An individual having experience in laboratory science can initiate a diagnostic center business with a reasonable capital investment. The diagnostic center with pathology is one of the most profitable businesses in the medical and pharma industry.
Heightened physician awareness and the increasing patient requirement to avail of high-quality care have increased the demand for a good quality diagnostic center.
Advancement in medical technology, substantial demand, coupled with ongoing standardization of regulation and accreditation, have made this business an attractive investment opportunity for aspiring entrepreneurs. One thing to remember is that the diagnostic center is a capital-intensive business and thus required proper strategy planning prior.
Here are the 8 Steps to Start a Medical Diagnostic Center Business
1. Write a Diagnostic Center Business Plan
Crafting a business plan is a must in starting a diagnostic center business. Do adequate market research and learn more about the demographics of the location, level of competition, and demand.
The most important thing is deciding what are the services you will going to offer in starting. Check the other diagnostic center and what are the services they are offering and also where is the gap.
It will help you in deciding and crafting your list of services. There are several different types of services that you can offer. Such as clinical pathology, biochemistry, hematology, microbiology, x-ray, ultrasound, CT Scan, etc.
According to the products you will need to calculate the equipment and manpower cost. Craft a clear marketing and sales promotion strategy. Determine your establishment. Whether you will be starting by having a rental property or you will purchase one.
Calculate your startup budget with expected cash flow and revenue return. It is advisable to consult with a small business consultant before starting.
In a nutshell, some of the basic issues that need to be addressed in your diagnostic center business plan are as follows;
- Startup and recurring costs
- Target customers
- Pricing plan
- Manpower hiring plan
- Marketing plan
2. Name your Medical Diagnostic Center Business
If you are planning to launch a successful diagnostic center business, it is most essential to select a catchy and relatable business name. A business name that properly conveys your products and services will not only bring in more customers but also add to the brand personality.
3. Licensing & Registration
You will need to determine first the ownership pattern of your business and need to register accordingly. It will depend on that particular location where you are starting the diagnostic center. Initiating diagnostic center business attract several licenses and permits from the Government’s Health Care Department.
Check the rules of your state where you are going to start the business. It also needs several different educational qualifications. If you have that, no need to worry. Otherwise, there are options to hire an employee with that particular qualification.
4. Setup & Equipment
a) Select a Good Location
Selecting the right location is definitely crucial in getting success in this business. While you are starting the business with a lease or rent property, check the agreement carefully. Enough parking space is required outside also.
b) Interior Design
Consult with an interior expert who has experience in this field to create interior floor planning and designing. Generally, you will need to accommodate the specific spaces for reception, cash counter, back office, waiting for the lounge, and specific spaces for several different tests.
c) Uninterrupted Electricity Supply
There needs to be a stable source of electricity. If the power source is subject to interruptions or maybe not working for long periods, a generator should be provided to power important equipment and to permit work to continue.
The diagnostic center must be air-conditioned. Electronic equipment and instruments depending upon optical filters and diffraction gratings for operation, such as spectrophotometers and ELISA plate readers, are susceptible to high temperatures and high humidity.
d) Select the Right Software
It is essential to have customized admin software to maintain customer data and accounting. Furthermore, select proper accounting software for smooth day-to-day financial transactions.
e) Tools & Equipment for Medical Diagnostic Center
You will need to gather the needed laboratory and other equipment. According to your plan purchase the required equipment from reliable suppliers. Equipment plays a major role in diagnostic center sales promotion activity. It is obvious, modern and technologically updated machines will fetch more clients.
You will need to have a refrigerator, balance, microscope, centrifuge, and other required glassware. Apart from these, according to other specialized services like ECG, EEG, X-Ray, and others you will need to install that particular machinery.
5. Register your Diagnostic Center
For the smooth running of a medical diagnostic center, registering your business is mandatory. Talk to the local concerned authority and select the most appropriate business structure that fits your business best.
6. Licenses & Permits
Every country and state requires a different set of licenses to start and run a diagnostic center business. Talk to local attorney or a lawyer and procure the needed licenses and permits.
7. Manpower Hiring
In starting a diagnostic center business, it is important to have manpower resource planning. Broadly there three types of manpower are required. The first one is technical personnel, the second is administrative and the third one is marketing personnel.
A solid hiring plan is required to run every department smoothly. Hire only skilled and experienced professionals. As this is a medical service industry, quality manpower plays an important role.
8. Have a Marketing Plan
Promote your business offline and online. You can also establish a 2 to 3 collection center at other different potential locations. Quality services with precise results along with extensive promotion are the key factors. Publish some local newspaper advertisements.
Advertisements on local television channels and radio also is an effective way of marketing. Also, you can have tie-ups with hospitals with specific services. Competitive pricing with on-time delivery is one of the most important factors in getting success in the diagnostic center business.
Create your online presence with the details of the services that you offer. A doorstep sample collection and report delivery system is also an effective way to get more clients to your diagnostic center.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.