PITTSBURGH, Pennsylvania — Foundation Radiology Group has raised a first round of $10 million to hire new radiologists and expand its diagnostic imaging and radiology service office, according to a company release.
Chrysalis Ventures led the round, accompanied by Health Evolution Partners and another group through its Health Evolution Partners Innovation Network. Koleman Karleski, Chrysalis’ managing director, and Roy Ziegler, who directs the 1-year-old, $200 million network fund, will also serve on Foundation’s board of directors.
The medical device and health IT company Emageon is a previous investor.
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Foundation Radiology is a imaging services company that has on-site and teleservices for hospitals and other health centers. Its services include neuroradiology, mammography, cardiac CT, pediatric radiology and general radiology, among others.
The 3-year-old company doubled its client base last year with five agreements to serve hospitals and health centers. It expected its revenue to reach $9.5 million last year compared to $2.2 million in 2007. The company told The Pittsburgh Business Times is expected to give up 11.5 percent in equity through the $10 million investment.
It told the paper it expands on the traditional subcontracted imaging service.
Hospitals often contract with companies to provide the service during off-hours when staff doctors are unavailable. But Foundation takes the so-called “night hawking” service a step further by providing final interpretation of medical images rather than the preliminary or “wet” reads night hawking companies provide, and also offering physicians equity in the company.
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Foundation Radiology’s customers are largely in Pennsylvania and Kentucky.