Category: Imaging IT

Radiology’s VC Funding Boom?

Posted on by Brian Casey

Radiology venture capital funding appears to be gaining momentum in the first few weeks of 2025. This past week has seen the release of six funding rounds, led by a massive $260M Series B from preventive medicine firm Neko Health. 

Venture capital funding is a closely watched barometer for any industry built on innovation, and radiology is no exception, especially the imaging AI sector. 

  • Radiology venture capital funding got off to a particularly slow start in 2024, and by year end funding specifically for imaging AI was down 48% compared to 2023 ($335M vs. $646M according to Signify Research). This raised concerns about whether imaging startups might face a decline in VC investment – the equivalent of choking off their air supply before products in development could begin generating commercial sales. 

A CB Insights report earlier this month found that the nature of venture capital investment in digital health has indeed changed, with fewer but larger deals getting done.

  • This was widely seen as VC firms pivoting to quality, with investors demanding proof of progress in the clinical, regulatory, and commercial realms.

That brings us to the recent funding rounds …

  • Neko Health raised $260M that it will use to expand its Neko Body Scan from its current beachheads in Stockholm and London to other locations in Europe and the U.S.
  • Rad AI raised $60M in a round that follows on a $50M Series B less than a year ago as it moves to commercialize its AI-powered radiology reporting software. 
  • Quibim raised $50M in a Series A round to advance its work in imaging biomarkers through AI foundation models that analyze MRI, CT, and PET scans.
  • Annalise.ai parent Harrison.ai received $20M (USD) in funding from an Australian government investment fund to further develop its radiology and pathology AI.
  • Springbok Analytics raised $5M in a Series A round to fund its AI technology for analyzing muscle health from MRI scans.
  • Sycai Medical raised $3.1M for its AI for detecting abdominal cancers.

These six deals – combined with other recent funding rounds from Median Technologies, Core Sound, and BrainSightAI – show that January 2025 has already exceeded the five radiology venture capital deals recorded during the first four months of 2024.

The Takeaway

Do this week’s developments in radiology venture capital funding represent a boom, a boomlet, or just a string of coincidences? Whichever it is, startups would have to acknowledge that any interest from VC investors is better than the alternative.

Opportunistic Screening’s AI Milestone

Posted on by Brian Casey

A new study lays the groundwork for AI-based opportunistic screening – the detection of disease using medical images acquired for other indications. In a paper in AJR, researchers show how their homegrown AI algorithm was able to analyze abdominal CT scans and link body composition measurements to the presence of disease.

Opportunistic screening is a sort of holy grail for radiology, with the potential to help radiologists find pathology from scans ordered for other clinical indications. 

  • Some researchers specifically are focusing on analysis of body composition characteristics derived from CT scans like muscle, fat, and bone that could be biomarkers for hidden pathology – and AI is key because it can process mountains of patient data without getting tired.

In the new paper, researchers from the NIH and the University of Wisconsin tested the concept of AI-based body composition analysis on a massive database of 118k patients who got abdominal CT scans from 2000 to 2021. 

  • They analyzed the scans with their own internally developed AI tool that measures 13 features of body composition, from volume and attenuation in different organs to area of subcutaneous adipose tissue. 

Their goal was to correlate the AI measurements with actual presence of disease, as well as other factors that could affect body composition like age and sex. They found …

  • AI-based body composition metrics varied by age and sex, confirming previous studies.
  • AI metrics also correlated with the four systemic diseases studied, specifically cancer, cardiovascular disease, diabetes mellitus, and cirrhosis.
  • The predictive power of different metrics varied by disease, from a high of 13 measures for diabetes to a low of nine for cancer. 

What’s the real-world impact of the study? 

  • In addition to validating the concept of AI-based opportunistic screening on a broad scale, the findings could be used to establish a set of normal values for body composition that also take into account the impact of systemic disease on these measurements.

The Takeaway

The new study is a bit technical, but it’s an important milestone on the path to opportunistic screening. It not only demonstrates the concept’s feasibility, but also begins to establish the normal values needed to actually implement screening programs in the real world.

Unlocking Body Composition Insights with Voronoi Health Analytics

Posted on by Partner Content

Body composition plays a pivotal role in monitoring organ and tissue health and predicting treatment outcomes. Accurate changes in body composition metrics can indicate reduced muscle quantity and quality – a sign of sarcopenia – as well as altered fat distribution in organs such as the liver in metabolic diseases, epicardial and paracardial fats in cardiovascular health, and more.

However, manual segmentation is time-consuming and labor-intensive. 

  • Voronoi Health Analytics eliminates this bottleneck by combining cutting-edge AI with efficient visualization tools, automating the extraction of body composition metrics from CT and MRI scans. The company’s solutions transform imaging data into actionable insights, improving patient outcomes.

Voronoi Health Analytics provides innovative, intuitive AI tools that enable clinicians and researchers to extract quantitative body composition measurements rapidly and with high accuracy – no programming required. 

  • The company’s platforms are trusted by over 175 research labs across 25 countries, with numerous publications validating their accuracy and impact on clinical care and medical research.

Voronoi has two flagship solutions …

  • DAFS: A comprehensive 3D segmentation platform for analyzing multiple tissues, organs, lesions, and vasculature across CT and PET/CT imaging. DAFS also overlays CT segmentations onto PET scans, enabling rapid, high-accuracy assessments of PET tracer uptake in organs, tissues, and lesions.
  • DAFS Express: Optimized for single-slice body composition analysis from CT and MRI scans, this tool delivers precise measurements of skeletal muscle, visceral fat, intermuscular fat, and subcutaneous fat in seconds, making it ideal for high-throughput clinical settings.

Accurate body composition analysis is critical for staging body habitus, detecting onset of signatures of adverse health such as metabolic or cardiovascular disorders, evaluating disease progression, and monitoring organ and tissue health as a function of disease and intervention. Voronoi’s platforms address key challenges such as …

  • Reducing Workloads: Automate routine segmentation tasks and allow clinicians to focus on complex cases.
  • Improving Precision: Deliver consistent, reproducible results across patients and studies.
  • Advancing Care: Provide predictive insights that help optimize treatment strategies.

DAFS and DAFS Express seamlessly integrate into existing imaging workflows, enhancing efficiency without disrupting operations.

Body composition analysis goes beyond measuring muscle and fat. It quantifies all organs and tissues, creating data that drives predictive models. 

  • Voronoi’s vision is to empower healthcare professionals with tools that simplify complexity, support proactive care, and enhance patient outcomes.

Discover how Voronoi Health Analytics is revolutionizing body composition analysis. Visit the company’s website to request a demo and elevate your workflow today.

Using AI-Powered Automation to Help Solve Today’s Radiology Crisis

Posted on by Partner Content

Reimbursement cuts. Radiologist and staff shortages. Rising costs. Surging imaging volumes. Overwhelming staff workloads. Shrinking margins. 

Sound familiar?

Radiology departments, imaging centers, and radiology practices are facing a perfect storm of challenges to deliver high-quality patient care while remaining profitable and competitive. 

  • This familiar narrative emphasizes the need for change and to embrace automation, AI, and technology solutions that automate routine tasks. 

RADIN Health has developed an innovative, cloud-based (SaaS), all-in-one technology stack based on the firsthand experience of radiologist Alejandro Bugnone, MD, CEO and medical director of Total Medical Imaging (TMI), a teleradiology group that reads for imaging centers and hospital systems nationally.  

  • Dr. Bugnone and his team of radiologists were similarly suffering from supply and demand imbalance, reimbursement cuts, increasing study volumes, and customer pressures to maintain their margin. 

As a software developer and seasoned radiologist, Dr. Bugnone was equally frustrated by the lack of a comprehensive, end-to-end technology solution in the market to address these same issues for his teleradiology practice.  

  • In evaluating numerous RIS, PACS, AI voice recognition, and workflow management solutions, his team found that each required expensive interfaces, separate company fees, and ongoing support, yet as an ecosystem still did not deliver a seamless experience that would provide a return on investment. 

An alternative is a system based on straight-through processing, a concept first pioneered in the financial services industry in which automation electronically processes transactions without manual intervention. 

“I knew there had to be a better way forward. I founded RADIN Health for healthcare and teleradiology practices [like TMI], imaging centers, and radiology departments based on straight-through processing, similar to how Wall Street sped up financial transactions without any human intervention,” Dr. Bugnone said. 

RADIN Health is a cloud-based platform that combines RIS, PACS, dictation AI, and workflow management into an all-in-one software solution. 

  • It leverages artificial intelligence, machine learning, OCR/AI, natural language processing (NLP), and other intellectual property.

Dr. Bugnone said TMI has achieved remarkable efficiencies with RADIN. 

“Our results at TMI have been staggering since implementing RADIN over the past 18 months for our complex teleradiology practice,” Dr. Bugnone noted. “With RADIN DICTATION AI, our radiologists have increased their productivity and efficiency, reducing dictation times 30% to 50%.” 

By adding RADIN SELECT, TMI reduced its SLAs more than 50% and FTEs by 70% for managing operational workflow tasks, all while adding 35% in study volumes.  

  • RADIN’s all-in-one technology solution has enabled Total Medical Imaging to meet the challenges of the radiology crisis without hiring new personnel – simply by unlocking the efficiency of their existing staff. 

“We have enjoyed significant growth in 2024 without the need to hire additional staff,” Dr. Bugnone concluded.

Watch the video below to see how RADIN’s all-in-one solution can help your practice.

Reduce the Mess, Reduce the Stress: Automating and Accelerating Efficiency in Complex Medical Imaging Environments

Posted on by Partner Content

Repetitive, arduous tasks are a major contributor to burnout – an increasingly prevalent issue in healthcare. While digital innovation is transformative, introducing more technology to workflows often creates additional layers of complexity, hindering efficiency, performance monitoring, and ultimately the quality of care.

As a result, once-simple traditional workflows have grown cumbersome over time, filled with many interconnected tasks that are difficult to manage. 

  • As these processes become more complex, it’s clear that healthcare needs to reduce, subtract, and simplify to maintain high standards of care.

Every traditional (or macro) workflow consists of multiple smaller tasks or steps (micro-workflows), many of which are still performed manually. 

  • Consider a wound care scenario where a practitioner takes images, searches for the patient’s record in the EHR, uploads the images, and manually enters encounter details. 

While each individual task may seem small, when multiplied by dozens of similar interactions each day, these repetitive steps …

  • Decrease the time providers have for meaningful patient interactions.
  • Lower overall productivity.
  • Increase the potential for human error.
  • Contribute to burnout and fatigue.

Micro-workflows address this by breaking down processes into discrete, manageable steps. For example, by …

  • Identifying the patient within the EHR.
  • Capturing the image.
  • Automatically inputting relevant metadata.
  • Seamlessly sharing the image with the care team.

This granular approach enables automation, allowing individual components to be optimized or modified without disrupting the entire process. 

  • Micro-workflows offer adaptability, efficiency, and responsiveness, meeting evolving clinical requirements while reducing complexity.

Moreover, micro-workflows make it possible to monitor individual tasks with precision. 

  • This approach allows healthcare organizations to pinpoint workflow gaps, troubleshoot issues, and resolve performance bottlenecks. 
  • In multi-vendor environments, where integrating various systems and applications can be a challenge, the ability to streamline processes and automate tasks becomes especially valuable.

Strings by Paragon is a platform specifically designed to help healthcare organizations harness the power of micro-workflows. 

  • By breaking traditional workflows into smaller, more manageable steps, Strings enables automation, real-time performance tracking, and monitoring across a wide range of applications and infrastructure. 

The platform’s single-pane-of-glass interface provides visibility into complex, multi-vendor environments.

  • Strings offers actionable insights and automated optimizations tailored to specific clinical workflows.

With Strings, organizations can proactively identify workflow bottlenecks, implement targeted optimizations, and measure performance and ROI with precision – leading to improved efficiency, enhanced imaging quality, better patient outcomes, and a value-driven approach to care.

Learn more about Strings by visiting Paragon Health IT’s website, or visit them at RSNA 2024 at booth #1849.

Optimizing Front Office Operations through Integrated Apps and Cloud-Based RIS/PACS

Posted on by Partner Content

Paradox of High Patient Volumes

At first glance, it may appear having more patients should naturally lead to higher revenue. When you consider extra labor costs and the fact that reimbursements are decreasing, increased volume can turn into diminishing returns.

  • Basically, the cost of adding more staff can end up being higher than the value of additional patient volumes.

Optimal management of growing patient volumes requires a new way of working with automation and cloud-based apps that replace the heavy burden of manual processes.

  • By using technology to eliminate processes, medical facilities manage patient loads better without the need for more labor costs. 

This proactive approach not only improves efficiencies but also lets front office staff focus on patient needs instead of getting bogged down with administrative tasks. 

  • Ultimately, shifting towards automation and consolidation of tasks is key to maintaining clinic profitability and keeping high standards of care, especially with increasing medical demands.

How RamSoft Can Help Simplify Front Office Operations 

Achieving workflow excellence starts with a single sign-on into a unified RIS/PACS and providing access to complementary medical imaging apps via a single worklist in the cloud. 

  • By leveraging cloud applications with scalability across facilities, organizations can “build as they grow,” while maintaining control and flexibility.

RamSoft PowerServer and OmegaAI RIS/PACS platforms reduce administrative burdens and costs associated with manual processes. Here’s how…

  • Blume – Patient Portal: Patient access to diagnostic images and reports, imaging sharing with referring clinicians and family, self-scheduling, intake forms, and appointment notifications. These self-service features decrease the number of phone calls, the time needed for patient registration, and the manual process of intake form completion and filing. 
  • pVerify: Batch verification and real-time eligibility (authorization available soon) eliminates the need to call multiple insurance providers, freeing up staff time while reducing denials. 
  • PracticeSuite: An embedded solution including workflow options to accommodate entries from the RIS/PACS worklist or within the billing module. Quickly accesses top billing functions, Payment Ledger for balances and eligibility, and Payment Entry to add payment and print a receipt. 
  • openDoctor: Automated appointment notifications through SMS and email which replaces lists of confirmation calls and reduces missed appointments. 
  • InterFAX by Upland: Integrated digital workflow for inbound (available soon) and outbound faxes, reducing the need for manual acceptance and processing of referral or report faxes. 

Mobile Applications Are Building a Patient-Centric Experience

Protecting patient data is business-critical for all medical practices, as it is for RamSoft. We’re using Microsoft Azure Cloud to ensure all data and applications are secure.

  • Workflow optimization in medical imaging can significantly impact the patient experience, leading to increased loyalty and satisfaction. 

Is Your Practice Operating Optimally?

Explore how RamSoft’s new automation applications, including patient engagement tools, integrated with cloud-based RIS/PACS can improve operations and profitability of your practice. 

Learn more on the company’s website or book a demo at RSNA 2024 for booth #6513 in the North Hall.  

U.K.’s Massive Diagnostic IT Project

Posted on by Brian Casey

The U.K. is planning a massive project – worth close to $1B – to procure new IT tools for medical diagnostic use. While details of the plan are still sketchy, it involves the acquisition of both radiology and cardiology PACS, as well as AI.

The U.K.’s NHS has become one of the world’s hottest test beds for medical IT adoption as the service struggles to reconcile a static workforce with rising demand for healthcare services.

  • For example, the NHS last year issued the AI Diagnostic Fund, which provided £21 million ($28M) for a variety of AI implementation projects across 64 NHS trusts.

But the new tender offer dwarfs that investment. NHS has proposed a Digital Diagnostic Solutions project to serve as “a route to market for departmental wide diagnostic IT solutions.”

  • The value of the project is pegged at £700M ($923M), a massive investment in medical IT by any metric. 

The offer is being led by NHS Supply Chain, the governmental agency responsible for procuring medical equipment within the NHS. 

  • The program’s tender offer states that the Digital Diagnostic Solutions project “is to be the new Framework for the Medical IT Departmental Software and Hardware Solutions framework within NHS Supply Chain.”

It includes the following provisions: 

  • Acquisition of radiology PACS, cardiology PACS, RIS, cardiovascular information systems (CVIS), laboratory information management systems (LIMS), and vendor-neutral archives (VNAs).
  • Software acquired through the program “will sit alongside” other capital equipment like X-ray, MRI, and CT systems.
  • It will also include 3D software, diagnostic AI software, and endoscopy image management applications.

Publication of an invitation to tender will happen in December 2024, and the contract award will be in July 2025, with the framework itself starting in August 2025. 

The tender offer was published just a few days before a government-commissioned report that said the NHS was in “serious trouble” and that was harshly critical of the system’s transformation to digital operation.

  • And that report came after a July election that saw the Labour party win power for the first time in 14 years – raising hopes that it would approach NHS funding differently than the previous Conservative governments. 

The Takeaway

Does the Digital Diagnostic Solutions project represent a new commitment to funding IT innovation from the Labour government? Or is it simply a rebranding of the NHS’ existing procurement activities? Stay tuned. 

Top 6 Radiology Trends of 2024’s First Half

Posted on by Brian Casey

You can put the first half of 2024 in the books … and it was full of major developments for radiology. What follows are the top six trends in medical imaging – one for each month of the first half.

  • The Rise of AI for Breast Screening – The first half of 2024 saw the publication of studies conducted in Norway and Denmark that underlined the potential role of AI for breast screening, particularly for ruling out exams most likely to be normal. But research conducted within Europe’s paradigm of double-reading workflow for 2D mammograms may not be so relevant in the US, and more studies are needed.
  • Mammography Guideline Controversy – Changes to breast screening guidelines in both the US and Canada were first-half headlines. In the US, the USPSTF made official its proposal to lower to 40 the recommended age to start screening, but many were disappointed it failed to provide stronger guidance on dense breast screening. Things were even worse in Canada, where a federal task force declined to lower the screening age from 50 to 40. Canadian advocates have vowed to fight on at the provincial level. 
  • AI Funding Pullback Continues – The ongoing pullback in venture capital funding for AI developers continues. A study by Signify Research found that not only did VC funding fall 19% in 2023, but it got off to a slow start in 2024 as well. The new environment could be putting more pressure on AI firms to demonstrate ROI to both healthcare providers and investors, while also having broader implications – a major AI conference rescheduled a show that had been on the calendar for May, citing “market conditions.” On the positive side, Tempus AI’s IPO boomed, raising $412M. 
  • Opportunistic Screening Gains Steam – The concept of opportunistic screening – detecting pathology on medical images acquired for other indications – has been around for a while. But it’s only really started to catch on with the development of AI algorithms that can process thousands of images without a radiologist’s involvement. The first half of 2024 saw publication of several exciting studies for indications including detecting osteoporosis, scoring coronary artery calcifications, and predicting major adverse cardiac events. 
  • ChatGPT Frenzy Subsides – The frenzied interest in ChatGPT and other generative AI large language models seen throughout 2023 seemed to subside in the first half of 2024. A quick search of The Imaging Wire archives, for example, finds just four references to ChatGPT in the first six months of 2024 compared to 21 citations at the same point in 2023. LLM developers need to address major issues – from GenAI’s “hallucination effect” to potential misuse of the technology – before LLMs can be used in clinical settings.

The Takeaway

The midpoint of the year is a great time to take stock of radiology’s progress and the issues that have bubbled to the surface over the past six months. In 2024’s back half, look for renewed attention on breast screening as the FDA’s density reporting rules go into effect in September, and keep on the lookout for signs that real-world AI adoption is growing, even as AI developers look for consolidation opportunities.

Top 4 Trends from SIIM 2024

Posted on by Brian Casey

SIIM 2024 concluded this weekend, and what a meeting it was. The radiology industry’s premier imaging IT show returned to National Harbor, MD, for the first time since 2018, where the Biosphere-like environment of the Gaylord National Resort and Convention Center offered a respite from the muggy weather outside. 

SIIM is always a great place to check in on new imaging IT technologies like PACS, AI, and enterprise imaging, and hot topics at SIIM 2024 included…  

  • AI Needs to Get Real (World): Research studies showing AI’s value are fine, but developers need to show that AI works in real-world settings before wider adoption will occur. Fortunately that’s started with landmark studies published recently for use cases like breast and osteoporosis screening. Meanwhile, scuttlebutt on the SIIM 2024 exhibit floor reinforced that start-ups are navigating an ugly funding environment, and many industry observers are predicting a wave of AI consolidation. 
  • Outlook Clears for the Cloud: Cloud-based imaging has struggled to catch on for years, but that’s starting to change as healthcare providers warm to the concept of letting third parties oversee their patient data. And there are signs that imaging IT vendors that were quick to develop cloud-based versions of their PACS software are reaping the rewards.
  • Enterprise Imaging Grows Up: This year’s meeting marked the 10-year anniversary of enterprise imaging, as dated from the start of the SIIM-HIMSS collaboration in 2014. The anniversary is a milestone worth observing, but it also raises questions about what the next 10 years will look like, and how AI and data from other -ologies will be integrated into enterprise networks. 
  • Cybersecurity Takes Priority: Several high-profile cybersecurity breaches at healthcare vendors and providers in the last year highlight that not enough is being done to keep patient data secure. Will migrating to the cloud help? Only time will tell.

The Takeaway

SIIM’s collegiality and coziness has always been a selling point for the meeting, even back in the days when it was known as SCAR. This year didn’t disappoint, as deals got done and relationships were built at the Gaylord National.  

Be sure to visit our YouTube channel and LinkedIn page to view our video interviews from the floor of the meeting – it was great seeing you all at the show!

Indies Surge in Imaging IT

Posted on by Brian Casey

The market for medical imaging IT technology continues to shift, with a pair of surging independent players growing rapidly in a sector that’s long been dominated by multinational OEMs. That’s according to the latest report on the imaging IT market by UK market intelligence firm Signify Research. 

The new report is projecting that the global market for imaging information technology will grow 18% over the next few years, from $5.6B in 2023 to $6.6B in 2028. 

  • Radiology will continue to dominate with a majority of sales, with cardiology IT a distant – but growing – second. Advanced visualization and operational workflow tools will make up the rest.

In terms of vendors, the top three market leaders of 2023 were GE HealthCare, Philips, and Fujifilm, but more recently, Visage Imaging and Sectra have been gaining market share. 

  • The report echoes recent news that has seen some of the largest multi-site enterprise imaging installations going to Visage and Sectra; a recent KLAS Research report also showed both companies’ growing momentum. 

Some of the other major points from the report include … 

  • Major growth in cloud deployment will occur – by 2028, 37% of the global imaging IT market will be in either hybrid or fully hosted environments
  • Cloud will represent 44% of the total radiology IT market by 2028
  • On a regional basis, the Middle East will see “significant growth” in imaging IT from 2024 to 2026, particularly in the Gulf States
  • Recovery is expected in China and the ASEAN nations, while India’s growing economy is driving healthcare digitization
  • Latin America is showing rising interest in AI and cloud technologies, but national elections could complicate matters

The Takeaway
The new Signify Research report underscores the evolving nature of the imaging IT market, as independent vendors rise to challenge multinational OEMs that dominated the sector for years. Be sure to check out Signify’s helpful infographic on LinkedIn that succinctly wraps up the changes.

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