Businessweek

Banyan Corporation, through its subsidiaries, engages in diagnostic testing, franchising and licensing Chiropractic USA branded chiropractic clinics. The company provides practice development training and assistance to chiropractors, as well as offers franchise support and related services to franchisees. It also offers diagnostic testing services. Premier Medical Group: Premier Medical Group is the company's diagnostic testing business, offering Nerve Conduction Velocity (NCV) testing to patients through health care professionals such as doctors and chiropractors, including its chiropractic franchisees. NCV testing measures the transmission of nerve impulses through the body, identifies problems in the nervous system, and helps to substantiate the treatment to patients and their insurers. Premier Medical Group sets up blocks of patient testing appointments and then arranges for one of its certified neurological technician to bring test equipment to the doctors’ offices and perform the scheduled tests. Premier Medical Group performed approximately 6,235 tests in 2007. Virtual Medical Systems: Virtual Medical Systems is the company's subsidiary that manufactures and markets the VT3000, a nerve testing system originally developed by Premier Health Services. The company manufactures the system through a third party, Scientific Imaging Inc., located in Atlanta, Georgia, under a supply contract, and market it to physicians and chiropractors through a six-man sales force that is part of Premier Medical Group. The VT 3000 is a point-of-service solution for the diagnosis of neuropathies, which are diseases of the peripheral nerves and parts of the spine, as well as nerve irritation and other damage to the nervous system of a patient. Chiropractic USA: There are approximately 80,000 chiropractors in the United States and Canada. Chiropractic USA was formed to develop Chiropractic USA brand chiropractic clinics throughout North America under the Chiropractic USA trademark and uniform operating systems and practices. The company offers licenses to chiropractors as an alternative to franchises. The company developed its network of franchised clinics through conversion of established practices to franchised Chiropractic USA brand clinic locations and franchising new practitioners. The company has franchise agreements covering 55 locations. Its franchise agreements provide for payment of percentage royalties, contribution to an advertising fund, and charges for additional services selected by the franchisee. Competition The company's competitors include Neurometrix, Inc.; Viasys Healthcare Inc., Cadwell Laboratories, Inc., and Xltec, Inc. History Banyan Corporation was founded in 1978.