May 9, 2020 — This business specializes in MRI ‘s for personal injury and all major medical insurance and workers compensation. These 8 facilities are open MRI centers. Patients can be scanned in almost any position such as flexion or extension (to name but 2 of many) such that ligamentous instabilities can be seen where missed in any other MRI (closed or open).
This business uses FONAR technology, which has an added benefit that most MRI’s can be performed seated while watching TV. This is the quietest MRI in the market. Their technology helps attract otherwise claustrophobic patients.
This absentee company is well-maintained by leadership with regards to marketing, machine maintenance, billing and collections (in-house), insurance contracts, and bookkeeping.
They get referrals from Attorneys, Doctors, word of mouth and their SEO/website. They are one of the largest providers of open MRI services within the Philadelphia area. All 8 facilities are sold as a package.
Facilities: 8 separate leases are in place. Most through 2028 with options to renew, etc
Competition: Company is the Dominant competitor in the market. No one else has Fonar MRIs and no one else has as many locations. Their referring physicians are loyal and they cater to their patients promptly.
Growth & Expansion: Adding more insurance contracts to the business would open more doors. Adding other testing modalities like CT, x-ray, ultrasound, PET, etc would offer a one-stop solution to referring doctors and patients. A new owner could pursue a cloud-based solution. Additionally, interacting with large groups of PCPs and specialists would be a win-win. Finally, running television ads would drive the business very well. There are some very good YouTube video ads that can be emulated.
Financing: may consider
Support & Training: Ongoing support will be provided by the seller
Annual Revenue: $11,856,000
Net Cash Flow: $989,256
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