A health IT startup that provides a cloud-based platform to share diagnostic images that’s used between physicians and physicians and patients for consults and second opinions has raised $15 million to grow its business. It’s poised for growth as meaningful use requirements for image sharing for electronic health records kick in and the number of accountable care organizations and health information exchanges expand.
Boston-based lifeIMAGE’s platform involves sharing X-rays, MRI and CT scans as well as images from gastrointestinal scopes, nuclear medicine, and pictures taken with a camera of wounds for example.
The company’s largest investors–Cardinal Partners in Princeton, New Jersey, and Galen Partners in Stamford, Connecticut– led the series C round with participation from its other existing venture funds and strategic investors.
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Update: lifeIMAGE also filed a Form D with the US Securities an Exchange Commission saying it raised $35.6 million. I touched base with the director of marketing and she pointed out that while the company did raise $15 million in new capital, the remaining $20.6 million is tied to Series B shares being exchanged.
The platform has been used by more than 29,000 people in 68 countries to share more than 410 million medical images, according to its website.
At $120 billion per year, medical imaging is estimated to be the second-largest healthcare cost in the country. Image sharing is set to drive down this cost by facilitating virtual consultations, making referrals more efficient and reducing the duplication of diagnostic imaging tests.
Hamid Tabatabaie, the CEO of lifeIMAGE, pointed out at the Healthcare Innovation Summit at Stanford University’s Business School that one factor that will help accelerate the image-sharing component of electronic medical records is that a standard for these images was established years ago.
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In November of last year, it formed a strategic alliance with Dell to accelerate the availability of its image-sharing network across hospitals using Dell’s IT services.
