Radiology appointment booking platform Scan.com raises $220M
Radiology appointment booking platform Scan.com has raised $220 million in new capital as it seeks to fuel further expansion in the United States.
Founded in 2017, the service connects patients, providers and imaging centers—matching parties based on scanner availability, quality and price. Scan.com said the figure combines both equity and debt financing, with the service doubling its revenue over the past year to surpass a $165 million annualized run rate.
London-based investment firm Noteus Partners led the $90 million Series C round with participation from several others. Meanwhile, VerisFi Capital and Atempo Growth supplied the $130 million in new debt facilities, which will provide working capital and support future acquisitions.
“Modern healthcare systems need to deliver better outcomes and lower costs,” Nathalie Bruls, general partner at Noteus, said in a statement Aug. 31. “We led this round as we see Scan.com uniquely positioned to power that future, having built the network and intelligence layer for diagnostic imaging.”
Others pitching in included Aviva, Concord Health Partners, YZR Capital, and Oxford Capital. Those involved note that the U.S. imaging market is “slow, expensive, fragmented and still largely offline.” About 85% of scans in the States are still booked via fax or phone, and patients may wait weeks for imaging—a problem only exacerbated by radiologist and technologist shortages.
Scan.com said its own data shows that an MRI can cost anywhere from a few hundred dollars at one center to several thousand at another a few miles away. At the same time, some centers are booked for weeks while others see their scanners sit idle. Scan.com claims the problem “is not a shortage of machines” but rather that “nothing connects the patient to the right one at the right time.”
"The U.S. runs around 600 million medical imaging scans a year, and there is still no national infrastructure behind them," Charlie Bullock, co-founder and CEO of Scan.com, said in the announcement. "Labs got that decades ago with Quest Diagnostics and Labcorp. Imaging never did, and that is what we have built.”
Scan.com claims it is the first company able to bring search, scheduling and the delivery of imaging results into a single interface. Its program integrates with independent imaging centers’ scheduling systems along with electronic health records. It allows everyone from healthcare providers to employer benefit platforms, third party administrators and health plans to plug in with a “few lines of code and no separate integrations required.”
Thus far, over 900,000 patients have accessed imaging through the Scan.com network across the globe. It is already the United Kingdom’s largest medical imaging network and expanded into the U.S. in 2023 with operations now live nationwide.
Scan.com will use the funds to further expand its network while investing in infrastructure that helps to route patients, schedule scans and return imaging results. The company has dual offices in London and Atlanta, with Scan.com previously launching a pilot program across over 50 imaging centers in the latter three years ago.
"We look forward to supporting the Scan.com team as they continue to expand their technology-enabled network and improve how imaging is accessed and delivered across the United States,” “James Olsen, managing partner at Summit, New Jersey-based Concord Health Partners, said in the announcement.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.