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Bill Haussmann, Founder & CEO, Prestige Medical ImagingOriginally established in 2003 as New York Imaging Service (NYIS) in Newburgh, NY, the company evolved through expansion, mergers, and acquisitions. As the organizations were consolidated, the company rebranded to Prestige Medical Imaging and currently covers twelve states. “This put us in a position to create unique business models that we couldn't have achieved as a small independent organization,” says Haussmann. The business model includes purchasing organizations in key regions, keeping the culture and relationships in place, and leverage PMI support to serve customers in a better way. This consolidation has reduced price points through bulk purchases and leveraging service capabilities. In growth regions, PMI establishes Managing Partners with significant experience and understanding of the local culture. The Managing Partners enable PMI to provide localized customer support, guaranteeing the local, intimate relationships between the customer and PMI.
Service is the best product that we sell
Such strategies have created economies of scale for PMI through consolidation of overhead, minimizing brick-and mortar, and elimination of redundancies. Improved service and reduced costs create the ultimate value proposition for the customer.
Many customers often have limited capital and are unable to afford X-ray equipment. “To address this challenge, we took an approach similar to your cell phone company and applied it to X-ray,” quips Haussmann. This solution offers “X-Ray-as-a-service” solution where the customers are charged a monthly fee for their equipment and usage. Such value offering sets PMI apart from its competition.
PMI is the official radiology provider for several leading sports teams such as Miami Heat and New York Mets. PMI serves hospitals, orthopedics, imaging groups, chiropractors, podiatrists and veterinarians. PMI are sellers of new and pre-owned radiographic equipment including MRI, CT and PACS.
“The thing that I am most proud of is this one big family we've created. Over 65 percent of our employees have been here for a decade or longer, which is special," adds Haussmann. He believes that employees are the most important part of the company because if the employees are taken care of, then they would in turn take care of the customers. Kevin Galage, COO, has been with the company for more than ten years. Haussmann met Galage through a business transaction and he was recruited shortly after, as Haussmann was impressed by his professionalism. “You can't pick your family, but you can pick your work family. So, we've handpicked ours," quips Haussmann. He hires his employees based on the experience they create while working with him instead of the usual interview and hiring process. This has helped PMI to provide best-quality services and make them compete with leading companies such as GE and Siemens.
Key points Haussmann envision in the future roadmap— adding managing partners and developing the “X-ray-as-a-service” model, which is launching over the next twelve months. “We are currently actively entertaining multiple acquisitions also,” concludes Haussmann.
Company
Prestige Medical Imaging
Management
Bill Haussmann, Founder & CEO, Prestige Medical Imaging
Description
Prestige Medical Imaging (PMI) provides high-quality medical imaging products and services for professional sports teams, hospitals, orthopedics imaging groups, chiropractors, and veterinarians. The company is a prominent medical imaging solution provider that has the ability to serve a variety of customers catering to the specific needs of the customers regardless of their size. Since its foundation in 2003, the company has gained strategic partnerships with foremost manufacturers who specialize in cutting edge technology and quality product line extensions. PMI has Installed fully integrated X-ray rooms with digital radiography, state-of-the-art mobile digital radiography X-ray system, CARESTREAM onsight 3D extremity system cone beam CT (CBCT), and a state of the art radiology suite, catering to the unique requirements of the medical environment across the globe.
Prestige Medical Imaging News
Prestige Medical Imaging Announces Appointment of Larry Hicks as CEO, Former CEO Bill Haussmann steps up to Executive Chairman
Hicks commented, "I am excited to be joining a true market leader that has outstanding service as its core value. I look forward to working with Bill, Peter, and the rest of the team, on the next exciting phase of growth."
Together with their Private Equity sponsor, Atlantic Street Capital ('ASC'), that invested with PMI in September of 2021, this appointment is an important step in the strategic development of the business, as it looks to continue growth and further establish a high-quality executive team to support the next phase of development.
Founder and former PMI CEO, Mr. Bill Haussmann, has been appointed as Executive Chairman of the Board for the PMI business and commented, "Finding an executive with the requisite experience and team building skills was our priority, I am pleased to welcome Larry to the team. He will have my full support as he leads PMI through our next phase of growth."
Managing Partner for Atlantic Street Capital, Mr. Peter Shabecoff, commented, "We are delighted to welcome a leader of Larry's experience and caliber to the position of CEO at PMI." He continued, "With an established leadership presence on the East Coast, we are now laying the groundwork for continued expansion into additional territories and modalities; and believe Larry can help us accelerate that growth. We continue to look for appropriate service-led opportunities in the sector."