April 21, 2014 — vRad (Virtual Radiologic) announced it completed a strategic partnership with E-Techco Information Technologies Co. Ltd., a leader in consumer telehealth solutions. The partnership names vRad as E-Techco’s exclusive agent for remote professional radiology interpretations in mainland China, Taiwan, Hong Kong and Macau, beginning in May 2014. This partnership marks vRad’s first significant international market expansion into the Chinese market. Financial terms were not disclosed.
E-Techco provides a direct-to-patient telemedicine and patient management platform known as AnyCheck. Currently with three million subscribers, AnyCheck allows patients to conduct self-testing for health conditions, including hypertension, diabetes, cardiovascular disease, geriatric mental health and other chronic diseases found in China’s aging population. Patients conduct tests (e.g., blood pressure, electrocardiogram, temperature, glucose levels) while connected to a wireless phone or device, which transmits findings via cloud services and then back to the patient in real time after analysis. Patients can arrange an online consultation with a health professional, also in real time. According to E-Techco’s analysis, the total volume for the radiology services market in China is estimated at 302 million, and the volume for second opinions is estimated at 15.1 million, accounting for 5 percent of the total radiological market.
“vRad is a pioneer and proven leader in the practice of remote radiology,” said John Zhang, CEO of E-Techco. “Having access to highly qualified U.S.-trained radiologists 24/7 will provide much needed services to an aging population concerned about their health and welfare. Given vRad’s scale and commitment to technical innovation and clinical excellence, we chose them to help us expand the capabilities of AnyCheck’s personalized health management services to benefit our patients in China.”
Beginning May 2014, patients will be able to upload images of their CT (computed tomography), MRI (magnetic resonance imaging) or CTA (CT angiography) studies using their AnyCheck telehealth platform, and vRad will provide second opinions from highly qualified, U.S.-licensed radiologists. The partners also expect to expand into additional radiology solutions and markets in the future.
This strategic partnership brings together E-Techco’s experience and reputation in the Chinese consumer healthcare market with vRad’s clinical expertise in providing remote radiology reads. vRad is the largest U.S.-based radiology practice, reading 7 million studies a year. Seventy-five percent of vRad’s 450 radiologists are fellowship-trained, with more than nine years of post-certification experience. vRad’s has 14 patents covering its imaging platform; the company was recently awarded the 2014 Frost & Sullivan Visionary Innovation Award in medical imaging analytics.
“We are honored to be E-Techco’s exclusive radiology partner, and to bring our operational and clinical expertise to the Chinese market,” said Jim Burke, president and CEO of vRad. “This strategic partnership represents a tremendous opportunity for vRad to expand internationally. As their respected partner, we look forward to working with an innovative leader in telemedicine that allows patients to play an active role in managing their personal health. Over the long term, this relationship will provide additional services that will ensure continued growth and mutual benefit for both parties and the patients we collectively serve.”
For more information: www.vrad.com