MRI Imaging Center Business Plan and SWOT Analysis

Product Specifications (please see images below):

• Bank/Investor Ready!
• Complete Industry Research
• 3 Year Excel Financial Model
• Business Plan (26 to 30 pages)
• Loan Amortization and ROI Tools
• Three SWOT Analysis Templates
• Easy to Use Instructions
• All Documents Delivered in Word, Excel, and PDF Format
• Meets SBA Requirements

Almost every financial institution and private investor is willing to put up the necessary capital to start a new MRI imaging center. This is especially true if the facility is going to be primarily owned and operated by someone who is a board-certified radiologist. As such, these businesses are able to obtain all the capital they need through traditional financial institutions. Given that a substantial amount of the capital being used is for the acquisition of MRI machines – these companies are able to receive a substantial amount of ongoing and startup financial support. Of course, a MRI imaging center business plan is going to be required. This business plan should have a three year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page that follows industry-standard statistics regarding MRI imaging centers or similar imaging centers. Beyond the anticipated three-year financials, a full demographic analysis should be developed as well. This includes an extensive examination of the population, population density, percentage of people over the age of 65, median household income, median family income, percentage of people that have private insurance, percentage of people that receive healthcare through publicly funded health systems, and other statistics pertinent to ongoing diagnostic radiology services. One of the things that should be discussed within the business plan as well is how the MRI imaging center will develop immediate relationships with referring doctors and surgeons so that they will send their patients to the facility for their diagnostic imaging needs. Given that it is required that a physician or surgeon authorize a MRI scan, it is imperative that the owner operator maintain strong relationships with all medical professionals within a 30 mile radius of the facility. In more rural areas, the target market radius can be as high as 100 miles depending on the number of other MRI imaging centers in the market. If the owner is a radiologist then it is much easier to develop these ongoing relationships given that most physicians have close relationships with other doctors within any given target market. As such, if the owner operator is a physician and they should reach out to their existing list the contacts within the market when they are launching this new type of business.

A MRI imaging center marketing plan needs to be developed as well. Most importantly, and again – it is incumbent upon the owner or entrepreneur who is starting this business to have very strong relationships with the market as it relates to referrals. Almost all private insurance companies and publicly funded health systems require that a formal prescription is made for an MRI scan. Beyond the direct personal relationships with other referring physicians, it is important that the MRI imaging center also maintain an expansive website. This website should showcase the MRI machines used, biographies of key radiologists, hours of operation, insurance is accepted, contact information, and what is needed in order to obtain an appointment for a MRI scan. While not imperative, it is also important to have a presence on social media. Given that it is not very expensive to develop a social media presence on FaceBook, Twitter, or Google+ – this can be done once operations have launched. The social media platforms will just further boost the visibility of the MRI imaging center will also allowing people to leave reviews from time to time regarding their experience at the facility. Again, it is not really all that imperative to maintain a significant presence on these platforms in order to generate revenues.

A MRI imaging center SWOT analysis should be developed as well. As it relates to strengths, these companies are wholly immune from any negative change in the economy given that the bulk of their revenues are generated from insurance companies and publicly funded health systems. The gross margins that are generated from imaging scans are also considered to be extremely high. The startup costs are very high in the barriers to entry are considered to be nearly insurmountable. As a relates to weaknesses, there is ongoing discussion regarding changes in regulations as to how MRI imaging centers receive their ongoing fees. There is always a constant struggle within the United States government as it relates to the reimbursement rates that are associated with these types of businesses. However, this is really an ongoing risk for all healthcare related businesses and there’s nothing much that can be done about it. For opportunities, many MRI imaging centers will expand by developing satellite locations or by establishing secondary full-scale locations. Additionally, these firms will also hire additional radiologist that can increase the billings of the centers on an ongoing basis. For threats, outside of competitive threats and changes in the reimbursement schedules – there’s really nothing is going to impact the way that these businesses operate moving forward. Reviewing an MRI scan is always something that a board-certified radiologist can do, and as such – changes regarding technology for automation will have no impact on the way that these businesses operate moving forward.