Scan.com has closed $220 million (£162m) in combined equity and debt financing after doubling revenue over the past year to surpass a $165m (£122m) annualised run rate.
The $90m (£66m) equity round was led by Noteus Partners, with participation from Aviva, Concord Health Partners, YZR Capital, Oxford Capital and others. $130m (£96m) of debt facilities supporting M&A and working capital were provided by VerisFi Capital and Atempo Growth.
Valued at over $100 billion, the US medical imaging market is one of the largest segments of American healthcare. It is also slow, expensive, fragmented and still largely offline, with 85% of scans still booked via fax or phone. Patients often wait weeks for a scan, and a national shortage of radiologists and technologists adds further pressure on the system.
Scan.com’s data shows that the same MRI can cost a few hundred dollars at one centre and several thousand at another a few miles away, where price is a poor guide to quality. At the same time, it says, some centres are booked weeks out, while scanners nearby sit idle, and the marketing and administrative cost of filling them lands on patients too.
The problem is not a shortage of machines. It is that nothing connects the patient to the right one at the right time.
Scan.com was founded as National MRI Scan in 2017 by clinicians Dr Khalid Latief and Jasper Nissim, alongside Charlie Bullock (CEO, pictured), Oliver Knight (COO), and Joe Daniels (head of front-end and UX).
“The US runs around 600 million medical imaging scans a year, and there is still no national infrastructure behind them,” said Bullock. “Labs got that decades ago with Quest Diagnostics and Labcorp. Imaging never did, and that is what we have built.
“An employer, a health plan or a digital health app can now connect to imaging capacity nationwide through a single API, and their patients get scanned at a quality-checked centre in days rather than weeks, at a price they can see before they schedule. This investment is about making that the standard in US healthcare, rather than the exception.”
Where similar companies rely on static provider directories, Scan.com is the first to bring search, scheduling and results delivery for imaging into a single national API, integrating live and two-way with independent imaging centres’ own scheduling systems and electronic medical records (EMRs). Digital health providers, employer benefit platforms, third-party administrators, health plans and workers’ compensation systems plug in with a few lines of code and no separate integrations required.
AI is embedded across the platform: every referral is matched against live availability, price, and subspecialty across the network, the scheduling and paperwork are handled automatically, and each report is routed using AI to a radiologist who sub-specializes in the relevant area.
A team of care guides stays with the patient throughout, so the AI removes administrative tasks rather than human contact. Results are typically returned within 48 hours, according to Scan.com.
To date, more than 900,000 patients have accessed care through the Scan.com network, globally. Already the UK’s largest medical imaging network, Scan.com expanded into the US in 2023 and now has operations live nationwide.
“We have known Charlie and Oli for many years, and few teams have strengthened our conviction as consistently over time as they have. Their bold vision and relentless execution have brought Scan.com to a point where years of investment in patient experience, provider connectivity and proprietary data are increasingly compounding, building an advantage that only continues to deepen with scale and AI,” said Nathalie Bruls, general partner at Noteus.
“Modern healthcare systems need to deliver better outcomes and lower costs. We led this round as we see Scan.com uniquely positioned to power that future, having built the network and intelligence layer for diagnostic imaging.”
James Olsen, managing partner at Concord Health Partners, added: “Scan.com’s ability to improve access to high-quality diagnostic imaging while reducing cost and complexity is directly aligned with Concord’s mission to support companies that improve quality, increase access and reduce the cost of care.
“We look forward to supporting the Scan.com team as they continue to expand their technology-enabled network and improve how imaging is accessed and delivered across the United States.”