Tech- 3409: Recently closed-down Multi-location, Multi-Modality Imaging Centers in NYC

Two Centers in Excellent Locations in NYC

Well-maintained Equipment – Ready To Start


siemens_espree

 

Two fully functional Imaging Locations are available in NYC. Like many other people in the Pandemic, the radiologist owner evaluated his priorities and decided to practice radiology part-time and spend more time with his family than working 24/7 managing two centers. The Centers have been closed since the end of 2021 and come without revenue or business.

First Facility

The first one is four years old and has multiple modalities that include:

  1. MRI – It has a 1.5 Tesla Sigma-Optima MRI Machine
  2. CT – It has a 16-slice ACR accredited GE Lightspeed CT Scanner
  3. X-Ray / Fluoroscopy – It has a Quantum X-ray Machine

The machines are well-maintained, have a maintenance contract, and are ACR-accredited.

The Center also has an extra lead-lined room to add another modality such as Mammography. This Center is located in a shopping center and has 2,500

Second Facility

This Center has a spacious 3,000 sq. ft. of space and shares the building with an Oncology group that does interventional radiology in this Center.

Although this Center’s lease started in March 2018, because of the various permits and construction delays that were compounded by the COVID pandemic, the facility opened only in June 2021. The Center only has a wide-bore, high field 1.5 Tesla Siemens Espree MRI. However, there is a room built out for PET-CT. Since the oncology group is in the building, a PET-CT could be a good investment.

After a few months of the Center’s opening, the Pandemic hit again with Omnicron. The owner then made a lifestyle decision, as discussed earlier, to spend more time with the family and work part-time rather than manage the two Centers.

Major Assets

Major assets include:

  1. Major Equipment: Between the two facilities includes two high field 1.5T MRI machines, one 16-slice CT scanner, and 1 X-ray / Fluoroscopy machine. All the machines are being serviced under a service contract and are maintained well, allowing the buyer to start using the Center immediately. MRI and CT scanners at the first location are both ACR accredited, whereas MRI at the second location is not accredited yet since this Center operated for only a few months.
  2. Build-out for Additional Modalities: The first location has another lead-lined room to add another modality, such as Mammography and ample space for bringing in an ultrasound machine. The Bronx facility has a built-out room for PET-CT to bring in a PET-CT or a CT machine and room for an ultrasound machine or other modalities.
  3. NY State Licenses: Both places are licensed under the NY state, which has a Certificate of Need (CON) license requirement and is challenging to get.
  4. In-Network Insurance Contracts (Optional): If the buyer does not currently have a presence in NY state and needs payor contracts, it the interest in the PC company instead of an asset purchase and retain the corporate ID, thereby retaining the payor contracts.

Business Opportunity

Before the Pandemic, the first Center did 35-45 MRI scans per day, 10-15 CT scans per day, and 10-15 X-ray scans per day. The buyer can drastically increase the CT and X-ray business with aggressive marketing and partnering with Independent Physician Associations (IPA) partnerships.

Asking Price

The asking price of the Centers is $2M debt-free. The assets mentioned earlier justify the asking price. The buyer will be quickly able to start and run these centers. The owner can offer transitional help and help hire back some of the staff members.

 

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