Rad AI

Company Overview

Rad AI is a software development company specializing in artificial intelligence solutions for radiology. Founded in San Francisco, California, the company’s mission is to empower physicians with AI - saving physicians time, reducing burnout, and improving the quality of patient care.

Rad AI develops AI-powered radiology software products aimed at improving efficiency and accuracy in radiology workflows. Their main products include:

1. Rad AI Reporting - A radiology AI reporting platform that uses generative AI to boost productivity and minimize fatigue for radiologists.

2. Rad AI Omni Impressions - Automatically generates radiology report impressions customized to each radiologist’s language and style.

3. Rad AI Continuity - Automates patient follow-ups for significant incidental findings in radiology reports.

Products Overview

Rad AI Reporting

• Uses advanced machine learning and generative AI to create comprehensive and accurate radiology reports quickly
• Allows radiologists to dictate findings using existing systems
• Generates report impressions automatically
• Claims to reduce dictation times by up to 50% and words dictated by up to 90%

Rad AI Omni Impressions

• Automatically generates report impressions from dictated findings
• Customizes impression language to each individual radiologist and practice
• Claims to save radiologists 60+ minutes per shift
• Reduces words dictated by up to 35%
• Generates impressions in 0.5-3 seconds

Rad AI Continuity

• Uses AI to identify and categorize follow-up recommendations from radiology reports
• Automates communication with providers and patients about needed follow-ups
• Aims to double follow-up rates for significant actionable findings
• Integrates with existing EHR/RIS systems

Founding Team

While specific details about the founding team are not provided in the given material, the company states it was “founded by a team with deep expertise in healthcare and AI.”

Problem and Market Fit

Rad AI aims to address several key problems in radiology:

1. Radiologist burnout and inefficiency due to high workloads and administrative tasks
2. Inconsistent quality and standardization in radiology reporting
3. Low rates of appropriate patient follow-up care for incidental findings (only 30% receive proper follow-up)

The company’s AI solutions are designed to fit into existing radiology workflows to improve efficiency, reduce burnout, enhance report quality, and increase follow-up rates.

Business Model

Rad AI appears to operate on a software-as-a-service (SaaS) model, providing its AI solutions to radiology practices, health systems, and hospitals. They likely charge subscription or licensing fees for access to their products.

The company also emphasizes the potential for their solutions to generate additional revenue for health systems through increased appropriate follow-up imaging studies.

Funding and Runway

The company recently announced a $50 million Series B funding round, as reported by TechCrunch in May 2024. No other specific funding details are provided in the given material.

Competitive Landscape

While specific competitors are not named, Rad AI positions itself as a leader in AI-powered radiology solutions. They claim their products provide more value and impact than other options on the market, particularly when used in combination (e.g. Continuity deployed with Omni Impressions).

Customers

Rad AI’s products are used by leading radiology groups and health systems across the United States. Some notable customers mentioned include:

• Radiology Associates of North Texas
• Inland Imaging
• Radia
• Carle Health System
• Radiology Associates, P.A.
• Steinberg Diagnostic Imaging
• United Imaging Consultants
• Einstein Healthcare Network
• Zwanger-Pesiri Radiology
• Strategic Radiology

Relevant News

• July 26, 2024: Rad AI finalized its first partnership outside the US with MIC Medical Imaging of Alberta, Canada.
• June 27, 2024: Rad AI announced a collaboration agreement with Bayer, integrating Rad AI’s solutions with Bayer’s Calantic Digital Solution Platform.
• May 7, 2024: Rad AI announced a $50 million Series B funding round, as reported by TechCrunch.
• Rad AI was listed on CB Insights’ “50 Most Promising Digital Health Companies” of 2023.
• Rad AI Omni Reporting was named “Best New Radiology Software” by AuntMinnie.

The company emphasizes its strong security measures, including SOC 2 Type II HIPAA+ certification and state-of-the-art monitoring practices to protect patient privacy and data.