Compass Medical Equipment, Inc., of Lake Grove, NY was launched in March of this year. The company sells both refurbished and late-model preowned imaging equipment--MRI, CT, Nuclear, PET/CT, and X-Ray machines to the dealer community, and occasionally to end users. Compass is a two-person company, connected with a close circle of professional colleagues who work together in growing their small businesses collectively.

Compass also offers leasing and financing, and can refer clients to a network of reputable service providers for installation and repair. Michael Falco, Vice President of Compass, is very energized about his return to the medical equipment business. "We solely focus on doing business the right way."
Falco's background makes a significant difference in creating the strong sales for Compass. Eleven years ago, Falco started with Access Medical Equipment, at that time the largest dealer of medical equipment in the world. When GE Medical Systems bought Access, Falco worked in GE's Goldseal Exchange group as a modality specialist selling X-Ray and MRI trade-ins to the dealer and broker community. About five years ago, Falco was approached about an opportunity with IBM Global financing, who wanted to launch a medical leasing program. Falco jumped at the opportunity serving as a lead development person, generating $215 million in leases. The IBM program was innovative and a great learning experience for Falco. When IBM chose to discontinue the program, Falco began reviewing opportunities in the marketplace and surmised the time was right and launched Compass.

Falco says without a doubt the time at GE and IBM gave him a deeper perspective into the business world, and a higher level of professionalism that ultimately benefits his customers. When an OEM rep works with Falco, they know he has expertise in a variety of business modalities--not just knowing the equipment, but problem-solving and understanding the complexities of financing a venture. Falco is able to be a reliable resource for sales reps and clients. The unique skill set he developed at GE and IBM has allowed him to educate clients on the importance of proper financing.

Generally, a leasing company wants deals structured a certain way and focuses on certain clientele. In negotiating lease arrangements for his clients, Falco can approach different lenders and work with different structures and credit profiles, matching the client to the lender. Rather than having limited options, the clients who work with Compass have an advocate to get them the better deal.

The demand in the imaging market is strong, especially for multi-slice CT technology. At the same time, the DRA has had some strong impact, causing many imaging centers that were running lean to close. But Falco feels the changes will ultimately mean stronger imaging centers and a stronger clientele. "This creates opportunities to make lifetime customers, as knowledgeable dealers can help navigate a business through tough times."

The outlook is bright for Compass. "For me every day is a little better than before, with a new person calling who knows my reputation." As Falco continues to reconnect in the business, he takes incremental steps to utilize the marketplace in a sensible manner. Being recently DOTmed Certified is another validation, a way to show potential new clients an instant reference.

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