Setting up a private medical laboratory business is an exciting yet nerve-wracking experience, especially given the high cost of equipment and rigorous licensing process. A significant investment is needed for a startup lab, so those considering this type of venture should have a solid business plan in place.
Whether you are looking to set up a new medical lab or grow your existing one, you need to prepare for the cost of equipment. This article discusses how much the most important lab equipment will cost and where to find funding assistance.
Lab Startup Equipment List
What tools and machines do you need to set up a standard medical laboratory business? The lab startup equipment list includes furniture, computers with the relevant software, and laboratory-specific devices. Listed below are the basic pieces of equipment in a typical laboratory setup and their price ranges.
|Lab Startup Equipment/Software
|Cost of Equipment
|Computer with a printer and Internet connection
|$1,000 to $2,000
|Software, like MS Office, insurance billing apps, QuickBooks Pro, laboratory information management systems (LIMS), etc.
|$500 to $1,500
|Waiting area and blood drawing room furniture
|$5,000 to $10,000
|Initial supply of needles, syringes, cotton, gauze pads, micropore tapes, Latex gloves, etc.
|$1,000 to $2,000
|$9,000 to $20,000
|$300 to $900
|$800 to $3,000
|$100 to $300
|Initial supply of chemicals for cell growth media, buffers, and agar broths
|$1,000 to $2,000
|$4,000 to $10,000
|Freezer and refrigerator
|$5,000 to $15,000
Of course, establishing a startup lab goes beyond having the standard equipment. There are other things that you should do first before you can even open a private lab.
Other Essentials for Starting a Lab Business
Before ticking off each item on your lab startup equipment list, there are certain regulatory conditions that you must meet to operate. These include:
Compliance with local zoning ordinances. Some locations limit the opening of laboratory facilities that handle potentially harmful bodily fluids.
Professional liability insurance (also known as malpractice insurance)
State-issued blood bank and clinical laboratory permits
Updated medical personnel licenses
Approval from the Centers for Medicare & Medicare Services (CMS) via the Clinical Laboratory Improvement Amendments (CLIA)
Because of the sensitive nature of a medical lab business, states are more strict when it comes to providing a permit to operate. Be sure that you have the proper approvals before shopping for your new lab equipment.
Get Funding Assistance for Your Startup Lab from Charter Capital
It’s no secret that starting a medical lab business requires a huge investment, and you might not be prepared to shell out a large sum in one blow. The lab startup equipment list presented includes only the basics. This could go much higher depending on the services you want to offer. Fortunately, funding agencies like Charter Capital can provide the financial help you need to grow or establish your dream venture.
Charter Capital can help you buy the medical equipment or software you need to remain competitive and offer your patients the highest quality of care. We have been providing medical equipment financing assistance to laboratory businesses since 1977. Depending on your needs, we offer skip, level, seasonal, and balloon payments, so you can worry less about payments and focus on being the best in your industry. We also offer financing help for used equipment.
Contact us now to learn more about how we can help your lab business grow.