Ultrasound businesses range from the storefront in the mall that lets you capture 4D videos of the baby complete with music to mobile medical diagnostic vans that travel to various locations to better serve patients. While there are different business models you could follow, a number of key steps are shared between all of them.
Here is what you should know before you start an ultrasound business.
Consider the Competition
Too many people learn about a business and rush to set one up without taking a look at the competition first. Don’t plan on setting up an ultrasound business if there are several OBGYNs and/or imaging centers in the area that already offer this service. Don’t bother setting up an ultrasound business catering to moms-to-be if there’s already one at the local mall.
Conversely, if there isn’t already a business in the area but you are familiar with a business model that you like, consider becoming a franchise of that known brand. Don’t forget to research what your rivals are charging and what allows them to charge that much.
Acquire the Right Equipment
You’ll need ultrasound equipment to run an ultrasound business. One factor to consider is supporting equipment. If you’re going to do diagnostic scans, your ultrasound equipment must be able to send digital files to radiologists for review in a format the patient’s doctor can also view. You also want equipment new enough to look professional and attractive, though it doesn’t have to be brand new. However, it does have to work correctly. If you’re renting or buying used equipment, have it checked out by a qualified tech before you use it on patients.
Gain the Necessary Expertise
You don’t have to be an ultrasound technician to start an ultrasound business. However, you would need to hire those who do have this expertise if you don’t have it. Check ultrasound technician salaries on SalarySite.com to understand what you’ll have to pay if you need the help. If your business will offer diagnostic sonograms, you’ll need a registered diagnostic medical sonographer and radiologist on staff, not just an ultrasound tech.
Consider All Your Other Expenses
Will you need to pay property taxes as part of your lease agreement? Will you be paying payments on the equipment you’ve bought on credit? Total up every expense you have to pay each month and divide any annual expenses by 12 to see how much you have to clear per month before payroll. This is how much you have to make to even stay in business, plus your salary and that of your medical experts. Compare this to demand in your area and how much you can charge. If your likely revenue is lower than your break-even point, you either need to find out how to charge more, find ways to lower your expenses or find another line of business.
These few tips should help you start your ultrasound business on the right foot. Make sure you do the research necessary and see if there is genuine demand in your area for specialists like you.
