From Employee to Health-Care Entrepreneur
Taylor decided the time was right to go from employee to entrepreneur by starting Central Kentucky Diagnostic Center, LLC (CKDC), a new diagnostic imaging center in Stanford, Ky., that he formed with his wife, Dana.
Tim has more than 23 years of experience in diagnostic imaging, where he designed the imaging department for a new replacement hospital, operated three outpatient imaging services for the local hospital and served as radiology and respiratory therapy director and PACS administrator. Dana Taylor has 16 years of experience as a mammography and X-ray technologist.
“God had a plan for us all along,” Tim Taylor said. “An imaging center of our own has always been a dream of ours. As difficult as it was to lose a job I had so much passion for, it presented us with an opportunity to do a greater good for the patients we serve. Our patients are given compassionate, family-centered care in a relaxed atmosphere and have access to some of the most technologically advanced equipment available all at prices that are one-half to one-third of hospital costs.
”CKDC provides general diagnostic radiology, 3-D CT scans, general and vascular ultrasounds, bone density testing, and lab collection for the residents of Lincoln, Garrard, Boyle, Pulaski, Rockcastle and surrounding counties. It is the only non-physician, non-hospital owned imaging center in the state.
Because it has less overhead, Central Kentucky Diagnostic Center is able to provide its services for 50 percent to 75 percent less than a hospital would charge.
“KHIC has supported us and helped us with the SBA loan as well as with our business plan and financial pro forma to make sure our loan application was complete,” Tim Taylor said.
All of the equipment is digital so images are sent electronically to board-certified radiologists to be read. If patients are traveling to Lexington to see a specialist, they are provided with their study on a CD. CKDC also has a secure website, which allows physicians to access the images immediately in their office.
“This project is an excellent fit with KHIC’s focus on medical services in the region through USDA’s Stronger Economies Together,” said Jerry Rickett, president and CEO of Kentucky Highlands. “We are confident that Central Kentucky Diagnostic Center – with its strong, well-experienced management team – will provide a quality health-care service to the area that is greatly needed.”
Cumberland Security Bank in Somerset is CKDC’s lender. Kentucky Highlands assisted Cumberland Security Bank in packaging the loan to obtain the Small Business Administration Guarantee, then KHIC funded a portion of the loan.
Banks often turn to KHIC about assisting them in packaging a loan geared toward new and/or small businesses. The SBA loan helped the Taylors purchase the equipment, renovate the commercial space, and set up the required computer equipment and related software.