Friday, April 9, 2010

New Business Ventures for LifeBridge Health

by Rachel Joseph
Director, Business Development, LifeBridge Health

Many of you have probably noticed the distinctive Pulse ambulances that are whizzing back and forth across our campuses and throughout the community.

What you may not know is that Pulse is a new company created by LifeBridge Health in partnership with FutureCare, a local nursing home operator, and Medical Transportation Consultants, a New Jersey-based company specializing in developing and operating medical transportation ventures. Pulse originated out of the LifeBridge Health Department of Business Development in 2007. While reviewing operating budgets, Vice President of Business Development Bryan White noticed the $700,000 line item associated with patient ambulance and wheelchair transports and came up with an idea for a transport system that would reduce costs, generate new revenue, and improve service. Pulse debuted in June 2009.

Another exciting partnership is the launch of LifeBridge Sports Medicine and Rehabilitation, a joint venture between LifeBridge Health and Physiotherapy Associates, a national provider of outpatient rehabilitation clinics. The program is operating four outpatient physical therapy clinics in Pikesville at LifeBridge Health & Fitness, as well as Owings Mills, Eldersburg, and Timonium. A fifth site in Towson is scheduled to open in a few months. These clinics expand the range of physical therapy and rehab options we can provide to our patients and employees, while complementing the LifeBridge Health Sports Medicine program.

Both of these partnerships stemmed out of the LifeBridge Health Department of Business Development. As Director of Business Development, my role is to foster a continuous flow of new ideas, evaluate potential opportunities, develop a ‘business case’ for new projects, and spearhead the negotiations, valuation, due diligence, and contracting aspects of the business development process. It is my goal to harness the entrepreneurial talent from across our system, as our LifeBridge employees have been the source for several promising projects, and work with the local business community to develop new products and services that can also enhance our bottom line.

I encourage you all to imagine the possibilities, define the market, develop your sales pitch, and contact Business Development at 5-8801. We can provide you resources and support to assess your concept, develop a business plan, and connect you with potential mentors where appropriate.

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