The tie-up with ASX-listed Integral Diagnostics (ASX:IDX), called MedX, opens up both short- and long-term opportunities for both companies.
Initially, it will provide access to a pool of dual-qualified radiologists who are able to operate in all four countries, supporting the acute, out-of-hours reporting services for both businesses.
However, there will also be scope to collaborate in “areas of mutual interest”, including the deployment of augmented intelligence (AI) solutions.
Medica said there is the potential to expand the remit of the JV, including combining Integral’s reporting capabilities and resources with the UK group’s teleradiology expertise.
This would allow the MedX partnership to bid directly for teleradiology reporting contracts using its combined network and, crucially, it could also provide the wherewithal to access markets new to the two firms.
Medica chief executive, Stuart Quin, said the collaboration with Integral provided “significant operational benefits” for a modest investment while helping to expand the geographic reach of its teleradiology services.
“Both companies share a joint culture underpinned by a focus on quality and an ambition to grow and develop our organisations,” he explained.
“We will be able to capitalise on the JV’s shared expertise and market access to support the growth of our NightHawk reporting service and take advantage of the exciting teleradiology market opportunity in Australia, New Zealand and potential opportunities in other international markets.”
Medica works with over 100 NHS hospitals offering two distinct services: NightHawk, which provides round-the-clock emergency reporting and Elective, which supports the diagnosis and management of less urgent cases.
Its plan is to incrementally widen its telemedicine offering, while also increasing its geographic footprint.
November’s purchase of Global Diagnostics Ireland (GDI) for £14.5mln did both. The MedX JV takes the strategy on a step.