At the intersection of medicine and technology, Dr. Farzana Rahman stands as a visionary leader reshaping the landscape of radiology. With a distinguished career as a Consultant Radiologist at University College Hospitals Trust London, one of the UK’s premier medical institutions, Farzana’s journey has been defined by a relentless pursuit of innovation and efficiency in healthcare.
A doctor by training, Farzana’s passion for leveraging technology to enhance patient care led her to co-found Hexarad Ltd, a pioneering healthcare technology company. As CEO, she spearheads Hexarad’s mission to revolutionize radiology by deploying cutting-edge solutions that enhance diagnostic capacity and alleviate the causes of diagnostic delays.
Farzana’s expertise extends beyond clinical practice. Armed with a degree in Health Economics, she has served as a healthcare policy adviser, collaborating with influential bodies such as NHS Digital and the Academy of Medical Royal Colleges (AoMRC). Her tenure as Head of Data and Digital Strategy at AoMRC culminated in the publication of a seminal national policy paper, exploring the transformative potential of Artificial Intelligence in healthcare.
Under Farzana’s leadership, Hexarad has emerged as a trailblazer in radiology technology, empowering healthcare providers with advanced tools to deliver timely and accurate diagnoses. Her vision for the future of healthcare combines clinical excellence with technological innovation, ensuring that Hexarad remains at the forefront of driving positive change in the medical field.
Driven by a commitment to improving patient outcomes and operational efficiency, Farzana Rahman exemplifies the power of visionary leadership in harnessing technology for the betterment of healthcare. Her journey from practicing radiologist to pioneering CEO underscores her dedication to advancing healthcare through innovation, setting a new standard for excellence in radiology technology and beyond.
Below are highlights of the interview conducted between World’s Leaders and Dr. Farzana Rahman:
Tell us about the inception of the company. How did it all start?
I met my co-founders in 2012 when we were radiology registrars working together at St George’s Hospital in London. Even back then it was clear that there were too many scans but not enough radiologists. Without a diagnosis there is no treatment – so we knew that if we could solve the problems we were seeing in radiology we would improve patient outcomes.
None of us had a background in business or tech, but we were all tired of seeing that no matter how hard we worked, patients weren’t getting diagnosed quickly enough. That was the inspiration behind us founding our company, Hexarad, and our mission is to make sure every patient can have access to fast and accurate diagnosis, because behind every scan is a patient waiting for treatment.
When we founded Hexarad, it was clear that the number of scans being done was increasing each year and that there weren’t enough radiologists to report them all. Since then, NHS waiting times for scans have only got worse. Our background meant that we have real in-depth insight into the problems that hospitals face and the solutions that will actually help. Knowing your audience inside out, and having solutions that genuinely solve their problems, is the best way to connect with potential customers and grow your business.
My Co-Founders and I were able to get our business off the ground through a mixture of bootstrapping and a joint venture partnership with our first customer. Once we became revenue-generating we were able to go out to investors for funding, and in 2022 we closed a £4.5 million series A funding round. This was led by a mixture of private equity and angel investors. Although the last few years have been a challenging time to raise money for many health technology companies, especially those with female founders, our clear vision and knowledge of our market have allowed us to connect with investors.
Beyond outside funding, we have also been able to grow our customer base and revenue with a focus on profitability. Not only has this been a strong selling point for investors, but it has also allowed us to focus on growing our business without having to go through multiple funding rounds. Our main focus at the moment is growing Hexarad internationally. We already have a partnership with a healthcare group in Saudi Arabia, and we are exploring some other opportunities in the Middle East and Asia as well.
What has made you successful? What do you value?
We have had some incredible business successes over the past few years, but the success that is closest to my heart is the Hexarad Widening Participation Scholarship, an annual scholarship providing mentorship and research project financial assistance to UK-based Black, Asian, and Minority Ethnic (BAME) medical students. Inspired by the Black Lives Matter movement and the experiences of the Hexarad directors, we partnered with the Royal College of Radiologists and are now in our fourth year of giving BAME medical students the kind of support that we wish we had been able to access as medical students.
One of the biggest challenges that my co-founder Dr Amy Davis and I consistently face is being underestimated when we are the only women in the room, or on the stage. It’s a challenge that we relish, but it is surprising to still be coming up against such a consistent gender bias in 2024, and it can make you feel pressured to be the ‘perfect’ representatives of female founders.
One of the ways we have overcome this is to surround ourselves with people who support us, both within our business and outside it. My fellow co-founders are the people I speak to most often outside my family, and they are continual sources of support and give me the confidence that lets me thrive as a Founder and CEO. They are the people I turn to for advice and support when things are tough. Amy and I are also part of a fantastic community of female founders who are entrepreneurs and trailblazers in their fields, and their wisdom and advice not only give us confidence in our vision but also allow us to discuss any doubts or mistakes we may have made in a safe space.
What advice would you give someone going into a leadership position for the first time?
I think that the most important thing for any entrepreneur is to know your market and the problem you want to solve as well as you can. If you know and understand the problem really, really well then you will be able to come up with solutions, and adapt and develop as time goes on.
I would also say, speak to other people and get feedback on your ideas, but have faith in your idea and your solution. Take the useful advice but don’t let feedback, especially from those who don’t understand your industry well, dishearten you. The people around you are key. Great ideas that are executed well are always the result of teamwork, so surround yourself with the best team you can.
Finally, I’d say that you need to get used to the idea that rejection is going to be part of the process. Whether that’s doing your first investment round, trying to sign your first customer, or trying to hire your first key personnel, you’re going to hear a lot of “no” and that’s okay.
