Amherst, MA – June 1, 2015 – Long River Ventures' portfolio company lifeIMAGE announced today that it has closed a $17.5 million round of financing led by Cambia Health Solutions (Portland, OR), a nonprofit total health solutions company dedicated to transforming health care by creating a person-focused and economically sustainable system. lifeIMAGE, the nation’s largest and most utilized network for exchanging medical imaging, will use this financing to expand resources for its growing customer base, increase the breadth of its network capabilities and implement the next phases of its go-to-market strategy.
Cambia and lifeIMAGE share a common goal: improving the quality of care while lowering its cost. Lack of access to imaging exams is the primary cause of unnecessary, duplicative procedures that delay care, frustrate clinicians and patients, and cost the country’s health system about $30 billion each year. lifeIMAGE helps providers improve care coordination for patient consultations, referrals and transfers by making medical imaging exams from unaffiliated hospitals, physicians and patients accessible worldwide. It interoperates with the electronic medical record systems from Cerner Corporation and Epic Corporation, to ensure every member of a patient’s care team has fast, electronic access to a complete imaging history.
“Cambia is committed to investing in companies that transform the health care system into one that is person-focused and economically sustainable,” said Rob Coppedge, Senior Vice President of Strategic Investment and Corporate Development at Cambia Health Solutions. ”We are excited to partner with lifeIMAGE as they work towards their goal of providing universal and seamless access to medical images for both clinicians and patients.”
“Image sharing has reached a critical inflection point. Our customers have validated its correlation to quality and cost of care, and it’s now considered part of the standard of care,” said Hamid Tabatabaie, CEO and co-founder of lifeIMAGE. “We’re excited to work with Cambia to increase the mainstream focus and adoption of medical imaging interoperability. With the added capital and Cambia’s support, lifeIMAGE will scale up and demonstrate how innovative health plans can take advantage of our network to bring value to their providers as they adopt a value-based approach to managing the health of their patient populations.”
Cambia’s strategic investment in lifeIMAGE is part of a new round of equity that also includes participation by Long River Ventures as well as other existing lifeIMAGE investors including Cardinal Partners, Galen Partners, Mass Ventures, and Partners Innovation Fund. Oppenheimer & Co. Inc. acted as exclusive placement agent for lifeIMAGE.
Will Cowen, General Partner at Long River Ventures, has been a board member since Long River invested as the first private venture capital firm investing in the company. "Cambia's investment validates our own belief in the opportunity that lifeIMAGE has to deliver great value to the healthcare market. The company has made tremendous progress and we're thrilled to welcome Cambia to the investor group."
The lifeIMAGE network consists of more than 120 multi-site health systems that include academic medical centers, pediatric facilities, certified trauma centers, oncology centers of excellence and imaging providers. Recent additions to the network include Cedars-Sinai Medical Center (Calif.), Emory Healthcare (Ga.), University of Texas Southwestern Medical Center (Tex.), Children’s Hospital of Orange County (Calif.), Baptist Health Jacksonville (Fla.), University of Iowa Hospitals & Clinics (Iowa), City of Hope (Calif.), and Bayfront Medical Center (Fla.). These organizations join existing clients such as UCLA Health System (Calif.), Ohio State University Medical Center (Ohio), Lurie Children’s Hospital (Ill.), Stony Brook University Medical Center (N.Y.), Yale New Haven Health System (Conn.), University of Maryland Medical System (Md.), UMass Memorial Health Care (Mass.), University of Wisconsin Hospitals and Clinics (Wis.), University of New Mexico (N.M.), University of Rochester (N.Y.), Northwestern Memorial Hospital (Ill.), University of Missouri Healthcare (Mo.), MD Anderson Cancer Center (Tex.), Mount Sinai Medical Center (N.Y.), Methodist Le Bonheur Healthcare (Tenn.), Geisinger Health System (Pa.), Boston Children's Hospital (Mass.), University of Washington Medical Center (Wash.), Baylor Health Care System (Tex.), Children's Hospital of Philadelphia (Pa.) and University of Michigan Hospital (Mich.).
lifeIMAGE provides a medical image exchange platform that is deployed at hundreds of leading healthcare organizations to facilitate the secure, e-sharing of medical imaging information among hospitals, radiology groups, physicians and patients. Their services are helping providers improve the quality and timeliness of care, expand referral business, and eliminate wasteful spending. For more information visit lifeIMAGE at its website.