Hard-pressed health budgets could be helped by a highly innovative business idea, which has been made possible for a group of entrepreneurs with support from Sheffield City Region Growth Hub.
Wayne Goring, Mike Cox, Michael Bradfield, and Graham King have backgrounds in engineering, business engagement, and the healthcare market. Thanks to their joint experience they spotted a major opportunity in servicing and repairing MRI and CT scanners at a much lower price than the manufacturers currently charge.
There has been a substantial rise in the demand for scanning, but health budgets haven’t risen in line. So the entrepreneurs decided to establish Health Imaging Solutions Limited (HISL), to meet the need for a high-quality but better value service.
The company, based at Dinnington near Sheffield, is also storing newly-purchased scanners in specially designed areas of their premises. The ‘cryo bays’ provide safe, cool storage for scanners until they can be installed, cutting down on the problem of finding storage space in busy hospitals and clinics for these expensive and bulky pieces of equipment.
The £40,000 grant made by the Sheffield City Region through the Business Investment Fund allowed the company to set up refurbishment facilities for static and mobile scanners. Without this help the project, successfully applied for through a series of advice and guidance meetings with Access to Finance advisor Henry Murch, would have progressed much more slowly.
David Grimes, Head of the Growth Hub of the Sheffield City Region, said: “This is a very good example of one of the innovative businesses we have worked with and helped to bring a fantastic idea to fruition.
“Enterprise is at the heart of everything in the Sheffield City Region, and our let’s get it done’ work-ethic in this Region harnesses drive and ambition.”
The funding from the Sheffield City Region is part of the £380million Sheffield City Region programme of investment. This includes a contribution from the Government’s Local Growth Fund which is part of the Government’s continued investment in the Northern Powerhouse.
Director Mike Cox said: “I would like to praise Henry highly both for his help and his knowledge, which meant we could make best use of our space and get the business underway much more quickly. We’ve been in the building almost a year and his work and expertise have made a great difference to the success of the company.”
HISL has used local builders to fit out its premises, and will be using local couriers for spare part deliveries. The business, which currently employs five people in Dinnington, plans to create its own training academy for the highly skilled medical imaging engineers apprentices it will need in the next few years, plus field engineers and sales staff.
- Local Growth Fund
Local Enterprise Partnerships are playing a vital role in driving forward economic growth across the country, helping to build a country that works for everyone.
That’s why by 2021 Government will have invested over £12billion through the Local Growth Fund, allowing LEPs to use their local knowledge to get all areas of the country firing on all cylinders.
Analysis has shown that every £1 of Local Growth Fund invested could generate £4.81 in benefits.
Further information:
If you would like further facts about the Fund, or the wider regeneration work going on across the country, please contact DCLG press office by emailing NewsDesk@communities.gsi.gov.uk in the first instance to request any additional information you might need.
Enterprising – our image shows Graham King, left, and Mike Cox