The leading medical image and information exchange network closed a new round of capital to fund growth and operations.
Information Technology & Services
Update: Monday, 22 April 2013
Newton, MA - lifeIMAGE, the leading network for securely sharing medical images and related health information, announced today that it recently closed a $15 million Series C round of financing. Continuing to support lifeIMAGE, Cardinal Partners (Princeton, N.J.) and Galen Partners (Stamford, Conn.), the company’s largest existing investors, led the round with participation from all other existing venture funds and strategic investors. The proceeds will be used to fund growth and operations.
“lifeIMAGE is a great example of how electronic exchange of patients’ health records contribute to better care, while reducing unnecessary expenses,” said Thomas McKinley, partner at Cardinal Partners. “As the leader in image sharing, lifeIMAGE is well-positioned to make significant and innovative contributions to the e-health and patient engagement movements.”
lifeIMAGE, recently featured in a Wall Street Journal article, has been used by more than 29,000 people in 68 countries to share over 410 million medical images. Approximately 180 of the largest hospitals in the US have engaged lifeIMAGE to facilitate the secure, electronic exchange of x-ray, computed tomography (CT), magnetic resonance imaging (MRI), nuclear medicine, echocardiography, ultrasound, and other types of diagnostic imaging exams in and out of their health care enterprise. Physicians use its simple workflow to provide remote consultations and second opinions to other physicians and patients anywhere, and also conveniently import the information into their local electronic medical record (EMR) systems.
“lifeIMAGE has consistently delivered on an ambitious blueprint for technology development and marquis customer acquisition,” said David Jahns, Managing Partner at Galen Partners. “As a nation, we cannot sustain spending nearly 18 percent of our GDP on healthcare. We have to wring out inefficiencies, and lifeIMAGE has very effectively demonstrated the role of technology and innovation in accomplishing that goal.”
At $120 billion per year, medical imaging is the second highest healthcare cost element in our nation. Its utilization is expected to grow as technological advances continue to make it a strategic clinical tool in expanding areas of care, and as our population ages. To address concerns over the cost, inefficiency and harmful radiation associated with unnecessary, duplicative procedures, accountable care organizations (ACO), health information exchange (HIE) projects, and other risk-based entities are increasingly adopting medical image sharing capabilities. Some estimate this can deliver as much as 30 percent savings by providing access to patients’ histories, facilitating virtual consultations, and making referral processes more efficient.
lifeIMAGE provides a broad set of solutions for universal e-sharing of diagnostic imaging information. These products securely connect hospitals, radiology groups and physicians to their patients everywhere and are currently deployed at many of the nation’s leading healthcare institutions and academic medical centers. The goal of the lifeIMAGE platform is to help avoid duplicate exams and eliminate unnecessary patient exposure to excessive radiation.