Smart Choice MRI operates outpatient MRI clinics that charge consumers $600 or less for scans, including radiologist interpretation. Led by CEO Rick Anderson, the company has expanded from two clinics to 17 locations across Illinois, Wisconsin and Minnesota, with two new facilities opening next month. It is accredited by the American College of Radiology and is in-network with major insurers including United Health Care, Anthem and Humana. The company plans to use the new funds to increase consumer adoption and to expand regionally and nationally over the next five years, including new locations in Colorado. To date, Smart Choice MRI has raised $22m in capital investment from hospital systems and strategic investors. The company is based in Chicago, Illinois. Smart Choice MRI is a Mequon, Wisconsin–headquartered imaging provider that charges an all-inclusive fee of $600 or less for every MRI. The company uses GE technology and has scans interpreted by sub-specialty, board-certified radiologists at the Cleveland Clinic. It is accredited by the American College of Radiology and is in-network with major insurers including UnitedHealthCare, Anthem, and Humana. Smart Choice operates six clinics in Wisconsin (Milwaukee, Sheboygan, Richfield, Waukesha, Kenosha, and Appleton) and three in the Chicago suburbs (Schaumburg, Glenview, and Skokie), with a downtown Chicago clinic scheduled to open in July. The company plans national expansion and will break ground on five new Chicago-area clinics and expand into Minneapolis beginning in the fall. Recent investments are funding that expansion, and Bill Kottmann will join Smart Choice MRI’s board to represent a system investor. Smart Choice MRI offers high-quality magnetic resonance imaging to patients for an all-inclusive fee of $600 or less, which covers the scan and interpretation by Cleveland Clinic radiologists. The company is accredited by the American College of Radiology and is in-network with major insurers including UnitedHealthcare, Anthem and Humana. Headquartered in Mequon, WI, Smart Choice MRI currently operates six Wisconsin clinics in Milwaukee, Sheboygan, Richfield, Waukesha, Kenosha and Appleton. The company announced an aggressive expansion plan for 2016, scheduling at least eight new clinics (including multiple Chicago-area sites and four in the Twin Cities) and detailed openings of additional Chicago-area locations with specific early-2016 dates. Smart Choice MRI positions itself as a consumer-driven, service-oriented imaging provider focused on lower out-of-pocket costs. The company will use new capital to support that planned clinic expansion. Smart Choice MRI provides Magnetic Resonance Imaging (MRI) solutions to patients, offering scans for a fee of $600 or less that include the scan and interpretation by Cleveland Clinic radiologists. The company is accredited by the American College of Radiology and accepts major insurance programs including United Health Care, Anthem and Humana. It operates clinics in Milwaukee, Sheboygan, Richfield, Waukesha, Kenosha and Appleton. Smart Choice MRI raised $6.5M in growth capital in a round led by F Street Capital, LLC, which contributed $2.5M, alongside a core group of legacy and new investors. The company intends to use the funds to support national expansion, beginning with Chicago. Rick Anderson is the company's CEO.

Total raised

$17M

Funding rounds

4

Latest round

Equity

Latest activity

May 2016