I-MED Radiology acquires teleradiology provider, StatRad, and enters the US market

I-MED Radiology acquires teleradiology provider, StatRad, and enters the US market

I-MED Radiology acquires teleradiology provider, StatRad, and enters the US market

I-MED Radiology (I-MED), Australia & New Zealand’s largest medical imaging network, is pleased to announce the strategic acquisition of StatRad, the United States’ second largest teleradiology service provider.

The acquisition enables I-MED to significantly build on its leadership in teleradiology by entering the largest global market offering via StatRad’s innovative and scalable technology.

Teleradiology is the remote interpretation of medical images and is supportive of timely, quality care. Its core purpose is to provide rapid and accurate diagnosis for those patients attending clinics where imaging equipment is located but radiologists may not be available.

Founded in 1995 as a partnership between local US radiology groups, StatRad is an established and well regarded teleradiology business. With over ninety US-based radiologists on its team, it reads more than 1.8 million scans in the US each year enabled by its cloud-based teleradiology software to provide high quality interpretation of medical images.

I-MED has more than 20 years of experience in teleradiology which forms an important part of its commitment to providing quality care to all patients. Via its existing teleradiology operations, I-TeleRAD, it currently delivers over 1 million radiology reports per annum, for over 170 hospitals in Australia and New Zealand. This represents approximately 10% of I-MED’s revenue (FY24F).

Through the acquisition of StatRad, I-MED will become a leading multinational provider of scalable teleradiology services globally. The global teleradiology market is growing rapidly with a CAGR of 24% since FY21 and is set to reach US$22.8 billion in FY27[1].

“We are excited to announce the acquisition of StatRad, which marks a significant milestone in our journey to expand our specialist teleradiology capabilities and enter the United States,” said Dr Shrey Viranna, CEO of I-MED Radiology.

“This strategic move underscores our commitment to providing exceptional and timely medical imaging services to patients, while accelerating our leading position in teleradiology globally.”

“By combining with StatRad, I-MED will ultimately be able to offer unparalleled teleradiology services to healthcare providers and patients worldwide.”

I-MED's investment in artificial intelligence tools for diagnostic support, patient triage, and quality management complements its I-TeleRAD reporting capability in Australia and New Zealand.

"The acquisition of StatRad presents yet another strategic avenue for I-MED to enhance patient care and improve health outcomes," said Dr Viranna.

[1] Arizton Teleradiology Market Forecast 2022-27

About StatRad

StatRad’s team of US-resident clinicians provide high quality interpretation of medical images through its award winning teleradiology services for its clients delivered by cloud-based software to allow digital access to any medical image, anytime, anywhere. StatRad’s radiologists provide over 1.5M imaging reports for acutely unwell emergency department and hospital inpatients each year, supporting over 190 hospitals in 30 US states. 

For more information, visit http://www.statrad.com

About I-MED Radiology

I-MED Radiology Network is Australia’s largest diagnostic imaging network, offering medical imaging and radiology services including x-ray, PET, CT, MRI, Nuclear Medicine, Ultrasound, Mammography and interventional procedures. 

Across Australia, I-MED Radiology Network operates 250 clinics and performs over 6 million patient procedures each year, making us one of the largest providers of medical imaging in the world. With over 450 doctors and 4,000 staff actively sharing clinical knowledge and expertise, a consistently high level of service is assured across all clinics. In 2022 I-MED Radiology’s clinic network expanded across the Tasman following the acquisition of Hamilton Radiology and Midland MRI located in New Zealand’s North Island. We also have a large teleradiology operation – I-TeleRAD – which provides round-the-clock radiology reporting throughout Australia, New Zealand and the United Kingdom.

At I-MED Radiology Network there is a strong belief that we can be the most respected and trusted medical imaging specialists in the world. That’s our vision, underpinned by our purpose - to help save lives and reduce uncertainty. We strive to be the provider of choice, consistently delivering high quality healthcare to every patient, every time.

Quality. Working together. Innovation. Compassion. Connection. These are the values that set us apart, along with our people, our state-of-the-art technology, our innovative systems, and our imaging and diagnosis. So much so, that we are the provider of choice for more specialists, GPs, hospitals, and allied health professionals around Australia.

For more information (media enquires) contact:
Sarah Newlove
I-MED Radiology Network
02 8274 1073 or 0422 964 081