HealthMark Acquires Purview to Digitize Image Sharing

- The outpatient imaging sector is experiencing significant growth, with projections indicating a 10% increase in standard outpatient imaging and a 14% rise in advanced imaging over the next decade. PET scans are expected to lead this growth with a 23% increase. This shift is largely driven by the lower cost and greater convenience of outpatient centers, which now handle approximately 40% of all imaging volumes. - Health systems are increasingly acquiring or entering into joint ventures with outpatient imaging centers to expand their networks and compete more effectively. For example, Intermountain Health recently acquired Steinberg Diagnostic Medical Imaging, adding 12 outpatient locations to its network. Similarly, Orlando Health acquired the Medical Center Radiology Group to enhance its imaging services. - HealthMark Group is backed by prominent private equity firms, including TA Associates, which recently made a strategic growth investment, and Ridgemont Equity Partners. This financial backing signals a strategy for accelerated growth and technological advancement in the health information management space. - The demand for medical imaging is rising faster than the supply of radiologists, creating a significant workforce shortage. Projections show a potential shortfall of over 21,000 radiologists in the last decade, with radiologist attrition rates increasing by 50% since 2020. This staffing crisis is driving the adoption of teleradiology and other technology-enabled solutions. - While Medicare reimbursement for many imaging services is declining, payments for certain advanced procedures like Coronary Computed Tomography Angiography (CCTA) are increasing. In 2025, the Medicare reimbursement for key CCTA codes is set to more than double. This creates an incentive for imaging providers to focus on specialized, high-value services. - Artificial intelligence is rapidly being integrated into radiology to improve workflow efficiency and diagnostic accuracy. The FDA has seen a surge in approvals for AI-enabled medical devices, with the total number reaching 882 by May 2024, a significant increase from just under 500 at the start of 2023. Nearly 80% of these approved AI devices are for medical imaging. - Major players in the outpatient imaging market, such as Outpatient Imaging Affiliates and US Radiology Specialists, are actively expanding their national footprints through acquisitions and partnerships with hospital systems. This trend toward consolidation is driven by the need for greater operational scale and subspecialized expertise to meet growing demand. - The competitive landscape for medical imaging platforms includes a mix of established players and innovators. Purview's competitors include companies like RSource, Solutions4MD's, and EqualizeRCM. In the broader data governance space, alternatives to Microsoft Purview include platforms like Collibra and Decube, which focus on enterprise-wide data intelligence and observability.