Why Does an MRI Cost So Darn Much?

One of the first things to come to one’s mind with regard to pricey hospital procedures is MRI. Magnetic resonance imaging machines use magnets and radio waves to produce black-and-white images of bones and organs, usually with the help of a diagnosis. It is also worth noting that very few companies manufacture MRI machines, and each specializes in a few magnet strengths, so there is relatively little competition when a hospital or medical centre needs to buy one.

These machines come in a variety of sizes and powers. Their imaging power is measured in magnetic field strength units called Teslas; low-field or open MRI machines measure 0.2 to 0.3, while currently the strongest on the market are 3 Teslas. The procedure of an MRI can cost anywhere from hundred to several thousand dollars, but they are often covered by insurance, and even if you don’t have one, there are a number of effective ways to save money on MRIs. Besides the fundamental fact that the equipment to perform an MRI is extremely expensive, significant additional expenses are incurred by servicing and maintenance of that equipment. Specialists need to upgrade MRI equipment on a regular basis, which ensures that the equipment offers the latest technology to create the highest quality images. These things together help you get the best results for your healthcare needs.

MRI Cost So Darn Much

Other expenses that may be included are, cost of the ink, the cost of specialists to read the image, and administrative costs. An MRI cost can vary a lot depending on the body part being imaged. Interestingly, the location where you are getting an MRI done also affects the cost. In most cases, it is less expensive to get an MRI at a stone-alone clinic that focuses on imaging, and the cost will be higher in a hospital. Since hospitals have more overhead than clinics, all that tends to get rolled into the price. Besides, if the hospital has an emergency room, that can drive up the cost. They are obligated to treat patients irrespective of whether they have insurance. On the other hand, standalone clinics generally only see people with insurance or who can afford the exorbitant cost. Consequently, these facilities don’t have to inflate their costs to cover patients who are unable to pay their bills.

According to multiple reports, a growing trend is being witnessed wherein hospitals are keeping their MRI costs a secret. To counteract this effect, journalists are calling for patients to share their bills, so as to throw light on how much hospitals are charging for MRIs. One of the reasons hospitals charge so much for MRIs is related to equipment costs. The hospitals not only have to buy the MRI equipment, but also maintain it well and upgrade it from time to time. Besides, there are fees for the person administering the MRI.

The easy availability of business loans for doctors has certainly taken the medical industry by storm, thus paving the way for better healthcare facilities. The following are some of the benefits promised by doctor loan-

  1. Higher amount of loan as compared to others
  2. No additional costs involved, such as foreclosure and repayment fees
  3. Both options of fixed as well as floating rates of interest can be availed
  4. There is also the option of part payment wherein doctors can repay the loan in parts
  5. The process of loan sanction is much easier and faster than ordinary personal loans
  6. The repayment tenure is more relaxing for doctors than any other creditor.

Doctors can avail a business loan of up to Rs. 35 lakh to cater to the various financial needs of their practice.

Also Read: What Are The Best Loan Options Available For Doctors

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