Mequon-based Smart Choice MRI has raised a $6.5 million funding round, which it will use to expand nationally.
The company offers MRIs to patients for less than $600, which it says makes it one of the most affordable MRI providers in the country. It plans to start its expansion in the Chicago market.
“With consumers assuming more of their medical expenses than ever before, they want to know their options. They deserve a choice,” said Rick Anderson, chief executive officer of Smart Choice MRI. “We are changing the way health care 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.”
Milwaukee-based F Street Capital LLC led the funding round with a $2.5 million investment.
“It’s clear to us that Smart Choice MRI is on the leading edge of a new era of health care—one that empowers patients,” said Todd Gruen, F Street Capital managing partner. “The changes in our health care system have fueled consumers who demand to understand their options—quality at a fair price has never been more important.”
According to the Wisconsin Hospital Association, the average cost of an MRI is $2,948.
Smart Choice has locations in Milwaukee, Sheboygan, Richfield, Waukesha, Kenosha and Appleton.
