by John R. Fischer
, Senior Reporter | August 17, 2022
Intelerad Medical Systems has acquired PenRad Technologies, a software manufacturer for breast and lung screening programs.
Based in Buffalo, Minnesota, PenRad has three core products that are designed to reduce overhead costs, decrease liability risk and increase patient satisfaction. They include its mammography reporting workflow solution, PenRad; a lung screening and tracking software, PenLung; and PenTrac, for standardizing mammography, patient tracking and MQSA (Mammography Quality Standards Act) reporting.
The addition of these technologies will turn Intelerad’s full mammography suite into a total solution for breast imaging and low dose CT lung screening, as well as optimize workflow for radiologists, including for reviewing and structured reporting.
"The acquisition of PenRad Technologies enables us to now offer lung screening capabilities and a comprehensive mammography suite that creates an end-to-end mammo workflow with tracking, full reporting, and a viewer. The deal also strengthens our ability to provide essential breast cancer screening and diagnostic resources that are proven to assist with detection of cancer, thus drastically improving patient outcomes," Mike Lipps, CEO of Intelerad, told HCB News.
In addition to its main products, PenRad also makes other diagnostic solutions, including PenAlert, which complements PenRad, PenLung and PenTrac, as well as referring physicians by facilitating tracking, auditing and administrative needs.
Intelerad expects that PenRad will help its customers better manage the rising number of cases they face, as demand for scans returns to pre-pandemic levels following the drastic decrease created by the pandemic, especially for mammography.
The mammography market is also expected to increase by more than 20% in the next several years, while the lung cancer diagnostics market is predicted to reach $3.4 billion by 2026.
Intelerad is headquartered in Raleigh, North Carolina and Montreal, Canada. It has over 850 employees in six countries and serves over 2,300 healthcare organizations worldwide.
Intelerad is working to create a scalable imaging platform for providers to use, and has entered into partnerships with several companies to build it up. It recently received a minority investment from TA Associates
, a global growth private equity firm with experience scaling healthcare technology companies.
“As our company heads into this next chapter, I’m excited to partner with Intelerad to further grow, scale, and impact patient lives and the healthcare industry at large,” said Greg Gustafson, founder and president of PenRad.
Financial details for the deal were not disclosed.