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Alliance HealthCare Services Acquires Assets of OnPoint Medical Diagnostics

May 20, 2014

Alliance HealthCare Services has announced the acquisition of the assets of Vertical Health Solutions, Inc., doing business as OnPoint Medical Diagnostics, a healthcare IT start-up commercializing medical imaging quality assurance technologies.

In a release, the Company said that the acquisition will enhance its full-service radiology capabilities and will broaden and expand OnPoint's existing big data technology platform -- making automated monitoring of imaging equipment, quality, operational efficiency, and compliance more broadly available to Alliance's customers and partners.

Launched in February 2012, OnPoint is currently used by 81 hospitals and imaging centers in 30 states, with more than 250 diagnostic imaging systems sending performance data to the OnPoint cloud. OnPoint's cloud-based software automates the quality control process -- allowing hospitals and imaging providers to manage every scanner in their facilities in a fraction of the time required to manually complete the quality control process. With real-time dashboards, analytics, and results trending, OnPoint's artificial intelligence technologies automate the quality control measures required for accreditation by the American College of Radiology. By identifying preventative maintenance opportunities before they impact clinical results and eliminating manual processes and measurements, radiology service providers achieve greater efficiency and control over their equipment, operations, costs, and profitability than ever before.

As part of Alliance's strategic RAD360 vision to help hospitals and healthcare providers optimize their radiology service line including MRI, CT, mammography, nuclear medicine, and ultrasound, the acquisition of the assets of OnPoint, the Company noted, expands its technology solutions available to hospitals, healthcare and radiology service providers.

"The acquisition of OnPoint provides a key opportunity to augment our technology and operational capabilities under our Alliance RAD360 initiative to provide our radiology customers more control over their assets and operations," said Tom Tomlinson, Chief Executive Officer and President of Alliance HealthCare Services. "Hospitals, imaging centers, accreditation organizations, and insurance companies all want the same thing -- measurable, objective, performance-based quality control technologies that help to ensure image quality and equipment utilization. Integrating these capabilities, through the acquisition of the assets of OnPoint, into our technology solutions offering will provide a new level of control for managing radiology operations."

According to William Cavanaugh, Chairman and Chief Executive Officer of OnPoint, "I believe Alliance's imaging expertise and expansive partner network, combined with OnPoint's big data platform, will fulfill our vision of assisting the global healthcare industry in delivering the highest quality medical images possible - - safely, consistently and efficiently. We are excited that Alliance will take OnPoint's creativity to the next level."

Under the terms of the acquisition Alliance paid $1 million in cash plus a two-year royalty stream to acquire the majority of OnPoint's assets, which include its quality assurance products for MRI and CT, its big data technology platform and Software-as-a- Service (SaaS) framework, as well as the R&D pipeline, customer contracts, and employees.

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