Every day our world seems to become more digital-based and reliant upon the world of telecommunications. The medical world is not exempt from this new modality of living. Teleradiology is a growing field based simply on supply and demand. Imaging procedures, such as CT scans, X-rays and MRI’s, are increasing in use approximately 15% per year, but the population of radiologists is growing significantly slower; averaging about 2% annually.
As a result, teleradiology, the process of assessing radiological patient images, such as x-rays, CTs, and MRIs, from one location to another for the purposes of interpretation and/or consultation, is expanding as a field. The technology is especially valuable (and convenient) in the event of emergency situations or events that require specialist consultation when a desired doctor or radiologist is not available locally.
Diagnostic Imaging International Corp. (“DIIC”) is focused on developing its business strategies to meet this rising demand. The Company is engaged in acquiring diagnostic imaging clinics and evaluating future opportunities for Positron Emission Tomography clinics. DIIC also operates its wholly-owned subsidiary, Canadian Teleradiology Services (“CTS”), a teleradiology company.
Yesterday, DIIC announced that CTS signed a contract with a network of hospitals to provide its teleradiology services, primarily for after hours and weekend service, including emergency on call work and entails the transmission of CT scans and Ultrasound studies. The agreement with CTS will now allow the hospitals to serve their communities 24 hours a day, seven days a week. The network includes four hospitals with preparation started in December for the services as CTS began installing the required hardware, software testing and credentialed radiologists at the hospital. Full-time service commenced this week.
It is the Company’s strategy to continue developing CTS by adding new client contracts and increasing radiologist reading revenue as it continues to evaluate the acquisition of profitable diagnostic facilities.
Unlike many bulletin board companies, DIIC is generating significant revenues and growing financially. For the three months ended September 30, 2010, Diagnostic Imaging reported preliminary revenue from radiology services of $831,894, representing a 10% increase from the previous quarter and an over 40% increase for the same quarter of 2009. For the nine months ended September 30, 2010, the Company reported revenue of 2,229,157, which is 30% higher than all four quarters of 2009 combined and more than double the same nine months of the year prior in which revenues totaled $1,079,041.
A low float company with less than 20 million shares issued and outstanding, Diagnostic Imaging International Corp. may be hitting the radar of more investors and traders in the year 2011. More information on Diagnostic Imaging International Corp. and its business strategies can be found on the Company’s website at www.diig.biz.