Multimodality Radiology Center for sale – Sold
Price: $2,200,000
Annual Revenue: $1,055,998
Net Cash Flow: $420,886
Industry: Health Care
Location: Miami, Florida
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The company is a multimodality imaging center that provides a wide array of diagnostic services, including CT scans, MRI, Ultrasound, Digital X-Ray, Bone Density, and Digital Mammography. The business is located in a prime neighborhood, surrounded by many doctors’ offices and hospitals. There is also a significant diversification in a referral base from many sources. Known for its top-notch patient care, the center often sees highly successful individuals, including professional athletes and celebrities, who have many other choices for their imaging needs.
The company has generated over $1m in revenues in 2021 with a 40% SDE margin. It has grown from a single modality of imaging and no insurance contracts to over 100 contracts and 11,000 examinations each year.
Employees: The company has 11 employees, five full-time and six part-time. This includes 4 Office Staff, 1 MRI tech, 2 CT techs, 2 US techs, 1 X-ray-DEXA tech, 1 Mammography tech, and 1 Radiologist.
Listing Details
Reason For Sale:
The owner is ready to retire and focus more on personal time with the family.
Training & Support:
The owner is willing to assist the buyer for a smooth transition period.
Summary
Competition:
In the Miami area where they are located, there are a few outpatient imaging centers. Very steady competition and all centers are maxed out in terms of the volume of patients they can do per day. Also, there is a strong barrier to entry in the imaging market since most major insurance contract panels are closed, and a large population of patients and doctors prefer to refer their patients to imaging centers that accept many forms of insurance. The differentiator for the company is its quality of service in a boutique-type atmosphere.
Potential Growth:
With a strong marketing campaign and weekly follow-up with existing patients, the current owner is confident that the volume of exams could increase exponentially on all modalities, with most fixed costs already factored in.
The market size is increasing rapidly in the region due to the Miami population growth, i.e., people from across the US have been moving into the city in the last years, a trend that is set to become stronger as more people will work remotely and move down south.
The Company could also expand by opening additional imaging centers in other Miami or South Florida areas under the company’s brand using its over 100 existing contracts with insurers. Establishing a centralized appointment and medical records department would create economies of scale and, in turn, leverage more purchasing power.
With years of working relationships and trust with many referring doctors and medical centers in the community, the Company is strategically positioned to go to the next level of prosperity.