Australia’s largest diagnostic imaging business, private equity-owned I-MED Radiology, has made a first acquisition in North America.
I-MED has acquired US imaging business StatRad to take its teleradiology business, I-TeleRAD, into the North American market. I-TeleRAD currently generates about 10 per cent of I-MED’s revenue and delivers more than a million radiology reports each year to 170 hospitals in Australia and New Zealand.
StatRad is the second largest teleradiology provider in the US. Founded in 1995 as a partnership between local radiology groups, StatRad has more than 90 radiologists on its team and reads more than 1.8 million scans each year enabled by cloud-based teleradiology software.
Financial details of the acquisition have not been disclosed.
I-MED chief executive Dr Shrey Viranna said the acquisition of StatRad makes I-MED a leading multinational provider of scalable teleradiology services.
I-MED is owned by UK-based private equity buyout firm Permira which acquired the business from Sweden-based private equity firm EQT in early 2018 for around $1.26 billion.
In 2020, I-MED acquired NSW-based Alfred Medical Imaging. In 2021 the company entered the New Zealand teleradiology market acquiring the 17 clinics of Hamilton Radiology and Midland MRI.
I-MED owns Annalise.ai, which it claims is the world’s only comprehensive medical imaging artificial intelligence (AI) technology.
The global teleradiology market is growing rapidly with a consolidated aggregate growth rate (CAGR) of 24% since the 2021 financial year and is on course to reach $US22.8 billion by the 2027 financial year.
Image: I-MED now claims to be a leading multinational provider of scalable teleradiology services.