USARAD, a Nanox Company, Achieves the Joint Commission Re-Certification

Rhea-AI Summary

NANO-X IMAGING LTD. (NNOX) announced that its subsidiary, USARAD Holdings, Inc., received re-certification from The Joint Commission with the Gold Seal of Approval. This certification underscores USARAD's commitment to high-quality and safe patient care, achieving compliance without conditions in an unannounced inspection. With a robust network of board-certified teleradiologists, USARAD aims to address the global radiologist shortage by integrating AI technology to enhance its imaging services. The company operates under an accelerating demand for outsourced imaging solutions.

Positive

• USARAD received Joint Commission's Gold Seal of Approval, demonstrating commitment to patient safety and quality.
• The company has maintained continuous accreditation since 2009, reinforcing its industry standard status.
• USARAD plans to leverage AI algorithms to enhance imaging services and expand its operational capacity.
• The partnership with Nanox aims to democratize medical imaging services globally, projected to benefit approximately 16,000 care facilities in the U.S.

Negative

• The press release does not provide specific financial metrics or growth figures, leaving potential investors with uncertainty.
• Challenges related to the global shortage of radiologists could hinder operational effectiveness despite the company's growth strategies.

Rapidly growing teleradiology provider demonstrates safety and quality of care as company addresses global shortage of radiologists

NEVE ILAN, Israel--(BUSINESS WIRE)-- NANO-X IMAGING LTD. (“Nanox,” Nasdaq: NNOX), an innovative medical imaging technology company, today announced that its wholly-owned subsidiary, USARAD Holdings, Inc., one of the world’s leading teleradiology providers, has been re-certified with The Joint Commission's Gold Seal of Approval. The Joint Commission is the leading accrediting organization in the United States that certifies more than 22,000 health care organizations and programs based on the highest standards of patient safety and quality of care.

This prestigious designation recognizes an organization's commitment to providing high quality and safe patient care based on ongoing compliance with The Joint Commission’s stringent criteria. Following an unannounced inspection, USARAD passed in the Ambulatory Care category without any conditions, underscoring the company’s dedication to compliance and quality. USARAD was initially certified by The Joint Commission in 2009 and is considered among the longest continuously accredited telemedicine companies by The Joint Commission, in fact serving as an industry standard.

“We are extremely proud that our policies and procedures continue to safeguard patients and help ensure precise exam interpretation by meeting the quality standards of the most widely recognized medical credentialing program in the country,” says Michael Yuz, MD, MBA, founder and CEO of USARAD. “As we have expanded rapidly over the years, USARAD has maintained the high standards that have been its hallmark since the company’s inception and that have propelled its rapid growth. Today, quality, on-demand outsourced imaging exam reading remains a vital service as healthcare faces a growing radiologist shortage worldwide.”

Following its recent acquisition by Nanox, USARAD will be leveraging its network of hundreds of board-certified teleradiologists combined with artificial intelligence (AI) algorithms to help realize the shared vision of providing scanning-as-a-service and implementation of a worldwide end-to-end medical imaging solution leveraging the most advanced technologies and qualified talent, from exam acquisition through interpretation and results reporting. As the new relationship progresses, the partners plan to work with imaging facilities throughout the world, including approximately 6,000 freestanding imaging centers and more than 10,000 urgent care clinics in the U.S. alone to help fill the gap in radiologist services wherever needed and to democratize the delivery of imaging care.

USARAD is radiologist-run and operated company that interprets general and sub-specialty exams in all modalities. Through its unique Radiologist-On-Demand^® platform, USARAD provides timely and responsive image review 24/7 with highly qualified radiologists worldwide. Subspecialty interpretations are performed by fellowship-trained radiologists, often with additional certifications, including CAQs and subspecialty board diplomas.

The Joint Commission (formerly JCAHO) is a private, not-for-profit organization whose mission is “to continuously improve health care for the public, in collaboration with other stakeholders, by evaluating health care organizations and inspiring them to excel in providing safe and effective care of the highest quality and value.” To receive accreditation, a healthcare site must show that its current processes, policies and procedures are in compliance with all standards of The Joint Commission prior to a Commission survey and must document maintenance of these standards throughout its accreditation period.

About USARAD Holdings, Inc.:

USARAD Holdings, Inc., is a radiologist-run and operated full-service subspecialty radiology and teleradiology company that services imaging centers, hospitals, radiology groups, mobile companies as well as healthcare clinics and multispecialty groups. For more information, please visit www.usarad.com.

About Nanox:

Nanox, founded by the serial entrepreneur Ran Poliakine, is an Israeli corporation developing a commercial-grade digital X-ray source designed to be used in real-world medical imaging applications. Nanox believes that its novel technology could significantly reduce the costs of medical imaging systems and plans to seek collaborations with world-leading healthcare organizations and companies to provide affordable, early detection imaging services for all. For more information, please visit www.nanox.vision.

Forward-Looking Statements

This press release may contain forward-looking statements that are subject to risks and uncertainties. All statements that are not historical facts contained in this press release are forward-looking statements. Such statements include, but are not limited to, any statements relating to the initiation, timing, progress and results of the Company's research and development, manufacturing and commercialization activities with respect to its X-ray source technology and the Nanox.Arc, the ability to realize the expected benefits of the acquisitions, and the projected business prospects of the Company and the acquired companies,. In some cases, you can identify forward-looking statements by terminology such as “can,” “might,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “should,” “could,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. Forward-looking statements are based on information the Company has when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause actual results to differ materially from those currently anticipated include: risks related to (1) the inability to successfully integrate the acquired companies’ business, (2) the inability to realize the anticipated benefits of the acquisitions, which may be affected by, among other things, competition, brand recognition, the ability of the acquired companies to grow and manage growth profitably and retain their key employees, (3) costs related to the acquisitions and/or unknown or inestimable liabilities, (4) changes in applicable laws or regulations that impact the operations of the acquired companies, (5) the failure to meet projected technology development targets, (6) the failure of the acquired companies to effectively scale end-to-end medical imaging solutions worldwide, (7) changes in global, political, economic, business, competitive, market and regulatory forces, and (8) (i) Nanox’s ability to complete development of the Nanox.Arc ; (ii) Nanox’s ability to successfully demonstrate the feasibility of its technology for commercial applications; (iii) Nanox’s expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory clearances or approvals regarding its X-ray source technology and the Nanox.Arc from regulatory agencies worldwide and its ongoing compliance with applicable quality standards and regulatory requirements; (iv) Nanox’s ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.Arc; (v) the market acceptance of the Nanox.Arc and the proposed pay-per-scan business model; (vi) Nanox’s expectations regarding collaborations with third-parties and their potential benefits; and (vii) Nanox's ability to conduct business globally, among other things.

For a discussion of other risks and uncertainties, and other important factors, any of which could cause Nanox’s actual results to differ from those contained in the Forward-Looking Statements, see the section titled “Risk Factors” in Nanox’s Annual Report on Form 20-F for the year ended December 31, 2020 and subsequent filings with the U.S. Securities and Exchange Commission. The reader should not place undue reliance on any forward-looking statements included in this press release.

Except as required by law, Nanox undertakes no obligation to update publicly any forward-looking statements after the date of this report to conform these statements to actual results or to changes in the Company's expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211215005290/en/

Media Contact:

Jon Yu

ICR Westwicke

NanoxPR@icrinc.com

Source: NANO-X IMAGING LTD.

FAQ

What recent accreditation did NNOX's subsidiary USARAD receive?

USARAD received re-certification with the Gold Seal of Approval from The Joint Commission.

How does USARAD plan to address the shortage of radiologists?

USARAD aims to leverage a network of board-certified teleradiologists and AI technology to enhance imaging services.

When was USARAD initially accredited by The Joint Commission?

USARAD was initially accredited in 2009 and has maintained continuous accreditation since then.

What is the significance of the Gold Seal of Approval for NNOX?

The Gold Seal of Approval signifies USARAD's commitment to high standards of patient safety and quality in care.