How to Start an SRL Lab/Popular Diagnostic Lab Franchise? - Franchise Karo

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franchisekaro | July 11, 2021 | 0 Comments

How to Start an SRL Lab/Popular Diagnostic Lab Franchise?

How to Start an SRL Lab/Popular Diagnostic Lab Franchise?

 

In India, there are numerous diagnostic laboratories. One of these is the SRL Diagnostics Franchise. It is one of the larger diagnostic laboratories in the area. People trust SRL labs for the best diagnosis.

Diagnostic facilities are gradually establishing themselves as valuable members of the society. People used to have to run to hospitals to be tested for the tiniest of issues. Doctors used the patients’ symptoms to make a diagnosis and treat them. Diagnostic labs were gradually established in hospitals to test patients. Only hospitals performed blood testing, X-rays, and sugar tests. Long lineups formed for those who wanted to be tested.

In many parts of the country, private sector hospitals have begun to build diagnostic centers. In these diagnostic labs, medical diagnostic tests are performed. Patients of various ages can be tested at these laboratories. The pressure on hospital labs for tests has been greatly decreased thanks to these labs. In India, the medical diagnostics industry is increasing at a steady 15 percent CAGR.

 

About SRL Diagnostics

SRL is India’s largest diagnostics company, with a significant ‘Reach,’ delivering excellent diagnostics services to its customers through a well-connected network of labs and collecting sites. The goal is to become the customer’s first option for diagnostics in all of the markets where they operate.

Its mission is to serve the general public with high-quality, accurate testing and results at a reasonable cost. SRL is known for its high ethical standards, which are synonymous with TRUST, and each member of Team SRL adheres to a strict value system.

SRL has around 3500 tests in its repertory, making it India’s largest test library. SRL has India’s largest accredited lab network, with 368 NABL and CAP-accredited labs and 40+ franchisees. They continue to redefine diagnostic services in India by introducing cutting-edge technology and cutting-edge services. Their research and innovation section has 150 certifications and was the first lab in the private sector to be accredited by the Department of Scientific and Industrial Research of the Indian government. Other path laboratories, hospitals, and patients benefit from SRL’s comprehensive variety of tests, which provide high-quality diagnostic, prognostic, and monitoring services.

Every year, SRL Diagnostics performs over 4 million pathology and radiology tests across a diverse test panel. Biochemistry, Immunology, Hematology, Clinical Pathology, Histopathology and Immunohistochemistry, Microbiology, Molecular Biology, Cytogenetics, and Flow Cytometry are among the pathology tests they offer. Similarly, they provide a wide range of radiology examinations, including X-rays, ultrasounds, color Dopplers, mammography, bone densitometry, orthopantomography (OPG), CT scans, and magnetic resonance imaging (MRI). They employ some of the top minds in pathology and radiology, providing you the comfort that what they say about their world-class quality is what they mean.

Diagnostic Center Requirements:

Cost of the project: Rs. 1.10 crores (excluding lab and testing equipment).
Area required: 3,500 square feet on the ground floor in a central location.
Services provided include: Preventive health screenings, pathology, radiology, and cardiology

Collection Center Requirements:

Cost of the project: It will cost between Rs. 5 and Rs. 5 lakhs.
Area required: 250-500 square feet on the ground floor in a central area.
Services provided include: Samples are collected

Additional Support

SRL also offers a professional back-end laboratory, marketing and logistics support, vendors, and a full workforce in addition to technical training. They are basically giving them the keys to a franchise so they can start their own business. They almost offer them everything they need to get started.

The franchisee’s business plan is negotiable and varies from person to person. It might be based on a revenue-sharing model or a fixed monthly payment to the business. They use two separate business models franchisee-owned and franchise-operated (FOFO) and franchisee-owned and company-operated (FOCO).

In the FOFO model, the franchise owner only receives a royalty portion of revenue, which can range from 10% to 20% depending on the territory and investments. However, in the FOCO model, the franchisee is normally guaranteed a minimum monthly income guarantee, followed by a percentage portion of the revenue after a certain threshold. The minimum guarantee differs per diagnostic center because it is determined by real estate values and revenue possibilities in the area. Despite the fact that franchising is a two-way economic model in which both parties gain, large fish-hospital and diagnostics chains have a stronger voice due to their brand identities.

Final Thoughts

Medical testing has become much more convenient for patients since the opening of diagnostic centers in residential areas. Nobody wants to go to the hospital for a routine blood sugar test. Patient Care Diagnostic Centers have made it very simple to get the tests done. Many sample collection centers test the samples they collect. The technique of collecting reports is similarly simple.

SRL Diagnostics is a well-known name in the healthcare field. They’re growing quickly and are looking for franchise partners that are eager to collaborate with them.

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