Typical Sleep Center
All of our facilities are constructed with our patients’ comfort in mind. The spacious rooms are each equipped with an individual climate control system, and a private bathroom, -- Clinically speaking,
this is a high-tech sleep monitoring facility but we want our patients’ stay to rival the accommodations of a fine hotel. This attention to detail goes into every aspect of the design— In the technical monitoring room,
we use state-of-the–art polysomnography diagnostic equipment to ensure the best quality sleep tracing available.
This equipment helps the physician better diagnose the patient during review and it also helps to decrease the turn-around time to complete a study.
Business Model
Typically, Med-South structures its sleep disorder centers through a joint venture arrangement. This involves the formation of a limited liability company. The shares in this company are equally divided between the vested partners who share equal parts of capitalization – equity – risk - and profit.
In other words, this is a co-equity partnership.
In all co-equity joint ventures a board of managers will be selected and represented equally according to equity ownership. The board of managers will be responsible for all major decisions. Typically this will consist of two representatives from each participating member. Business responsibilities for each partner.
As an equity partner what will your responsibility be?
Initially, you will need to provide us geographical and payer information, along with information concerning community physicians and monetary investment. As a partner you will also assist in the planning of the sleep disorders center.
Now, what will Med-South’s responsibilities be?
Med-South will oversee the planning and build-out of the sleep center, accreditation, and financial planning.
We are also responsible for an equal amount of capital investment.
Med-South will:
prepare all necessary documentation and otherwise assist the LLC in obtaining and maintaining accreditation by the American Academy of Sleep Medicine.
We develop the Corporate Compliance Plan, policies and procedures to be adopted by the Board of Managers.
Med-south's operational and financial responsibilities will be:
- To establish and maintain bank and investment accounts,
- Obtain and maintain necessary licenses and permits,
- Maintain Company books and records, and related tax reports,
- Manage and pay Company accounts payable and payroll,
- Prepare monthly financial statements,
- Arrange for annual audit or review of financial statements,
- Arrange for the preparation and filing of Company tax returns,
- And to prepare proposed annual capital and operating budgets.
In addition, Med-South will:
- Hire and train all personnel
- Maintain personnel records
- Recommend compensation plans and prepare the employee handbook for adoption by the Board of Managers
- And all payroll responsibilities
Why should you partner with Med-South?
Once again, Med-South, Incorporated is a substantial and viable company. Formed in 1984, Med-South is a subsidiary of Community Health Systems of Orange Beach, Alabama, a diversified, not-for-profit healthcare organization with substantial asset holdings.
In addition to those responsibilities previously stated:
- Med-South assumes the administrative and operational responsibilities of the Sleep Disorder Center, which allows the participating partners to focus on their core health care practice responsibilities.
- Med-South has the knowledge and experience to assure an efficient build-out of the lab, in accordance with the specifications and the plans required to meet the standards set by the American Academy of Sleep Medicine (AASM).
- Med-South has over 20 years of Durable Medical Equipment experience and, therefore, can provide CPAPs / Bi-paps and other sleep therapy products.
- Med-South is currently working with numerous hospitals and physician groups across the country to develop sleep disorder centers.
- Med-South develops Marketing Plans specifically designed for each demographic area.
- Med-South also has a comprehensive Patient Compliance Program.
So, if you are looking to venture into sleep diagnostic testing for your patients and your practice, talk to us at Med-South / Sleep Ventures about how a joint venture with Med-South will benefit you.
