vRad and E-Techco Partnership Creates First Direct-to-Patient Remote Radiology Services in China
Marketwired
MINNEAPOLIS, MN and SHENZHEN, CHINA--(Marketwired - Apr 18, 2014) - vRad (Virtual Radiologic), the nation's largest telemedicine company and radiology practice with over 450 physicians, today announced it completed a strategic partnership with E-Techco Information Technologies Co., Ltd. (E-Techco), a leader in consumer telehealth solutions. The partnership names vRad as E-Techco's exclusive agent for remote professional radiology interpretations in mainland China, Taiwan, Hong Kong and Macau beginning in May 2014. This partnership marks vRad's first significant international market expansion into the Chinese market. Financial terms were not disclosed.
E-Techco provides a direct-to-patient telemedicine and patient management platform known as AnyCheck™. Currently with three million subscribers, AnyCheck allows patients to conduct self-testing for health conditions, including hypertension, diabetes, cardiovascular disease, geriatric mental health, and other chronic diseases found in China's ageing population. Patients conduct tests (e.g., blood pressure, electrocardiogram, temperature, glucose levels) while connected to a wireless phone or device, which transmits findings via cloud services and then back to the patient in real time after analysis. Patients can arrange an online consultation with a health professional, also in real time. According to E-Techco's analysis, the total volume for the radiology services market in China is estimated at 302 million, and the volume for second opinions is estimated at 15.1 million, accounting for 5 percent of the total radiological market.
"vRad is a pioneer and proven leader in the practice of remote radiology," said John Zhang, CEO of E-Techco. "Having access to highly qualified U.S.-trained radiologists 24/7 will provide much needed services to an ageing population concerned about their health and welfare. Given vRad's scale and commitment to technical innovation and clinical excellence, we chose them to help us expand the capabilities of AnyCheck's personalized health management services to benefit our patients in China."
Beginning May 2014, patients will be able to upload images of their CT (computed tomography), MRI (magnetic resonance imaging) or CTA (Computed tomography angiography) studies using their AnyCheck telehealth platform, and vRad will provide second opinions from highly qualified, U.S. licensed radiologists. The partners also expect to expand into additional radiology solutions and markets in the future.
This strategic partnership brings together E-Techco's extensive experience and leading reputation in the Chinese consumer healthcare market with vRad's clinical expertise in providing remote radiology reads. vRad is the largest U.S.-based radiology practice reading 7 million studies a year. Seventy-five percent of vRad's 450 radiologists are fellowship-trained, with over nine years of post-certification experience. vRad has 14 patents covering its state-of-the-art imaging platform; the company was recently awarded the 2014 Frost & Sullivan Visionary Innovation Award in Medical Imaging Analytics.
"We are honored to be E-Techco's exclusive radiology partner, and bring our operational and clinical expertise to the Chinese market," said Jim Burke, President and CEO of vRad. "This strategic partnership represents a tremendous opportunity for vRad to expand internationally. As their respected partner, we look forward to working with an innovative leader in telemedicine that allows patients to play an active role in managing their personal health. Over the long term, this relationship will provide additional services that will ensure continued growth and mutual benefit for both parties and the patients we collectively serve."
About vRad
vRad (Virtual Radiologic) is a global telemedicine company and the nation's largest radiology practice with over 450 physicians. Our patented software, data, and clinical processes allow referring physicians to quickly and securely pass patient imaging and information to specialists in order to improve the speed, accuracy, and cost of clinical diagnosis. vRad's physicians and operational platform serve 2,000+ hospitals, reading over 7 million patient radiology reports annually. vRad is also a leader in healthcare informatics: its RPC(SM) (Radiology Patient Care) Indices are the first findings-based national and peer group benchmarking metrics for the use of radiology imaging. Our analytics platform includes over 24 million imaging studies, growing at 600,000 per month. vRad's clinical expertise and evidence-based insight help clients make better decisions for the health of their patients and their practices. For more information, visit www.vrad.com. For real-time updates, follow us on Twitter (@vRad), or "like" us on Facebook.
About E-Techco
Shenzhen E-Techco Information Technologies Co., Ltd., established in 2003, is a high-tech enterprise providing cloud-based personalized health management. The company has its own integrated R&D and operations for the manufacturing and distribution of e-health terminals, biosensors, and telemedicine solutions. AnyCheck's e-health management service has more than 3 million users and is the main Medical IT and health management technology solution in China and the EU. With more than 100 patents and certifications, AnyCheck plays a leading role in international e-health management.
Due to its innovation and achievements in health management application, E-Techco has received China's Annual National Awards of 2013 for the Most Influential Enterprise in Informationizationof Medical Services from the Ministry of Industry & Informationization of People's Republic of China. It also received product excellence awards at the China High-Tech Fair in 2012 and 2013. In addition, E-Techco is a Member of the Board of Managing Directors for the China Association For Medical Devices Industry, belongs to the Executive Chairmanship Unit of China Industrial Alliance for Life Science & Senior Healthcare, and is a Member of Board of Directors of the Shenzhen Software Industry Association.
The 10 billion RMB (USD$1.6 billion) Shenzhen Qianhai Senior-Health PE Investment Fund, initiated by E-Techco, is partnered and supported by domestic and overseas institutions such as PriceWaterHouseCoopers and CITIC Group's assets management firm. The E-Techco fund is dedicated to the investment and promotion of cloud-based health services and geriatric care in the China market. For more information, please visit www.e-techco.com.
