Radiology solutions provider Collaborative Imaging inks partnership with private equity
Radiology solutions provider Collaborative Imaging has inked a partnership with private equity firm WindRose Health Investors, the two announced Monday.
WindRose is partnering with the management team at radiologist-owned CI, acquiring its technology platform and creating a new company called Civie. The New York-based PE outfit hopes its deep pockets and experience scaling tech companies will help the renamed radiology firm “accelerate its growth trajectory.”
Civie’s cloud-based platform offers revenue cycle management and workflow solutions, with the latter including radiology information systems, PACS, a vendor neutral archive, and speech-to-text assistance.
"We are thrilled to partner with WindRose and embark on an exciting new chapter as Civie," Collaborative Imaging CEO Dhruv Chopra, MBA, who will lead the new company, said in a Jan. 13 announcement. “We believe WindRose is the perfect partner to support the company's growth strategy of delivering innovative and disruptive revenue cycle and imaging workflow solutions to the radiology industry.”
A former senior VP of operations with Zotec Partners, Chopra formed Collaborative Imaging in 2018 to allow for the “continuity of like-minded independent radiology groups.” The company was conceived to “combat the growing threat of consolidation in radiology, degradation in patient care, physician burnout, and operational inefficiencies plaguing radiologists.” Leaders have said CI allows physicians to “realize additional revenue opportunities, all while retaining their full autonomy as an independent radiology practice.”
“…Civie is uniquely positioned to support radiology and imaging practices that are experiencing intensified headwinds from physician shortages, increasing volumes, and declining reimbursement,” Bren Hall, partner at WindRose, said in the same announcement.
Terms of the deal were not disclosed. McDermott Will & Emery LLP acted as legal advisor to WindRose while Proskauer Rose LLP served as legal advisor to Civie. Radiologist Ted Wen, MD, of Texas Radiology Associates, is chief clinical officer of Collaborative Imaging
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.