Smart Choice MRI provides affordable imaging for $600 or less, and the company is now planning to expand with the help of a $6.5 million round of financing.
Milwaukee-based F Street Capital, LLC, in addition to a core group of legacy and new investors, led the financing round with $2.5 million. The money raised will be used first to expand the company’s reach in Chicago — and then into additional markets.
“With consumers assuming more of their medical expenses than ever before, they want to know their options. They deserve a choice,” Rick Anderson, Smart Choice MRI CEO, said in a statement. “We are changing the way healthcare is delivered, starting with complete price transparency at a fair rate. Our investors share this vision, enabling us to achieve this significant milestone. With six clinics to date, Smart Choice MRI will now be able to significantly expand its footprint outside of Wisconsin. We couldn’t be more thrilled to move this business model forward to serve even more patients and communities in the year ahead.”
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Consumers are increasingly challenged with out-of-pocket healthcare costs, according to the Kaiser Family Foundation/Health Research & Educational Trust 2015 Employer Health Benefit Survey. Smart Choice MRI is looking to alleviate some of those costs, considering the average MRI cost is $2,948.
“It’s clear to us that Smart Choice MRI is on the leading edge of a new era of healthcare—one that empowers patients,” said Todd Gruen, F Street Capital managing partner. “The changes in our healthcare system have fueled consumers who demand to understand their options—quality at a fair price has never been more important.”
Photo: Flickr user liz west
