Intelerad acquires LUMEDX, expands cardiovascular expertise
Intelerad, a medical imaging software provider, has acquired LUMEDX, a US-based company that specialises in cardiovascular analytics.
The deal follows Intelerad’s December acquisition of cardiovascular imaging provider Digisonics Inc, and marks its third deal in just six months, giving Intelerad a strong portfolio of cardiovascular solutions.
In 2020, Intelerad also acquired Radius, a private cloud platform provider, and was awarded Best in KLAS Recognition for PACS Asia/Oceania in the 2020 Best in KLAS Global Report.
In a press release the company stated that as a result of the COVID-19 pandemic cardiovascular procedures have declined significantly; however they expect this to rebound in 2021. Furthermore, Intelerad say that delivering a comprehensive enterprise imaging platform including robust cardiovascular offerings is critical as hospitals, health systems and imaging centers seek to consolidate their imaging requirements on a single-vendor platform.
“Healthcare as we know it has forever changed, and more than ever, providers need automated solutions that allow them to focus on what they do best – treating patients and providing improved patient care” said Mike Lipps, CEO of Intelerad.
“Bringing LUMEDX into the Intelerad portfolio further enables our team to provide customers with the most comprehensive enterprise imaging platform in the industry.”
Intelerad was founded in 1999 with headquarters in Montreal. Today the company serves over 300 healthcare organisations around the world including hospitals, radiology groups, imaging centers and other clinics, with locations in the UK, Australia, the US and Canada.
Meanwhile LUMEDX has been operating for more than 25 years, providing health registry software for cardiovascular medicine. This includes a partnership with Microsoft, offering HealthView Analytics (HVA) which uses the Azure Data Factory infrastructure to extract insights using clinical and financial data from enterprise systems.
“Over the last two and a half decades, LUMEDX has been laser-focused on our vision of delivering an end-to-end suite of software and services that improves continuity of care” Allyn McAuley, Ph.D., Chief Executive Officer and Co-Founder of LUMEDX said.
“Joining forces with Intelerad enables us to further achieve this goal, as well as provide customers increased automation that results in greater clinical efficiency and improved patient care.”
Getting ready for cloud data-driven healthcare
As healthcare continues to recognise the value of data and digital transformation, many organisations are relying on the cloud to make their future-forward and data-centric thinking a reality. In fact, the global healthcare cloud computing market was valued at approximately $18 billion and is expected to generate around $61 billion USD by 2025.
At the forefront of these changes is the rapid adoption of cloud-based, or software-as-a-service (SaaS), applications. These apps can be used to handle patient interactions, track prescriptions, care, billing and more, and the insights derived from this important data can vastly improve operations, procurement and courses of treatment. However, before healthcare organisations can begin to dream about a true data-driven future, they have to deal with a data-driven dilemma: compliance.
Meeting regulation requirements
It’s no secret that healthcare is a highly regulated industry when it comes to data and privacy – and rightfully so. Patient records contain extremely sensitive data that, if changed or erased, could cost someone their life. This is why healthcare systems rely on legacy technologies, like Cerner and Epic EHRs, to manage patient information – the industry knows the vendors put an emphasis on making them as secure as possible.
Yet when SaaS applications are introduced and data starts being moved into them, compliance gets complicated. For example, every time a new application is introduced into an organisation, that organisation must have the vendor complete a BAA (Business Associate Agreement). This agreement essentially puts the responsibility for the safety of patients’ information — maintaining appropriate safeguards and complying with regulations — on the vendor.
However, even with these agreements in place, healthcare systems still are at risk of failing to meet compliance requirements. To comply with HIPAA, U.S. Food and Drug Administration 21 CFR Part 11 and other regulations that stipulate the need to exercise best practices to keep electronic patient data safe, healthcare organisations must maintain comprehensive audit trails – something that gets increasingly difficult when data sits in an application that resides in the vendor’s infrastructure.
Additionally, data often does not stay in the applications – instead healthcare users download, save and copy it into other business intelligence tools, creating data sprawl across the organisation and exposing patient privacy to greater risk.
With so many of these tools that are meant to spur growth and more effective care creating compliance challenges, it begs the question: how can healthcare organisations take advantage of the data they have without risking non-compliance?
Yes, healthcare organisations can adhere to regulations while also getting valuable insights from the wealth of data they have available. However, to help do this, organisations must own their data. This means data must be backed up and stored in an environment that they have control over, rather than in the SaaS vendors’ applications.
Backing up historical SaaS application data directly from an app into an organisation’s own secure cloud infrastructure, such as AWS or Microsoft Azure, makes it easier, and less costly, to maintain a digital chain of custody – or a trail of the different touchpoints of data. This not only increases the visibility and auditability of that data, but organisations can then set appropriate controls around who can access the data.
Likewise, having data from these apps located in one central, easily accessible location can decrease the number of copies floating around an organisation, reducing the surface area of exposure while also making it easier for organisations to securely pull data into business intelligence tools.
When healthcare providers have unfettered access to all their historical data, the possibilities for growth and insights are endless. For example, having ownership and ready access to authorised data can help organisations further implement and support outcome-based care. Insights enabled by this data will help inform diagnoses, prescriptions, treatment plans and more, which benefits not only the patient, but the healthcare ecosystem as a whole.
To keep optimising and improving care, healthcare systems must take advantage of new tools like SaaS applications. By backing up and owning their historical SaaS application data, they can do so while minimising the risk to patient privacy or compliance requirements. Having this ownership and access can propel healthcare organisations to be more data-driven – creating better outcomes for everyone.