Entrepreneur Guidance
How to Start a Medical Imaging Business
This advice is written for those of you who want to open a medical imaging business. Make sure you consider this advice before you begin your venture.
Thinking about opening a medical imaging business? We tell you what you need to know to get started.
To start a successful medical imaging business, you need to be familiar with both medical imaging technology and medical billing procedures.
Medical Imaging Industry Overview
It's no secret that healthcare is a growth industry in the U.S. But what many Americans don't realize is that today's healthcare trends are creating opportunities for entrepreneurs to provide diagnostic services -- including medical imaging -- at a lower cost than hospitals and traditional medical institutions.
Medical imaging covers a broad cross-section of diagnostic procedures. MRIs, CT scans, mammography exams, ultrasounds, radiology and bone density screenings are just some of the diagnostic services that are offered by leading, independent medical imaging clinics.
Yet despite the profit potential, the medical imaging industry doesn't lend itself to amateur medical entrepreneurs. Launching a medical imaging business is a costly endeavor and if you get in over your head, it's easy to lose big money in the blink of an eye. Minimally, startup entrepreneurs should have a background in the healthcare industry and be familiar with imaging technology as well as medical billing procedures.
Overcoming Entry Barriers in a Medical Imaging Startup
The two biggest barriers to entry for medical imaging startups are capital and industry connections. Apart from encouraging you to proactively engage in business networking activities, there is little we can do to improve your industry connections. But when it comes to capital requirements, here are a few things worth considering:
- Investors. Medical imaging equipment is extremely pricey -- single imaging devices routinely cost in excess of $1 million. To secure adequate startup capital, startup entrepreneurs often need the help of strategic investors who are knowledge about medical entrepreneurism and willing to financially participate in the launch of your company.
- Leasing. Medical equipment leasing can substantially lower the upfront cost of launching a for-profit medical imaging center. In the long run, you'll pay more than you would in purchase financing. But the upside is that leasing makes it easier to turnover your equipment and upgrade to the latest models.
- Partnerships. In many instances, medical imaging entrepreneurs form partnerships to distribute risk and financial burden. However, we recommend carefully researching partnership business structures before you make any commitments to potential business partners.
Proven Strategies for Medical Imaging Company Business Plans
The process of writing a business plan for your medical imaging business can be grueling. If it's comprehensive and well-written, however, your business plan will serve as a strategic anchor point and a calling card for external stakeholders.
After you have written you plan, you'll also need to develop a strategy for your next steps.
A business plan distribution strategy represents the backend of your business planning requirements. Generally, effective distribution models include the incorporation of tracking systems into the company's startup plan.
Evaluate Competitors
Well in advance of opening a medical imaging business in your area, it's worthwhile to find out what the competition looks like. Use the link below to find competitors in your city. Simply enter your city, state and zip code to get a list of medical imaging businesses in your town.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
If you are seriously contemplating launching a medical imaging business, it's a smart move to have a conversation with someone who is in the business. If you think owners of nearby medical imaging businesses will give you advice, think again. Why would they want to educate a future competitor?
However, a fellow entrepreneur who has started a medical imaging business in a location that is not competitive to you may be willing to share their entrepreneurial wisdom with you, provided that you won't be directly competing with them. In fact, they are often very willing to share startup advice with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where would you find an entrepreneur who is running a medical imaging business that lives outside of your area?
Easy. Find them using our link below and start calling until you are successful.
Leveraging the Branding Benefits of a Medical Imaging Business Acquisition
Startup medical imaging businesses typically suffer when it comes to brand recognition because unlike entrenched competitors, new brands lack visibility and history with their customers.
To compensate, one of the techniques entrepreneurs use is to buy a business to get an established brand. In the hands of marketing professionals, the process for creating brand awareness is still long and gruelling.
However, a medical imaging business acquisition can put you at the helm of a brand that is already highly trusted by your target market.
Consider Franchising
The odds of achieving your primary goal of avoiding failure in business are substantially improved if you opt for franchising in lieu of doing everything yourself.
As part of your process in starting a medical imaging business, a smart move is to investigate whether purchasing a franchise might alleviate your startup process.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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