Outsourced Medical Device Services: Tri-Imaging Solutions Spotlights Momentum

Featured professionals: Tyler Bradshaw, Sam Hendler

Healthcare settings are full of complex, expensive equipment vital to patient care, with every piece requiring regular maintenance, repair, and upgrades to function optimally. These needs are driving strong demand for specialized independent service organizations (ISOs) that bring efficient, cost-effective expertise across a wide range of OEM brands.

Below, members of our Healthcare & Life Sciences Group highlight why ISOs are on investors’ radar and how our recent client, Tri-Imaging Solutions, demonstrates the opportunity.

A Focus on Equipment Longevity and Cost Reduction

Healthcare costs continue to escalate, yet expensive mission-critical medical equipment must remain online. That’s why ISOs are highly valuable partners to many types of healthcare organizations.

“Healthcare companies need cost-effective solutions to keep essential equipment up and running as efficiently as possible,” says Tyler Bradshaw, a managing director. “This is even more the case as capital budgets remain under pressure and facilities are increasingly relying on an aging asset fleet to further manage costs.”

Meanwhile, medical procedure numbers are expected to keep rising due to many well-established tailwinds: an aging population, greater incidence of chronic health conditions, and increased access to healthcare, among others. “To keep up with more patients in need of care, healthcare settings are expanding their installed base of equipment,” adds Bradshaw. “These machines will be under constant utilization, creating recurring demand for companies offering high-quality maintenance expertise.”

For these reasons, ISOs throughout the medical device ecosystem are seeing ongoing success and capturing investor attention. Across all categories, it’s clear that leading ISOs are doing more for their customers and building longer-term partnerships. “The most attractive businesses are combining rigorous and reliable maintenance services with other value-added capabilities, from information technology to data visibility to cybersecurity,” says Sam Hendler, a managing director.

The ISO sector’s large addressable market and fragmentation further support investor interest. Beyond having significant potential to create scaled platforms, the sector offers a variety of ways to take advantage of adjacent market opportunities via M&A. “Best-in-class platforms have well-developed and refined M&A strategies to expand into complementary solutions, modalities, and geographic coverages,” adds Bradshaw. “The ability to successfully integrate acquisitions, not just aggregate assets, is an important differentiator and value driver for the most sought-after companies in the space.”

Tri-Imaging Solutions: A Snapshot of the Opportunity

Diagnostic imaging repair presents many complexities for healthcare providers, driving an especially strong need for ISOs. Maintaining uptime for complex modalities like MRI scans, CT scans, and mammograms requires access to both highly trained technicians and access to specialized parts. Relatedly, providers often don’t have access to data that can predict when parts will need replacement, leading to pricing volatility and expensive last-minute orders.

Solving these challenges is Tri-Imaging Solutions, a provider of imaging replacement parts, equipment, on-site service, technical support, and training for medical imaging professionals. Harris Williams advised Tri-Imaging Solutions, a portfolio company of Quilvest Capital Partners, on its sale to DirectMed Imaging, a portfolio company of Frazier Healthcare Partners.

Tri-Imaging’s breadth of services closely aligns with equipment owners’ goals of cutting asset costs and downtime. For one, it provides holistic asset maintenance through both replacement parts and repairs. The company also uses proprietary technology to streamline part and service delivery, drive low-cost sourcing, and optimize inventory management.

In addition, Tri-Imaging’s talent acquisition and training program generates a large roster of skilled technicians with wide-ranging equipment experience, helping them solve more customer pain points and further reduce costs.

Going forward, the combination of DirectMed and Tri-Imaging will help customers maximize imaging uptime, extend equipment life, and lower total cost of ownership. “Tri-Imaging’s technical expertise across modalities and OEMs has established a loyal customer base with revenue stability,” says Bradshaw. “The business is poised for long-term, sustainable growth with compelling avenues for further expansion through M&A.”

Maintaining Interest

Given the complexity and criticality of modern medical equipment, healthcare providers require recurring maintenance and upgrades to ensure patient safety—all while managing the high costs of providing care. This will continue to fuel significant demand for leading ISOs that offer a blend of cross-brand expertise and price efficiency.

“Looking ahead, the most sought-after ISOs will be those offering efficiency, cost effectiveness, high customer retention, and strong M&A capabilities,” says Bradshaw. “We’re excited to watch companies like Tri-Imaging maintain their success and gain strong investor interest.”

To further discuss M&A potential throughout outsourced medical device services, please contact our senior professionals.