Philips (Direct Radiology)
Philips acquired Direct Radiology’s teleradiology platform and reading services business in March 2019. Here Philips kept the reading service element of Direct Radiology as a separate entity, but integrated the Direct Radiology IT into the broader Philips portfolio of imaging IT, allowing it to develop a strong competitive edge in the teleradiology IT market. Direct Radiology was estimated to be a top-6 provider of U.S. teleradiology reading service volumes in 2019. In August 2019, Philips strengthened its platform offering with the acquisition of Carestream Health’s Healthcare Information Systems (HCIS) business. Carestream was estimated to represent the fourth-highest share of global teleradiology IT vendor revenues in 2019.
2. Reading Service Provider (Self-Developed IT)
— Includes teleradiology reading service providers that have developed their own IT, which they use to support their own reading services, although the IT is not made commercially available at scale to third parties. Companies that fall into this category include:
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Following several years of organic growth, U.S.-based vRad was acquired in 2015 by the publicly traded healthcare services / physician practice management provider MEDNAX. In 2018, Mednax reported 11.5m radiology studies and revenue of $3.6 billion, of which vRad accounted for 58% (6.7 million) and 6% ($232 million) of the overall MEDNAX group volume and revenue, respectively. In 2019 vRad (via its network of 500+ radiologist reporters) performed a similar level of teleradiology reads, representing not just the largest teleradiology provider in the US market, but also globally. As we discussed in our June 2020 insight, Mednax made the decision to sell its radiology and teleradiology business. In December 2020, Radiology Partners finalised its $885 million acquisition of the Mednax imaging business line, bringing together two of the leaders in U.S. radiology with a combined 2,400 radiologists across all 50 states, reading roughly 35 million exams annually. The move will allow Radiology Partners to begin offering teleradiology out-of-hours reads to its smaller practices.
Doctor-NET is the leading provider of teleradiology reading services in Japan, and a top 10 player globally, with an offering that includes diagnostic image reading, on-site (Doctor PACS) and cloud-based (Virtual-RAD) IT software, and AI interpretation services.
Telemedicine Clinic (Unilabs)
Spanish-based Telemedicine Clinic (TMC) is a leading European provider of subspecialty teleradiology reading services. The vendor is a leader in the Nordics, where it serves the Swedish and Danish market, and a top four player in the U.K., where it is an approved supplier to the U.K.’s NHS Trusts. TMC also has Australian facilities in Sydney and Noosa for providing its “On-call” service (out-of-hour and emergency teleradiology reads) for European hospitals, whereas the “Elective” teleradiology reading service is provided for the U.K. and Nordics. In November 2017, the vendor was acquired by Unilabs, a European provider of lab medicine, radiology, pathology and genetics, operating lab and diagnostic imaging facilities in 15 countries across Europe and the Middle East. The combined Unilabs and TMC network consists of >550 radiologist reporters, interpreting roughly 4 million examinations annually for its European clients.
3. Reading Service Provider (Third-Party IT)
— Similar to the above group in that it also provides reading services, although the IT platform is provided by third-party providers. Examples include: