our clients,” said Nicolopoulos.
Within a week, Gus had arrived at a proposal.  It was a structured transaction, which leveraged the equipment currently owned by the center and provided a lease on the new equipment at a monthly payment that would make sense, given the new revenues the equipment would provide.
Opportunity had knocked, and Spectrum Medical Leasing made it possible to answer the call. The owner was pleased.  He could afford the payment, and would have the equipment to offer the new service. A deal with Spectrum Medical Leasing and IFC Credit was signed.
Now that he could offer the service, the owner called the HMO, and the contract to refer all appropriate HMO clients to his center was signed.
Though the arrangement between the HMO and the imaging center is just starting, the projected revenues from the new service will allow the center to grow and prosper, and to accumulate profits well above previous operating levels.
It is perhaps an interesting thought that chance opportunities like this can turn a small business into a large one, or a struggling business into a solid enterprise, but as a medical imaging center discovered, that is the nature of world of business.
And that is why, for business of all types, IFC leases a world of equipment.  Next time opportunity knocks at your door, follow the lead of a Florida imaging center, and call IFC Credit Corporation. 
For additional information about IFC's health care leasing services, contact Gus Nicolopoulos at 800-237-1359, or visit Spectrum Medical Leasing.