How to Start a Mobile MRI Business

Start a mobile mri business by following these 10 steps:

1. Plan your Mobile MRI Business
2. Form your Mobile MRI Business into a Legal Entity
3. Register your Mobile MRI Business for Taxes
4. Open a Business Bank Account & Credit Card
5. Set up Accounting for your Mobile MRI Business
6. Get the Necessary Permits & Licenses for your Mobile MRI Business
7. Get Mobile MRI Business Insurance
8. Define your Mobile MRI Business Brand
9. Create your Mobile MRI Business Website
10. Set up your Business Phone System

We have put together this simple guide to starting your mobile mri business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas.

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

• What will you name your business?
• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge customers?

Luckily we have done a lot of this research for you.

What will you name your business?

Choosing the right name is very important. Read our detailed guide on how to name your business. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.

What are the costs involved in opening a mobile mri business?

The costs to open a mobile MRI business are high compared to other businesses. An MRI machine alone can cost between $150,000 to $3,000,000. Of course, the price is dependent on a number of factors and features. In addition to the cost of the MRI machine, the station that will be used to create a mobile MRI must also be considered. Trailers or RVs must be modified to make the mobile MRI station. After those costs are considered, state licenses, certifications, and insurance requirements will also quickly add up. Finally, expenses related to employees and long-term storage for this large mobile station will need to be paid to get this business started.

What are the ongoing expenses for a mobile mri business?

Numerous ongoing expenses are required for this business. The MRI must be maintained and serviced often. The station that holds the MRI must also be inspected after each booking. Any employees or medical professionals on staff will have recurring salaries. Marketing, promotion, tours, utilities, and long-term storage are all additional ongoing expenses.

Who is the target market?

The target market is health care facilities and organizations that provide medical services. A mobile MRI adds to the services these businesses can offer. By partnering with these organizations, it will be easier to provide mobile MRI services. A secondary target market includes government organizations.

How does a mobile mri business make money?

This business makes money by taking reservations for the mobile MRI station. Without bookings, this business will not generate revenue. It takes time and planning to ensure the station is placed in the correct area. Very rarely will a last-minute call result in the mobile MRI business going and setting up that same day.

How much can you charge customers?

MRI scans are already costly. The clients and customers you will interact with understand the costs of MRI machines and maintenance. Most bookings will be longer than just a day. The average monthly cost for a mobile MRI station ranges from $20,000 to $40,000.

How much profit can a mobile mri business make?

The profit that can be made from a mobile MRI business is exponential after the initial costs are paid off. It could be a few years to a decade before a significant profit is achieved through this business. However, annual profits that exceed $1 million are possible.

How can you make your business more profitable?

The more mobile MRI stations that are available for rent, the more profits you can achieve. Marketing this business in an area that has the right needs and the right medical care facilities to partner with can help this business grow faster. Since the mobile MRI station needs long-term storage, finding a storage facility that is affordable and easily accessible will help keep profits high.

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your mobile mri business is sued.

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history, which can be useful to raise money later on.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

Is this Business Right For You?

This business is right for a medical professional who is ready to serve patients in underdeveloped areas. From rural towns to underserved communities, a mobile MRI business requires quite a bit of time on the road away from home. The person who runs this business needs to have a passion for healthcare and assisting individuals.

What happens during a typical day at a mobile mri business?

A typical day in a mobile MRI business will include getting on the road and getting the station to its intended destination. Depending on the length of the rental, the mobile MRI may be available for a day, week, or month. While the station is operating, a team of healthcare providers will screen patients, provide MRIs, and interrupt results. Once the end of the rental has arrived, the mobile MRI will need to be packed up and returned to its long-term storage.

What are some skills and experiences that will help you build a successful mobile mri business?

Knowledge in the medical industry is required in order to successfully run this business. HIPAA compliance, medical jargon, and MRI basics are all essential for day-to-day operations. Additionally, having experience working or speaking to medical providers and medical equipment manufacturers is a plus.

What is the growth potential for a mobile mri business?

The growth potential for a mobile MRI business is exponential. Many communities do not have direct access to hospitals that feature MRI machines. This business allows for growth in local communities across counties, throughout states, and even across the country.