Radisphere has landed a $10 million equity investment as the radiology company looks to expand its community hospital customer base.
Radiology outsourcing groups like Cleveland-area Radisphere have become increasingly popular with investors in recent years. The trend is being driven largely by technology advances and healthcare cost pressures, which have combined to create a lucrative market for the companies stepping up to provide radiology services as hospitals look to save cash any way they can.
Radisphere’s latest funding was sourced from three investors, with Jan. 26 listed as the date of the first sale, according to a regulatory document. The company is aiming to raise an additional $5 million, the document states.
This isn’t Radisphere’s first rodeo. The company announced a $27.5 million series C round led by Maverick Capital in 2010. CEO Scott Seidelmann told MedCity News in November that the company had raised a total of $75 million over 10 years up to that point.
Radisphere said it used its series C round to invest in its “radii” technology platform.
Among other things, the software collects orders and information from hospitals, routes the orders to the right radiologists, then delivers a report back to the referring physician and enables real-time consultation among the physicians.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
“We’re dealing with thousands of studies every day across hundreds of facilities,” Seidelmann said last year. “That’s a massive undertaking.”
A Radisphere spokesman confirmed the funding, but declined to provide further details.
