Today, a Newton-based, lifeIMAGE company raised a fresh financing round to expand and increase the breadth of medical imaging network capabilities. lifeIMAGE is the largest and the most used network in the U.S. for exchanging medical images. The company is backed by Cambia Health Solutions that led about $17.5 million in raising financial funds.
CEO and Co-founder Hamid Tabatabaie said that the company is delighted to work with Cambia Health Solutions to increase mainstream focus and adoption of medical imaging interoperability.
According to a company statement, it said that lifeIMAGE will apply the funding to increase its medical imaging network capability, expanding resources for its customer base, and implementing the next phases of its go-to-market strategy.
The corporate investors were joined by established partners of lifeIMAGE, including Galen Partners, Cardinal Partners, Mass Ventures, Long River Ventures and Partners Innovation Fund, as revealed by Tabatabaie.
The SaaS business has developed new ways to aid patients seeking second share diagnostic images, and physicians seeking consultations. In 2013, Tabatabaie raised about $15 million to expand its business network.
Tabatabaie stated that image sharing has gained acceptance to the point, where it is being considered as a part of the standard care, and said that the company would use a fresh financial funding to bolster its business.
lifeIMAGE works with 120 multi-site health systems, including pediatric facilities, academic medical centers, oncology centers, and certified trauma centers.
In its recent statements, the company noted additions to its customers’ base, including City of hope, Children Hospital Orange County, in California, and Cedars- Sinai Medical centers in Los Angeles, adding Emory Healthcare in Atlanta, Baptist Health Jacksonville, University of Texas Southwestern Medical Center, and Bayfront Medical Centers, in Florida.
Since form many years, medical imaging has been one of the major healthcare costs, mainly due to duplication of diagnostic imaging tests. Image sharing is anticipated to decline this cost, making it easier to do virtual consultations, and to make referrals more efficient.