Ensuring the Success of your MRI Imaging Center
Stephen Veals
CEO MRI Consulting Group
May 22, 2024
Any medical specialty group that is going to embark on the extensive planning and buildout of an MRI Imaging Center, with costs conservatively ranging from $1.9 million to $2.4 Million and more, will need to know in advance if their MRI Imaging Center is going to be profitable! There are specific steps you can take to ensure the success of your MRI Imaging Center.
You will need to know, in advance of the buildout of your project, that your MRI Imaging Center will not only be profitable, but you will also want to know how profitable I can expect my MRI Imaging Center project to be. This information is knowable and crucial to your decision to undertake this plan, design, buildout, and Implementation project.
Build a Lender Quality Financial and Business Viability Analysis!
Whether you are an investor group interested in the creation of an MRI Independent Testing Facility (IDTF), or a Single Specialty group of Orthopedic or Neurosurgeons adding MRI to your in office clinic setting, you need to determine and project the future profitability of your MRI Imaging Center Project. You will need and want a Lender Quality Financial and Business Viability Analysis.
The “Financial and Business Viability Analysis,” which will need to be created early on for your MRI Imaging Center Project, is a detailed, well-researched, high-quality document that can be used in working with Project Partners, Banks, and Lenders to secure funding for the physician MRI Imaging Center Project. Utilizing as much lender financing as you can secure allows you to conserve partner working capital. It can allow you to bring a substantial and definable amount of Imaging Center Scan revenue to the partners during the project term. Quality lender MRI Project funding allows for less physician partner anxiety during the slow MRI scan revenue ramp-up period experienced in the initial six months of project operations.
Improved Lending Terms
The detailed MRI Imaging Center Financial and Business Viability Analysis that will be created will benefit every physician group. When done professionally and with the care it deserves, it can be relied upon by your lender and will help them understand the project's return on investment and timeline for doing so. It will also create lender confidence in the medical group’s professionalism and assist the lender in positively shaping the terms for the funding needs of the Medical Practice Entity. The high-quality Financial and Business Viability Analysis will always yield the best possible lender funding terms for the physician client group on a project of this complexity. A well-run medical practice with a well-constructed Financial and Business Viability Analysis can sometimes defer project loan and/or lease payments during critical partner need periods.
Elements of the Financial and Business Analysis
The Financial and Business Viability Analysis will project MRI scan volumes, revenue, detailed MRI project expense projections, and much more. Along with a significant amount of precise additional information relative to the physician practice and patient catchment area, you will have a projection of your project net profit and the foundation of a definable business plan. The creation of the MRI Imaging Center Financial and Business Viability Analysis will require intensive, experienced data gathering and as much source data accuracy as possible. You will be making a number of assumptions based on experience, and those assumptions should be moderately conservative.
It is better to overperform than underperform what you have projected in your MRI Financial and Business Analysis!
The creation of the MRI Imaging Center Financial and Business Analysis is all about guiding the physician client group to determine and accurately project the bottom-line profitability on an annual basis. Developing profitability projections for the first six years of MRI Imaging Center operations is also possible!
What if the Financial and Business Viability Analysis throws you a curve ball?
When constructed, the MRI Imaging Center Financial and Business Analysis may sometimes reveal that you lack the bottom-line profitability you are looking for.
No worries, and it's good to know in advance. If that occurs, and depending on what the numbers tell the physician client group, adjustments can be made in how you put your MRI Imaging Center Project together.
In this type of situation, it is possible to provide many positive and successful recommendations for the MRI physician project partners that will significantly improve the creation and success of their MRI Imaging Center Financial and Business Analysis and the full success of their MRI Imaging Center!
Contact us to discuss your plans and how an in-depth business analysis can help ensure the success of your MRI imaging center.
Your success is our success!