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vRad's Corporate History
Virtual Radiologic (vRad) has been at the forefront of teleradiology for nearly a decade and has quickly grown to be more than just an exceptional teleradiology practice. Today, vRad is a national radiology practice and leader in the development of workflow technology. vRad works in partnership with local radiologists and hospitals to optimize radiology’s pivotal role in patient care.
vRad’s more than 140 radiologists serve 1,200+ facilities (21% of U.S. hospitals), reading 2.7 million studies annually. One of the largest radiology practices in the United States, vRad is privately owned and based in Eden Prairie, Minnesota.
vRad has been a pioneer in workflow technology for radiology, developed and tested first by radiologists for vRad’s operations and then offered to clients. The combination of contracting with vRad for interpretation services and using its technology has helped clients enhance patient care, boost productivity and reduce expenses.
The practice’s time-tested and radiologist-designed technology differentiates the company from other virtual radiology providers and healthcare software vendors. Since 2002, vRad has invested more than $35 million in developing its technology platform, with continuous input from radiologists. All of vRad’s technology is software as a service-oriented(SAAS) and uses “cloud” computing hosted and managed via the Internet.
Continually recognized for service and quality, vRad received a No. 1 ranking in the Teleradiology Services Category in the 2009 Top 20 Best in KLAS Awards: Software & Professional Services report for the second consecutive year and in 2010, received a Stevie® Award for Best Use of Technology in Customer Service.
Year by year, here are milestones in vRad's history.
With healthcare reform becoming a reality, the needs served by vRad--expanding access, improving quality, and reducing cost—will continue to grow in importance. And with technology becoming more important than ever to deliver services, vRad is well positioned to serve a wide variety of radiologist and hospital needs.
2010
New products, features in vRad Enterprise Connect
On July 1, 2010, vRad
released the third generation of vRad Enterprise Connect, its radiology workflow software platform. vRad Enterprise Connect unifies geographically diverse radiology technologies into a single reading and worklist environment—without any capital investment. This enterprise radiology platform features a suite of vRad-developed technologies which deliver increased productivity and enhanced patient care at a lower cost. Learn more about vRad Enterprise Connect solution offerings.
Providence Equity Partners acquires vRad
Providence Equity Partners acquired vRad in July 2010, with vRad again becoming a privately held company. Providence Equity Partners is a leading global private equity firm that invests in and supports the growth of companies in the information services, technology, media and communications industries. For more information, visit www.provequity.com.
vRad reads nearly 10,000 studies in a 24-hour period
In May 2010, vRad had a record-breaking weekend for study volume, reading and facilitating nearly 10,000 studies in a 24-hour period through its Operations Center.
vRad receives technology patent
In early 2010, vRad received a patent by the United States Patent and Trademark Office for several applications within its technology portfolio. The patent, titled “Multiple Resource Planning System,” recognizes the rules-based technology vRad uses to receive orders over the Internet and automatically assign them to radiologists based on a set of business and clinical rules, including subspecialty training, licensing, credentialing, workload, hospital preferences and other customized parameters. The patent also covers vRad’s order forecasting and radiologist scheduling applications. Learn more (PDF).
2009
vRad radiologists begin using vRad PACS
In 2009, vRad radiologists began using vRad® PACSSM—developed to replace a third-party PACS after continuous input from vRad’s radiologists. Learn more (PDF).
2008
vRad Enterprise Connect available to clients
vRad Enterprise Connect, vRad’s radiology workflow technology platform, launched for clients in 2008. This has allowed clients to benefit from the same platform vRad uses, while avoiding a capital investment. Learn more about vRad Enterprise Connect.
vRad supports 1,000 facilities
vRad achieved an important service milestone in 2008—contracting with radiology practices to support a total of 1,000 facilities.
2007
vRad hires 100th radiologist
Growing numbers of clients and studies required continuous growth in vRad’s staff of radiologists. In 2007, vRad hired its 100th radiologist. As vRad has grown, it built a broad range of fellowship-trained subspecialists who are instantly available day and night for preliminary and final reports. More than 75 percent of vRad radiologists are subspecialty trained.
vRad goes public
vRad became a publicly traded company in 2007 when it completed its initial public offering of stock (IPO). vRad stock was traded on the NASDAQ exchange. Learn more (PDF).
2006
vRad releases its RIS
Another technological advance occurred in 2006, when vRad released its Internet-based Radiology Information System (RIS), including fully integrated voice dictation.
2005
Company use begins for vRad® Enterprise ConnectSM
Technology development reached a key milestone in 2005, when vRad began using a new platform to run its national radiology practice. This next-generation technology, later named vRad Enterprise Connect, provides the platform to manage, read and store studies.
vRad offers final interpretations
vRad extended its services to final interpretations in 2005. Final interpretations have grown continually as a portion of vRad’s business, comprising 32 percent of total study volumes in 2010.
vRad quickly became a leader in final interpretations because vRad radiologists are all based in the United States. Learn more about vRad's final interpretations program.
2004
vRad deploys credentialing system and receives Joint Commission accreditation
In 2004, vRad deployed technology to track the complex credentialing for vRad radiologists and vRad’s first accreditation by the Joint Commission. vRad has received the Joint Commission’s Gold Seal of Approval each year since 2004.
2002
vRad opens its Operations Center and Forms Industry’s First Quality Assurance Committee
vRad had five clients, and the importance of delivering rapid service to clients led vRad to establish its technology-enabled, live 24/7/365 Operations Center in 2002. . Operations Center team members continually monitor radiology orders, communications and technology systems, using vRad’s proprietary technology platform to interact with clients and vRad radiologists.
vRad forms industry’s first Quality Assurance Committee
Continued emphasis on quality led vRad to establish the teleradiology industry’s first formal process to assure clients that vRad’s reads meet the highest quality standards with oversight by a Quality Assurance Review Committee of reading radiologists. Dr. Michel has chaired the committee since its inception. Learn more on vRad's quality.
2001
Radiologists establish vRad
vRad was founded in 2001 by radiologists, including Sean Casey, MD, and Eduard Michel, MD, PhD. Dr. Michel currently serves as vRad’s chief medical officer. These two radiologists formed the teleradiology practice in response to the needs they had for their own emergency interpretations coverage. The company grew quickly due to market demand for after-hours coverage.
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