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Clinics and practices

Radiology and pathology provider financial model, built free.

A three-statement Excel model for a diagnostic imaging and pathology provider, built from your own figures and checked to balance.

  • Free account
  • No card
  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Performs imaging scans or pathology tests paid mostly by Medicare rebates and patient gaps, driven by referral volumes, equipment capacity and fee per service.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Radiology and pathology provider sample model.xlsx
The Summary sheet of the sample radiology and pathology provider model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a radiology and pathology provider.

  1. How it earns revenue3 formulas
    Practice and site acquisitions · The business
    Direct costs of acquired practicesRevenue from acquired practicesEBITDA of acquired practices
    Practice and site acquisitions · The business
    Closing deferred considerationOpening deferred considerationConsideration deferredDeferred consideration paid
    Practice and site acquisitions · The business
    Payments for acquisitions (upfront and deferred)Consideration for practices acquiredConsideration deferredDeferred consideration paid
  2. What drives its costs3 formulas
    Operating expenses · The business
    Total FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · The business
    Total average FTEsOperations and deliverySales and marketingTechnologyFinance, HR and administration
    Operating expenses · The business
    Total staff costsSalariesOn-costsOther costs per FTE
  3. What it invests in3 formulas
    Corporate fixed assets
    Capital expenditureRevenuefrom statementsCapex as % of revenueAdditional planned capex
    Corporate fixed assets
    DepreciationDepreciation of the opening asset baseDepreciation of new capex
    Corporate fixed assets
    Closing net book valueOpening net book valueCapital expenditureDepreciation
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

18 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Operating expensesHeadcount build by function
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • Corporate fixed assetsStraight-line over remaining life
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Practice and site acquisitionsAcquisitions per year × size × multipleRoll-up acquisitions of practices, clinics, imaging sites or pharmacies — consideration paid, goodwill, and the revenue and costs acquired.
  • Medical equipment capex and replacementEquipment register with replacement datesCapex, depreciation and book value of major medical equipment — imaging modalities, linear accelerators, dialysis machines, theatre and laboratory equipment — replaced on its own cycle.
  • Revenue cycle deductionsExpected collection rate by payerThe step from billed or contracted revenue to what is actually collected — contractual allowances on gross charges, implicit price concessions on patient balances, claim denials and third-party settlements — for providers billing insurers and patients claim by claim.
  • LeasesLease register
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Covenant tests and headroomLVR, gearing and ICR for property
  • Case selectionStackable stress toggles
Key numbers

The numbers it tracks.

  1. 01services
  2. 02revenue per service
  3. 03modality utilisation
  4. 04labour cost ratio
  5. 05EBITDA margin
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
Related models

More in clinics and practices.

Every healthcare model

Looking for a radiology and pathology provider financial model template? Ours arrives built for your business, with your figures in it.

Running a small business? Read what goes into a small business financial model.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.