November 20, 2012 — TeraRecon Inc. has received the North American New Product Innovation Award in Medical Imaging Informatics from the respected independent research firm Frost and Sullivan. This award represents the seventh time that TeraRecon Inc. has been recognized with a Best Practices award from Frost and Sullivan, and the third time since 2010, following the European Company of the Year Award in the category of Medical Imaging, Advanced Visualization Applications and the North American Growth Leadership of the Year Award. The full text of the new award can be reviewed on the company's website at www.terarecon.com/fs2012.pdf.
The Award is issued contemporaneously with the release of the new Frost and Sullivan market research report on the North American Medical Imaging Informatics market, and is derived from independent and objective research performed by the Frost and Sullivan team, which was not commissioned or funded by TeraRecon.
To quote Frost and Sullivan: "In recognition of the role of product innovation and an entrepreneurial spirit in this continued success, Frost and Sullivan is proud to present TeraRecon with the 2012 North American New Product Innovation Award in Medical Imaging Informatics."
Regarding the value of healthy competition in the advanced visualization marketplace, Frost and Sullivan commented on mergers and acquisitions, observing that “the latest acquisition brought a major independent vendor under the control of a major imaging equipment manufacturer. Since then, the imaging equipment makers collectively have strengthened their grip over the advanced visualization market…” In this context, TeraRecon is the largest independent, vendor-neutral provider of advanced visualization, globally.
Frost and Sullivan recognized the importance of combining a strong clinical value proposition with a viable and financially sound proposal in terms of department-wide and enterprise-wide information technology, and TeraRecon’s success in achieving this balance: “The cumulative impact of the solutions provided by TeraRecon has been highly regarded by IT departments and CIOs for its immediate and long-term ROI. It allows imaging providers seeking clinical excellence to also align their incentives with and get buy-in from their IT counterparts.”
The award noted that "…the recently launched iNtuition Review, iNtuition Enterprise Medical Viewer (iEMV) and iNtuition Share product lines collectively incorporate a comprehensive range of elements necessitated by modern medical imaging enterprises to maintain peak operational efficiency and quality of care. These capabilities align perfectly with concerted industry demands for solutions that effectively lead to increased access to patient information and streamlined delivery of care."
It was observed that TeraRecon technology is embraced by a range of imaging professionals involved in clinical imaging as well as research: “A clear example of that vision is the company's first-of-its-kind cloud-based advanced visualization service, which has garnered traction among certain types of imaging providers, as well as among contract research organizations (CRO) and other actors within the clinical trials field.”
The importance of quantitative imaging and the company’s commitment to this field was also highlighted: “TeraRecon's leadership in quantitative imaging offers providers the opportunity to enhance their clinical decision-support capabilities by being able to more efficiently document, store, and mine image-based analytics.”
Building upon the value proposition of advanced imaging applications, Frost and Sullivan further highlighted the practical value of the iNtuition solution in the context of image sharing: “iNtuition SHARE provides yet another good example of value-added benefits leading to positive changes in ROI for providers. Its enterprise distribution and image-sharing capabilities connect medical imaging specialists with their referral base as well as their peers, patients and external facilities in a much more efficient way than the traditional CD-based model.”
TeraRecon Chairman, president and CEO Robert Taylor, Ph.D., commented on the award, "We are truly honored to have received a seventh Frost and Sullivan award and the third within as many years, recognizing the company's continuing achievements in the field of Medical Imaging Informatics. This independent research by Frost and Sullivan insightfully recognizes the important balance we have strived to achieve, between excellence in clinical advanced visualization tools, and enterprise access and interoperability, to ensure such tools are accessible, efficient, and effective in delivering excellence in care at an appropriate cost."
Taylor continued, "TeraRecon is fully committed to innovation and excellence, both technologically and clinically. We are defining new boundaries for advanced visualization and empowering physicians to communicate, share and cooperate with appropriate contextual tools for image review, every day. We embrace this challenge with the greatest enthusiasm and commitment."