Leading provider of teleradiology services in the UK, with a 15+ year track record of growth
The Royal College of Radiologists estimates that by 2024, the shortfall in qualified radiologists in the UK will rise to over 3,300; equivalent to over 40% of the current workforce. Medica contracts with the largest pool of Consultant Radiologists (currently well over 450 radiologists) outside of the NHS servicing over 100 NHS Acute hospitals. Customers benefit from increased capacity and a breadth of specialisms not always available within these Trusts.
The Group has established a highly experienced clinical governance function which is constantly evolving to ensure clinical best practices are driving the highest standards of reporting. The quality of its own internal clinical oversight has led to some customers approaching the Group to audit their own internal radiology departments.
Medica represents an attractive career development opportunity for Radiologists. As a long-established market-leading provider we are the perfect partner not only as a regular source of supplementary income, but also to support the development of expertise in clinical sub-specialisms. In this way, working for Medica allows already highly-qualified experts to build a portfolio approach to their career and benefit from a breadth and depth of interesting casework and regular feedback as part of the continuous audit process.
The senior management team has collective expertise in delivering safe, high quality and reliable clinical services. Our management team combines leadership in establishing and expanding fast-growing private and publicly-listed healthcare companies with clinical and operational radiology expertise.
The Group’s bespoke IT platform provides a robust and secure connection with its customers that supports fast and efficient delivery of teleradiology services. The Group is in the process of a significant investment to deliver a ‘best in class’ system for the future with enhanced functionality that will ultimately improve patient outcomes, as well as provide proprietary interfaces between the Group’s customers and Medica Radiologists.
Invest in a scalable platform for future growth
The Group’s technology platform gives it the scope to continue the growth in its existing service lines but also the ability to service different customer groups and to add new service lines.
The Group has demonstrated impressive double-digit revenue growth for the last ten years. For the financial year ended 31 December 2019, revenues increased by 19 percent year-on-year driven by a 20% increase in radiologist reporting capacity over the same period.
Medica is a trusted partner for its clients. Over 85 percent. of revenue in the financial year ended 31 December 2019 was derived from customers who had been with the Group for more than two years, with strong revenue growth even from customers who have been with the Group for over five years.
Ambition for growth
Medica’s strategy aims to double revenue over the period 2020 to 2025 through a combination of continued leadership in UK teleradiology services, coupled with diversification into allied areas of growth leveraging our underlying platform in the UK and internationally.