This paper introduces a new multiscale speckle reduction method based on the extraction of wavelet interscale dependencies to visually enhance the medical ultrasound images and improve clinical diagnosis. The logarithm of the image is first transformed to the oriented dual-tree complex wavelet domain. It is then shown that the adjacent subband coefficients of the log-transformed ultrasound image can be successfully modeled using the general form of bivariate isotropic stable distributions, while the speckle coefficients can be approximated using a zero-mean bivariate Gaussian model. Using these statistical models, we design a new discrete bivariate Bayesian estimator based on minimizing the mean square error (MSE). To assess the performance of the proposed method, four image quality metrics, namely signal-to-noise ratio, MSE, coefficient of correlation, and edge preservation index, were computed on 80 medical ultrasound images. Moreover, a visual evaluation was carried out by two medical experts. The numerical results indicated that the new method outperforms the standard spatial despeckling filters, homomorphic Wiener filter, and new multiscale