Sep 25, 2015 |Jessica Bartlett Reporter Boston Business Journal
Blue Cross Blue Shield of Massachusetts is backing a medical imaging company, with the insurer announcing a $5 million investment in LifeImage.
The six-year-old Newton company specializes in sharing medical images with multiple providers, with the goal of reducing duplicative procedures, reducing radiation exposure, and improving care coordination within a health system.
Zaffre Investments, which is the investment arm of Blue Cross Blue Shield of Massachusetts and spearheaded the investment, said the LifeImage technology had the potential to improve care delivery and patient outcomes in Massachusetts and beyond.
“LifeImage represents technology that we believe enables these goals and makes it easier for patients to navigate the health system,” said Tuoyo Louis, managing director of Zaffre Investments, in a release.
In addition to the funding, Zaffre Vice President Steven Fox will serve as board observer at LifeImage to make connections between the technology and providers in the Blue Cross network.
Already, LifeImage is being used by more than 120 multi-site health systems in the country, including in Massachusetts.
“We continue to build out and enhance this intelligent, interoperable health data network and are excited to expand our strategic partnerships with industry leaders who share in our vision,” said Hamid Tabatabaie, LifeImage CEO and co-founder, in a release.
The investment follows a $17.5 million financing round the Newton company received in May. That funding was led by Cambia Health Solutions, with participation from existing investors Cardinal Partners, Galen Partners and Long River Ventures.
To date, the company has raised $62.3 million.