Hg Capital acquires majority stake in Intelerad: The Signify View

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Hg Capital acquires majority stake in Intelerad: The Signify View

February 10, 2020
Business Affairs Health IT

The platform-based portfolio and relatively early move offering SaaS contracting will also play well with the outpatient and small community hospital market, ensuring a degree of budget predictability. Intelerad already has reference customers established at some of the largest regional and national radiology reading groups.

Opportunities in the acute segment will be harder to come by; while there is a growing focus on outsourcing imaging services (both in terms of image acquisition and diagnostic reading), few acute hospitals have taken the plunge yet. Moreover, contracts in this segment are more complex and influenced by a broader criterion, including capability in advanced visualisation, artificial intelligence, modality fleet management and professional services. Here Intelerad is up against some of the giants in Healthtech, including GE Healthcare, Philips, Siemens Healthineers, Canon Medical Systems and Fujifilm Medical. Further intensifying competition, incumbents such as Agfa Healthcare, Change Healthcare and IBM Merge also have a significant customer base in the hospital segment.

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However, as one of the earlier movers to an enterprise radiology focused portfolio, Intelerad does have the opportunity to disrupt; the penetration of Sectra into a number of U.S. acute hospital deals and Visage Imaging into the academic hospital segment in the last three years has shown the market leading incumbents do not have the market locked down.

Artificial intelligence is also a growing differentiator in purchasing decisions; while most customers don’t expect vendors to be offering a full portfolio of AI-based image analysis tools yet, there is growing expectation to see a clear pipeline and strategy for integration or orchestration of AI into imaging IT products. Intelerad has already taken a first step with the launch of Odyssey, an “AI-Augmented workflow” triage tool that selectively and adaptively routes images to a range of clinical AI algorithms (utilising Zebra’s AI1 algorithm bundle). Boldly, the firm has also offered the new tool on a one-year subsidized “try before you buy” option.

Combined, we think the progress made in portfolio development fits well with current and near-term customer trends; therefore, we expect to see Intelerad continue to gain momentum and market share in the near term.

International expansion for select markets
Intelerad has outlined its growth plan to also include focus on international expansion, and like almost every imaging informatics vendor, to increasingly leverage artificial intelligence to improve its products.

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