The MRI Business Opportunity - Full Service
In-Office MRI Profitability. Understand the Imaging Center Business
- Module #1
Owning a profitable MRI Imaging Center can be an enriching and valuable opportunity, and the industry numbers tell a compelling story.
MRI (Magnetic Resonance Imaging) is a clinically valuable diagnostic tool utilized by nearly all medical specialties in our country and worldwide.
According to one industry source, nearly 40 million MRI scans are performed annually in the United States alone, generating over $100 billion in revenue annually! Given that the MRI Imaging Center business is forecast to continue growing, it stands to reason that you should want a place at that table!
MRI imaging is a medical business regulated by Federal and some State Laws. MRI imaging centers can most easily be owned as part of a single medical practice with an “Office Setting” ( Orthopedic, Spine, Neurosurgical, Surgical, etc.), as an entity co-owned by several medical groups in a block leasing agreement, as part of any hospital imaging service line (MRI, CT, PET, Radiology, Mammography), as a service in a specific radiology group practice, or as services owned and managed by independent private investors in an Independent Testing Facility (IDTF).
Other medical businesses that might be interested in owning an MRI Imaging entity, such as ASCs looking to diversify and improve revenue options, will individually have to meet the Stark Law provisions that address the ownership and use of an MRI, but that is being accomplished more often and represents a significant revenue stream for Ambulatory Surgical Centers as well.
There is much to know and consider in setting up, designing, building, and implementing a profitable MRI Imaging Center.
Your MRI Imaging Center can be a much-needed and profitable imaging modality in your medical group or community.
However, your MRI Imaging Center service setting must be one that not only conforms to the law but also offers the best business and delivery structure to be profitable.
The ownership model and business structure you select for your MRI Imaging Center project can significantly affect its profitability and long-term success.
We can work with you and our highly regarded Healthcare Attorneys to ensure you select a business structure that meets all those needs.
Creating a profitable MRI Imaging Center is a significant venture. It is expense-laden, labor-intensive, and carries some financial and regulatory risks, and we treat it as such.
With our guidance and experience, we will work to “keep you out of the weeds " in developing your MRI Imaging Center. We can even help you enjoy the process and become knowledgeable!
In this Consultation and Assistance Module, we will address
- Any project area the client wishes to discuss. Everything can be modified to meet the client's specific Information and Assistance Module needs as we learn their needs.
- Understanding the financial goals and expectations of the collective and individual Project Owners.
- Understanding any Clinical Needs to be met in this MRI Project.
- Addressing other MRI Project Clients Special and or Specific Equipment Needs and or Requirements, IE, 70 cm wide bore vs. 60 cm bore, Extremity Unit vs. 1.5T or 3.0 T unit, New Unit vs Refurbished Unit, Lowest power usage options, Ortho, Spine, or other specialty-specific imaging coils, or detachable patient table needs, MRI Exam suite Natural Lighting requirements, Patient Sound and Communications options, etc.
- Working with Client Project deadlines.
- Review of the Client’s understanding of funding and expense requirements for an MRI Project. Understanding the Client’s funding, options, desires, resources, goals, limitations, deadlines, and possible requirements and terms and assisting as needed.
- Understanding Client MRI site considerations, layout, siting limitations, opportunities, requirements, and options.
- Introduction to a qualified, experienced Healthcare Attorneys to discuss:
The framework of client needs for their possible specific MRI Project.
MRI Project Entity type: Office Exemption-Single Integrated Medical Group Practice, Block Leasing multiple group practices, ASC, IDTF Independent Testing Facility, Hospital Service Line, Radiology Group Practice, or Other.
- Federal Stark Law Provisions for MRI Ownership.
- State laws can affect the ownership of an MRI in a specified state where the client resides.
- MRI Imaging Center Ownership model that several nonintegrated medical groups can share. Determine value for the client if needed.