Hexarad Raises €13M in Funding
Hexarad Secures €13 Million in Funding to Expand Radiology Services
Hexarad, a London-based radiology tech company, has successfully raised €13 million in funding to advance its teleradiology services. The company, established in 2016 by NHS consultant radiologists, specializes in bolstering radiology capacity and reducing diagnostic delays in the UK, Ireland, and Saudi Arabia. Hexarad’s comprehensive software suite encompasses a proprietary radiology information system (RIS) and auto-allocation tools, which have proven to expedite scan assignments by a remarkable 90% compared to manual methods.
The company's recent recognition through the HSJ Partnership award highlights its dedication to decreasing diagnostic waiting times at the North West Anglia NHS Foundation, resulting in a substantial reduction of 14 hours in A&E referral time on a nightly basis. Hexarad's platform boasts a significant presence, attracting over 200 radiologists and maintaining exceptional customer satisfaction.
Farzana Rahman, the CEO of Hexarad, has emphasized the company's core mission to address the global shortage of radiologists. The latest funding round was led by MTIP with reinvestment from key shareholders including the Foresight Group. Katrin Vatiska from MTIP has specifically lauded the founding team and expressed optimism for Hexarad's future growth. Furthermore, Matt McLoughlin from Foresight has highlighted the company's substantial growth since their initial investment in 2021 and eagerly anticipates Hexarad's continued success.
Key Takeaways
- Hexarad secures €13 million in funding to expand its teleradiology services.
- The company's software suite includes a proprietary RIS and auto-allocation tools.
- Hexarad has saved 14 hours of A&E referral time nightly at North West Anglia NHS Foundation.
- Over 200 radiologists are part of Hexarad's platform, known for quick and accurate scan assignments.
- Investors highlight Hexarad's mission to address global radiologist shortages and improve diagnostic efficiency.
Analysis
The recent €13 million funding secured by Hexarad accentuates the critical necessity to address radiology bottlenecks, particularly in the UK, Ireland, and Saudi Arabia. This substantial influx is poised to expedite software development and market expansion, thereby enhancing diagnostic efficiency and diminishing healthcare delivery costs. Additionally, the short-term implications encompass a swifter deployment of Hexarad's RIS and auto-allocation tools, which will yield benefits for hospitals and patients by reducing A&E wait times. Looking towards the long-term, Hexarad's growth trajectory has the potential to fundamentally reshape radiology services on a global scale, mitigating shortages of radiologists and defining new industry benchmarks for diagnostic speed and accuracy. Both MTIP and Foresight Group are positioned to reap the rewards of Hexarad's potential market dominance and innovation leadership within the healthcare tech landscape.
Did You Know?
- Radiology Information System (RIS):
- A Radiology Information System (RIS) constitutes specialized software utilized in healthcare to manage medical imaging procedures and data. It seamlessly integrates with other healthcare IT systems such as Picture Archiving and Communication Systems (PACS) and Hospital Information Systems (HIS) to streamline the workflow from patient scheduling to report generation. RIS significantly contributes to error reduction, efficiency improvement, and enhancement of overall patient care in radiology departments.
- Auto-allocation Tools:
- Auto-allocation tools within radiology software automatically assign incoming imaging studies to available radiologists based on predefined criteria including specialty, workload, and priority. This functionality substantially diminishes the time and effort required for manual task assignment, thereby ensuring prompt attention to urgent cases and equitable distribution of workload among the radiology team, thus enhancing diagnostic efficiency and patient care.
- Teleradiology Services:
- Teleradiology services encompass the transmission of radiological patient images (such as X-rays, CT scans, MRIs) from one location to another for interpretation and diagnosis purposes. This technology empowers radiologists to offer services remotely, particularly beneficial in areas with a scarcity of radiologists or during off-hours when on-site radiologists are unavailable. Teleradiology significantly enhances access to radiology expertise, improves reporting turnaround times, and bolsters superior patient outcomes by ensuring timely diagnostic evaluations.