NextImage Medical Raises $5 Million in Series A Financing Led by Chrysalis Ventures
Company to Increase Market Expansion and Product Development
San Diego, CA – November 17, 2009 – NextImage Medical, Inc., a provider of next-generation radiology services to the workers’ compensation market, announced today that it has raised $5 million in Series A financing, led by Chrysalis Ventures. The company will use the capital to accelerate its market expansion and enhance its technology platform. With this investment, Chrysalis Ventures Managing Director Koleman Karleski joins the board.
Serial entrepreneur Liz Griggs founded NextImage Medical, Inc. in 2008. Griggs previously founded One Call Medical, the largest radiology preferred provider organization (PPO) in the workers’ compensation market today. One Call Medical was sold to TA Associates in 2003 for $115 million.
“In 1993, we developed the first technology platform to manage diagnostic imaging studies for hundreds of workers’ compensation insurance groups,” said Liz Griggs, Founder and CEO of NextImage Medical. “Today we have leveraged next generation technologies to build a superior platform that incorporates teleradiology, digital archiving, real time scheduling, and work flow-systems integration with both providers and payers. With this capital and our relationship with Chrysalis, we look forward to aggressively expanding our footprint as well as continuing our technology development to deliver lower costs, a streamlined workflow and the best quality for our customers.”
National Premier Imaging Network and NextImage Grid
NextImage Medical provides the complete spectrum of services for outpatient diagnostic imaging through its network of imaging facilities and radiology providers. Through the company’s technology platform, case managers and adjusters have real-time access to the NextImage scheduling system, which dynamically selects the most appropriate imaging center based on the patient’s needs, improving turnaround times on image processing. In addition, referring doctors receive digital images and diagnostic reports through the company’s secured web portal. The company integrates its systems with those of payors to deliver a seamless information workflow across the entire diagnostic imaging process. NextImage Medical is the only company in the industry offering this level of service to its customers.
“Ninety-plus percent of all workers’ compensation claims require a diagnostic image, providing NextImage Medical with a $1.3 billion annual market opportunity,” said Koleman Karleski. “Our firm’s healthcare investments are frequently about applying technological innovation to a large, established market, where the opportunity to deliver more efficient and cost-effective solutions exists. We’re excited to leverage our experience in radiology services, and work closely with Liz and her team on accelerating market momentum.”
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures manages one of Mid-America’s largest funds for early-stage and growth investments with approximately $400 million under management. Focused on partnering with entrepreneurs to build enduring businesses in industries undergoing significant transformation, Chrysalis has invested in over 60 companies primarily in the Healthcare and Technology sectors. Headquartered in Louisville, KY, Chrysalis has offices in Cleveland, Pittsburgh and Ann Arbor. For more information, please visit www.chrysalisventures.com.
About NextImage Medical
Founded in 2008, NextImage Medical has developed a proprietary information technology platform for the $1.3 billion radiology vertical in the workers’ compensation medical marketplace. The NextImage platform streamlines scheduling, electronic archiving of images and reporting. This results in consistent high-quality diagnostics, faster turnaround time, and better measurable outcomes in a more cost-effective manner. The industry leading team at NextImage Medical includes internationally renowned radiologists as well as seasoned veterans of such companies as: The Travelers, AIG, Broadspire, Zenith, Coventry and Paradigm. For more information, please visit: www.nextimagemedical.com.