Do you want to start a medical imaging & lab franchise but you lack ideas? If YES, here are 5 best medical imaging franchise opportunities for sale and their cost.
With the United States Healthcare industry growing massively over the years, it’s constant innovation and trends are creating opportunities for entrepreneurs to provide diagnostic services — including medical imaging — at a cheaper rate than hospitals and traditional medical institutions.
What is Medical Imaging?
Medical imaging encompasses a 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.
Have it in mind that even with the profit potential, the medical imaging industry doesn’t lend itself to amateur medical entrepreneurs. Starting and running a successful medical imaging business is a daunting and costly endeavour and if you get in over your head, it’s easy to lose huge money in the blink of an eye.
It’s advisable for entrepreneurs looking to start this business to have a background in the healthcare industry and be familiar with imaging technology as well as medical billing procedures.
Why Buy a Medical Imaging & Lab Franchise?
Note that the two biggest threats to enter into this business are capital and industry connections. Medical imaging equipment is extremely expensive — single imaging devices routinely cost in excess of $1 million. That is why to secure adequate start-up capital, prospective entrepreneurs often need the help of strategic investors.
Although, leasing these equipment can substantially lower the upfront cost of starting a for-profit medical imaging lab, 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 latest models. Another factor to consider when planning to start this business is the issue of business plan. The process of writing a business plan for your medical imaging business can be daunting.
New medical imaging businesses tend to suffer when it comes to brand recognition because unlike entrenched competitors, new brands lack visibility and history with their customers. One of the techniques entrepreneurs use to remedy this setback 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. But a medical imaging business franchise can put you at the helm of a brand that is already highly trusted by your target market.
Have it in mind that the odds of achieving your primary goal of avoiding failure in business are greatly improved if you opt for franchising in lieu of doing everything yourself. If you are interested in this business, a smart move would be to consider the following Medical Imaging and Labs Franchises briefly explained below:
5 Best Medical Imaging & Lab Franchise Opportunities for Sale and Their Cost
LabXpress is a well known medical testing laboratory chain with a reputation for fast, high-quality testing, great customer service, and reasonable prices. LabXpress facilities boast of over 6,000 tests performed by skilled and experienced staff members at convenient locations and quick results.
LabXpress is franchising locations across the United States. Note that customer service is the backbone of LabXpress’s growing success and expansion to small and large communities in need of fast, accurate and friendly lab testing services.
A LabXpress franchise provides the benefits of owning and running a business with a company that has compiled years of priceless experience and knowledge in the medical lab testing industry, and has cornered a lucrative market with a unique niche in a multibillion, high-margin, high-growth industry.
LabXpress franchisees are provided with all the technical training and support necessary to assure business success. One aspect that accounts for the success of LabXpress and the service’s strong appeal to customers is its quick turnaround time on tests.
Instead of visiting a doctor and having tests done only to wait 10 days for the results, LabXpress, with a laboratory in each location, typically turns around test results in a matter of hours, often on the same day the test is performed.
- Liquid capital required: $1,000,000
- Net worth required: $200,000
- Investment: $791,900 – $1,114,500
- Franchise fee: $180,000
- Units in operation: 9
2. Any Lab Test Now
Any Lab Test Now is popularly referred to as a direct-access lab testing services company that empowers consumers to proactively manage their own health by ordering clinical lab tests for themselves. These businesses can also leverage these services for any lab tests that fit their employment policies.
Note that all of its tests have an up-front price tag with no hidden fees. No appointments are required and locations have work-friendly hours that typically include Saturdays. The analyses of samples are conducted by a wide range of established laboratories throughout the U.S., with results typically delivered within 24-72 hours.
Report has it that thousands of tests are available that fall within categories such as general health and wellness, heart health, cholesterol, diabetes management, nutrition, allergies, sensitivities or intolerances, teen or employer drug testing, STDs, paternity, and more. Any Lab Test Now does not perform any diagnosis or treatment. Each customer is expected to take the results to their doctor or healthcare provider to take next steps.
- Liquid Capital Required: $20,000
- Total Investment: $50,000 – $99,000
- Franchise Fee: $15000 – $40000
3. Window to the Womb
Window to the Womb provides private obstetric ultrasound scanning services from clinics in the United Kingdom and North America. This company scans from the 6th week of pregnancy to full term. All scans start with a medical wellbeing check of the baby. Scans are completed by qualified and registered sonographers.
Initial training combines classroom style and ‘on the job’ training which includes the compliance and regulatory aspects of working within a regulated environment. Ongoing training for franchisee is delivered on site on a 121 basis, in training roadshows and in twice yearly national franchise meetings.
A newsletter is issued bi-monthly and there is a comprehensive online manual containing all business materials. Note that single unit franchise partners work in their clinics as a member of the front of house team. They also manage the local marketing activities and receive calls from prospective customers.
Multi-unit franchise partners have typically appointed managers to each clinic; the partner’s role is more managerial/organisational in these cases but still involved time in the clinic along with the coordination of marketing activities.
- Initial Investment: $75,000-$150,000
- Initial Franchise Fee: $15,000
- Royalty Fee: 6%
- Advertising Fee: 3% optional
- Term of Agreement: 5 years
4. ARCpoint Labs
ARCpoint Labs provide unique services to individuals, companies, and legal and healthcare professionals as a full-service national third-party administrator of diagnostic tests in the main categories of drugs, alcohol, clinical healthcare, corporate wellness programs, DNA, employment/background checks, and steroids and other performance-enhancing drugs (PEDs). ARCpoint conducts some of its testing on-site, which is why it places more emphasis on its workplace testing services.
It also maintains affiliations with DATIA (Drug and Alcohol Testing Industry Association) and SAPAA (Substance Abuse Program Administrators Association) and is certified under 49 CFR Part 40, and hires lab technicians who are certified, qualified, and trained in accordance with Department of Transportation procedures for conducting workplace drug and alcohol testing programs.
When appropriate or required, ARCpoint locations comply with Clinical Laboratory Improvement Amendments (CLIA) certifications or partners with CLIA-certified laboratories. Franchisees have the freedom to focus broadly or narrowly among four distinct business segments, including solutions for employers, the legal and judicial segment, the physician niche, and/or the individual health-conscious consumer.
- Liquid capital required: $50,000
- Net worth required: $350,000
- Investment: $145,000 – $249,000
- Franchise fee: $49,500
- Units in operation: 107
5. Fastest Labs
Fastest Labs® is one of the fastest growing drug, alcohol and DNA testing franchise organizations in the USA. This company provide drug, alcohol, and DNA testing services for individuals, employers, and organizations with a focus on speed, accuracy, and affordability.
Note that its major services are used in helping businesses comply with Department of Transportation regulations, generating court-admissible DNA results for legal proceedings, and assisting in the creation and implementation of ongoing random drug testing programs for companies and organizations that need them.
Coupled with it’s niche specialisation and the company’s narrower focus in the types of tests offered, the analyses are performed on the premises of each location for fast, often instant results. Beyond its own in-lab testing, the company also offers on-site mobile testing services, policy creation and implementation, drug and alcohol testing, ongoing program management, and more.
- Liquid Capital Required: $50,000
- Net Worth Required: $250,000
- Total Investment: $79,900 – $94,150
- Franchise Fee: $49,500