Minnesota Health IT start-up providing MRI quality assurance software seeks $5M

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Minnesota start-up OnPoint Medical Diagnostics, which has been seeking $5 million for more than a year, has now managed to raise $958,800, according to a recent amended regulatory filing.

The company did a reverse merger with Vertical Health Solutions, a Florida corporation in April, 2011, becoming its wholly owned subsidiary, thereby separating itself from a stumbling incubator which gave it life.

The company’s technology was developed inside Mayo Clinic before Mayo licensed it to the company. OnPoint’s software automates a mandatory accreditation process required of hospitals and imaging centers to get federal reimbursement for MRI scans.

The CEO of Vertical Health Solutions is William Cavanaugh and one of its directors is Minnesota real estate mogul Gus Chafoulias, who started the incubator and licensed the MRI quality assurance technology from Mayo.


[Photo Credit: Pile of Money from Big Stock Photo]

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Arundhati Parmar

By Arundhati Parmar

Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.
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