Medica and Integral Diagnostics establish JV, MedX

RNS Number : 7665P

Medica Group PLC

22 February 2021

 

22 February 2021

Medica Group Plc and Integral Diagnostics Limited

Medica and Integral Diagnostics Limited establish joint venture, MedX

Joint venture with a market leader in Australia further expands Medica's market access, reporting capacity and expertise

MedX provides Integral Diagnostics with access to Medica's market leading teleradiology expertise and clinical governance framework for application in Australia and New Zealand

Medica Group Plc (LSE: MGP, "Medica"), the UK and Ireland market leader in the provision of teleradiology services, and Integral Diagnostics Limited (ASX: IDX, "Integral Diagnostics"), a leading provider of medical imaging services across Australia and New Zealand, announce an equal joint venture (JV) partnership, MedX, to provide teleradiology reporting services and increased reporting capacity in Australia, New Zealand, the UK and Ireland.

The primary short-term focus will be for MedX to provide access to a pool of dual-qualified radiologists who are able to operate in both markets and will support both companies' acute, out-of-hours reporting services. The two partners will also collaborate in areas of mutual interest, including deployment of augmented intelligence (AI) solutions. In future, there will be potential to expand the scope of the JV, including combining Integral Diagnostics' existing reporting capabilities and resources with Medica's experience in teleradiology, meaning MedX will have the potential to bid directly for teleradiology reporting contracts using its combined network of reporters. In time, there is also potential for MedX to leverage its scalable and secure operating model and reporting system to offer its services outside of its core markets (UK, Ireland, Australia and New Zealand).

MedX will be registered in Australia and the Board will comprise Integral Diagnostics' CEO, Dr. Ian Kadish, and Chief Financial and Commercial Officer, Anne Lockwood, as well as Medica's CEO, Stuart Quin, and CFO, Richard Jones.

Dr. Stuart Quin, CEO Medica Group, commented:

"Establishing MedX in partnership with Integral Diagnostics will provide significant operational benefits for Medica for a modest investment and is testament to our continued desire to expand the geographic reach of our teleradiology services. Both companies share a joint culture underpinned by a focus on quality and an ambition to grow and develop our organisations. Medica will be able to capitalise on the JV's shared expertise and market access to support the growth of our NightHawk reporting service and take advantage of the exciting teleradiology market opportunity in Australia, New Zealand and potential opportunities in other international markets."

Dr. Ian Kadish, CEO of Integral Diagnostics Limited, commented:

"Integral Diagnostics is pleased to enter this JV with one of the world's premier teleradiology providers. MedX significantly enhances the capacity and reach of the JV partners and enables us to more comprehensively serve existing markets, as well as potentially to enter new markets. The JV partners share a culture committed to quality patient care and service, and we look forward to harnessing the JV for the benefit of our patients and referrers."

ENDS

For further information, please contact:

Medica Group Stuart Quin, Chief Executive Officer Richard Jones, Chief Financial Officer	[phone]
Investec Bank plc (Broker to Medica Group) Sara Hale Daniel Adams	[phone]
Liberum (Joint broker to Medica Group) Bidhi Bhoma Euan Brown	[phone]
FTI Consulting (Media contact for Medica Group) Victoria Foster Mitchell Sam Purewal	[phone]
Integral Diagnostics Limited Ian Kadish, Chief Executive Officer and Managing Director	[phone]

About Medica Group PLC

Medica intends to lead the way in telemedicine and is the market leader in the UK and Ireland for the provision of teleradiology services, providing outsourced interpretation and reporting of MRI (magnetic resonance imaging), CT (computerised tomography), ultrasound and plain film (x-ray) images. In addition, Medica is the market leader for the provision of retinal diagnostic screening in Ireland where it also provides selective managed services in diagnostics to the public and private sectors

In the UK, Medica currently offers two primary services to hospital radiology departments:

-  NightHawk, urgent reporting service, and

-  Elective which includes routine cross-sectional reporting on MRI and CT scans, and routine plain film reporting on x-ray images.

Medica contracts with the largest pool of consultant radiologists in the UK and Ireland, performing remote access teleradiology across its customer base of more than 100 NHS Trusts in the UK, the Irish HSE, private hospital groups and diagnostic imaging companies. This enables the Company to offer a fast, responsive service both during the day and importantly supporting urgent out-of-hours reporting.

Medica has developed a bespoke, secure IT platform that provides market-leading linkage between a hospital's Radiology Information System (RIS) and consultant radiologists who contract with the Company. Direct RIS access ensures that where the wider patient medical history is available, it can be reviewed by the consultant as part of every report. For more information please visit www.medica.co.uk

About Integral Diagnostics

Listed on the Australian Stock Exchange, Integral Diagnostics is a leading provider of medical imaging services across Australia and New Zealand. The Company provides state of the art diagnostic services to patients and their referrers at 64 radiology clinics, including 20 hospital sites. IDX employs some of Australasia's leading radiologists and nuclear medicine specialists in a unique medical leadership model that ensures quality patient care, service and access. For more information please visit www.integraldiagnostics.com.au

 

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