USARAD

USARAD Holdings, Inc. is a Fort Lauderdale, Florida-based teleradiology and telemedicine company that provides imaging interpretation and database services to radiology practices, hospitals, medical clinics, diagnostic imaging centers, urgent care facilities and multi-specialty physician groups. Its network consists of radiologists certified by the American Board of Radiology and trained at institutions including New York University, Columbia, Cornell, Mallinckrodt, Montefiore, UCSF, University of Pennsylvania, Johns Hopkins and Jefferson. The company is US Joint Commission accredited, describes itself as physician owned, managed and operated, and states its radiologists are collectively licensed in all 50 U.S. states. Service lines include daytime and nighttime teleradiology, subspecialty reads, weekend/night coverage for emergency rooms, imaging centers and urgent care clinics, and locum and permanent radiologist placement.

The business has operated through multiple divisions. USARAD provides general and sub-specialty radiology interpretations via its Radiology-On-Demand platform on a 24/7 basis. SecondOpinions.com is a medical consultation and second-opinion service that connects consumers, physicians and business customers—including insurance companies, corporations and medical centers of excellence—with experts across medical specialties. CareDoctors.com, established in 2020 during the COVID-19 pandemic, offers live video consultations bundled with telepharmacy services drawing on a stated network of more than 1,000 board-certified physicians. The company also markets RISONE, a proprietary infrastructure, workflow, PACS, RIS and dictation solution offered to clients at no cost, along with IT services and a Cardiovascular Imaging Institute.

USARAD is presented as part of the Nanox (NASDAQ: NNOX) group, where it sits within Nanox's radiology services offering alongside the Nanox.MARKETPLACE platform and Second Opinions, complementing Nanox's imaging hardware, AI algorithms and cloud software in an end-to-end scan-to-diagnosis proposition.

Founding story

USARAD Holdings was founded in 2008 by Michael Yuz, MD, MBA, a double board-certified diagnostic radiologist trained at New York University and Thomas Jefferson with an MBA in healthcare from George Washington University, who serves as President and Executive Radiologist. Elli Yuz, a former healthcare and pharmaceutical industry executive at Wyeth Consumer Health and Celltech Pharmaceuticals, was among the founders and serves as Chief Executive Officer with responsibility for global business development.

Business model

USARAD sells outsourced radiology interpretation capacity to healthcare facilities—hospitals, imaging centers, urgent care clinics, physician groups and government medical facilities—on a services basis, including after-hours and weekend coverage, subspecialty reads, and locum or permanent radiologist placement. It emphasizes pricing described as competitive and "DRA-proof," no long-term commitments or start-up costs for clients, and no intermediaries between facilities and the physician-owned practice. Its RISONE workflow, PACS, RIS and dictation platform is provided to clients at no additional charge, supporting the core interpretation service. A separate consumer- and business-facing line, SecondOpinions.com, sells expert second opinions and contracts with insurers, corporations and medical centers.

Revenue is generated from fee-based radiology interpretation and teleradiology coverage contracts with healthcare facilities, radiologist staffing placements, and paid second-opinion consultations sold to patients and contracted to insurers, corporations and medical centers; a telehealth division offers live video consultations bundled with telepharmacy services.

Traction

In 2016 the company reported adding 65 new U.S. and international facilities to its client base, including Veterans Authority and U.S. Army medical centers and one of the largest U.S. imaging center chains, plus new international hospital customers. SecondOpinions.com reported serving customers in over 80 countries as of early 2017, rising to more than 120 countries by December 2020. The company reported receiving funding from the venture capital unit of Siemens, Omphalos Venture Partners and Excelerate Health Ventures.

Latest developments

USARAD is presented on Nanox's website as the teleradiology component of Nanox's radiology services, alongside the Nanox.MARKETPLACE platform operated through a Nanox subsidiary and the Second Opinions patient service. Founder Michael Yuz is listed as a member of the Nanox Extended Executive Team.