Fort Worth medical imaging company thriving through expansion

Most patients scheduling a medical imaging procedure like an MRI or CT scan are hoping for three things: convenience, affordability and useful results. In a time when healthcare costs are often prohibitively expensive, even for subpar patient care, it’s rare to find an imaging center that delivers all three. But that’s the promise of Midtown Medical imaging, and BOK Financial® helps the company back it up.

Based in Fort Worth, Texas, Midtown Medical Imaging was founded in 2010 by a group of industry veterans with decades of experience working with large imaging companies on the clinical and management sides. After a few years in business, they recognized a need to do things differently.

“We could see the industry starting to struggle as the market became saturated and technology evolved,” said Rocky Vig, Midtown’s co-founder and managing partner. “In 2013, we made the decision to shift our focus to offering 3 Tesla ultra-high-field MRI, which is the gold standard for the highest quality and most detailed images.”

 

That strategic pivot changed everything for Midtown. Today, the company operates six imaging centers and is expanding across the Dallas-Fort Worth Metroplex—but not without financial support. After all, purchasing multi-million-dollar machines and building out highly specialized facilities requires not just a vision, but also some shrewd financial maneuvering.

“When we came to BOK Financial, we only had one facility. The true test would be whether they could provide everything we needed to grow the business,” said Vig. “We would later find out just how valuable they would be.”

A passion for patients and performance
Like any healthy relationship, Midtown’s work with BOK Financial is built on communication and understanding. It started with Midtown’s need to acquire new imaging equipment when planning to open its second location.

“Equipment dealers want to finance the equipment for you and, of course, they know their machines very well, but there are a lot of other moving parts involved with outfitting a new imaging facility,” said Vig. He described how the process includes not just negotiating the purchase and financing of 3T MRI machines, which cost between $1-3 million each, but also leasing new properties, hiring new staff and even cutting through walls and hiring crane operators to install the massive machines. There are significant financial considerations at every turn, requiring a delicate balancing act to manage operating capital.

“BOK Financial invested the time and energy to understand the process and support our business from a holistic perspective,” Vig said.

It’s a matter of listening to a client’s specific challenges and figuring out how the bank can make things easier for them, said Kris Watson, Fort Worth commercial banking team leader for BOK Financial.

That problem-solving mindset also proved to be important when the pandemic struck in 2020. As an essential healthcare service provider, Midtown encountered unique challenges such as revenue disruption, supply shortages and increased expenses to keep patients and employees safe.

“We had to make some significant adjustments, but BOK added value at every step, helping us become more financially nimble and resilient.”

- Rocky Vig, Midtown’s co-founder and managing partner

The benefits of a one-stop shop
Midtown now relies on BOK Financial for all its banking needs. Beyond equipment financing, the medical imaging company uses merchant services to process on-site card payments and treasury services help accelerate collections for billings plus a line of credit to keep working capital flowing when receivables are delayed.

“The simplicity of viewing all of their services under the same account saves a lot of time and helps the staff stay focused on delivering the best patient care,” said Watson.

Vig agrees, but he also credits Watson’s hands-on approach for why he stays with BOK Financial.

“Kris has been amazing. He often calls just to check in—to genuinely find out if there’s anything he can do to help us,” said Vig. “We look forward to having them at our side as we continue to expand.”

See more client stories like Midtown Medical’s.