Western Baptist Medical Ventures

Western Baptist Medical Ventures, Inc. (WBMV) serves as one of three general partners and contributed one-third of the original capital needed to finance the acquisition and construction of a Magnetic Resonance Imaging (MRI) facility. An MRI is an extremely expensive piece of medical equipment used to diagnose certain diseases. The availability of this technology greatly benefits the citizens of the surrounding counties. WBMV provided MRI services indirectly through participation in a partnership, rather than directly and independently, in order to share the cost of the equity investment and financing that was necessary to acquire and construct the MRI facility, as well as to secure the cooperation and support of the two other entities which joined to form the partnership. Ultimately, as a result of joining with the two other entities to acquire and construct the MRI facility, the overall medical cost of providing this service to the community is substantially lower than it would have been had each of these entities provided these MRI services individually. In 2006, WBMV expanded its purpose to also include other innovative medical technologies, physician services, primary care centers, special health clinics, and urgent care centers. During the short period ended 12/31/2014, there were 35 physicians who provided 45,015 visits at 16 locations. WBMV provided the following community benefits: Cost of charity $231,054 Medicaid Costs in excess of Reimbursement $753,287 Cost of Bad Debt $514,471 Medicare Costs in excess of Reimbursement $2,969,727 ----------- Total $4,468,539