Wondering how to start an ultrasound medical imaging business? We take you step-by-step from start to success.
Breaking Into the Ultrasound Market
Americans spend more than $2 trillion a year on healthcare, accounting for approximately 16% of the nation's entire GDP. Yet many entrepreneurs are hesitant to enter the field because they believe they need an advanced medical background to be successful.
In fact, there are several entry points for entrepreneurs who lack medical degrees, including ultrasound medical imaging. Physicians face the same financial pressures as other business owners and frequently outsource their patients' ultrasound needs to qualified third-party providers.
Ultrasound Startup Requirements
Although you don't need a medical school diploma to launch an ultrasound business, a medical background is useful. Additionally, you and/or your staff will need to be certified sonographers with current RDMS (Registered Diagnostic Medical Sonographer) credentials. If your business will also offer ultrasound reads, you'll need certified radiologists either on staff or available on an outsourced basis.
Sonographic equipment is another hurdle you will need to overcome during the early stages of your business plan. Ultrasound equipment is expensive, so you'll need to shop around to identify machines that are right for your business model and budget. Physicians expect to receive results quickly, so your setup will need to be capable of immediately sending imagery to physicians and radiologists.
Mobile Ultrasound Opportunities
Mobile ultrasound businesses are becoming more commonplace as a way for physicians to bill patients directly while outsourcing ultrasound activities to an external provider. The value proposition for physicians is patient convenience, greater control and increased revenues for physicians. As a mobile ultrasound provider, you'll need to invest in durable equipment that can easily be carried in and out of patients' homes.
Business Plans 101 for Ultrasound Medical Imaging Business Startups
Startup entrepreneurs slave over the creation of their business plans, investing countless hours in the details of their startup strategy. Now it's time to address details about your industry.
The absence of a thorough industry analysis may incline lenders and/or other external stakeholders to take a negative view of your company. Industry analyses are critical for contextualizing your startup within an industry setting.
To succeed, you'll need to be careful to avoid common industry analysis mistakes and to accurately represent your startup in an industry context.
Take a Look at Competitors
Before you open an ultrasound medical imaging business in your area, it's worthwhile to find out how many competitors you have. Use the link below to generate a list of competitors nearby. Just enter your city, state and zip code to get a list of ultrasound medical imaging businesses in your community.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
If you are interested in starting an ultrasound medical imaging business, be sure to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. It'd be crazy for them to teach you the business.
Fortunately, somebody who runs an ultrasound medical imaging business outside of your community may be willing to share their entrepreneurial wisdom with you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
What's the process for finding an entrepreneur who is running an ultrasound medical imaging business in another city who you can speak with?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Gaining Access to Ultrasound Medical Imaging Business Ownership
Common sense will tell you that to enter the world of ultrasound medical imaging business, you'll either need to start a new business or acquire a promising company on the business-for-sale marketplace. But despite the attraction startups have for many entrepreneurs, you should also consider the benefits of buying an ultrasound medical imaging business.
If you're on the fence consider this: There has never been a better time to acquire an ultrasound medical imaging business. The down economy has resulted in a glut of available businesses, many of which can be acquired for bargain prices.
Franchising May Be a Better Way to Go
As an entrepreneur, your chances becoming a successful entrepreneur are substantially improved when you choose to franchise and leverage their successful brand and track record.
If you are thinking about opening an ultrasound medical imaging business, you would be wise to investigate whether purchasing a franchise might increase your chances of success.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Ultrasound Industry Associations
For more information about ultrasound business requirements and credentialing, visit the American Registry for Diagnostic Medical Sonography.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you currently own an ultrasound medical imaging business, try these useful resources:
If you sell to ultrasound medical imaging businesses, you're in the wrong place. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.