22 February 2021 | 08:00am
StockMarketWire.com - Teleradiology services provider Medica said it had formed an equal joint venture with Integral Diagnostics to provide reporting services and increased capacity in Australia, New Zealand, the UK and Ireland.
The venture, dubbed MedX, would provide access to a pool of dual-qualified radiologists who would support both companies acute, out-of-hours reporting services.
The partners would also collaborate in areas of mutual interest, including deployment of augmented intelligence solutions.
MedX would be registered in Australia and its board would comprise Integral Diagnostics chief executive Ian Kadish and finance head Anne Lockwood, as well as Medica CEO Stuart Quin and finance head Richard Jones.
Medica Group and Integral Diagnostics combine forces to increase capacity around the clock
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Medica establishes joint venture partnership with Integral Diagnostics
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Medica Group PLC joint venture deal with Australia s Integral Diagnostics opens up both short- and long-term opportunities for both companies
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While Covid has been an unwelcome interruption for international teleradiology specialist Medica Group, the company has still been able to take great strides in executing on its strategy and the growth potential of the business remains strong’, says Stuart Quin, chief executive.
Pre-lockdown, Medica fleshed out plans to double revenues in five years. It said it would invest £5million-£6million as part of a scale-up, with a push into international markets and new business areas also firmly on the agenda.
‘We set ourselves high targets – on which the impact of Covid remains to be seen,’ says Quin. ‘But the fundamental market opportunity remains really strong.’