RadNet and Imaging Advantage, National Leaders in Radiology, Launch a Strategic Relationship
LOS ANGELES, California, December 14, 2015 – Imaging Advantage LLC and RadNet, Inc. (NASDAQ: RDNT) announced today that they have entered into a multi-year strategic relationship.
Under the terms of the strategic agreement, the parties will collaborate to deploy innovative models of delivering radiology services, combining the best-in-class outpatient expertise of RadNet with Imaging Advantage’s robust cloud based professional radiology physician and technology capabilities.
Imaging Advantage, a provider of radiology services and technology to five of the ten largest hospital systems in the United States, will employ and integrate RadNet’s California based radiologists onto its cloud-based platform to enable RadNet to optimize utilization of current radiologist capacity, target specialization and reduce turnaround times.
Among other things, RadNet will share its expertise in billing and collecting, risk management, marketing and payor contracting with Imaging Advantage. In markets where RadNet does not own facilities, RadNet will lend its outpatient imaging expertise and resources to certain Imaging Advantage hospital system partners to help them compete more effectively with freestanding outpatient imaging centers and other hospital providers in those markets. The intention is to drive new revenue opportunities for Imaging Advantage and its hospital partners in these markets.
The agreement creates unprecedented scale and breadth of capabilities, combining the unique strengths of leaders in both outpatient imaging and radiology professional services. The parties’ expansion plans in 2016 may include additional markets.
Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “Professional radiology services are critical to RadNet’s service offerings. As we encounter more opportunities to provide our services on a larger scale and participate in leading-edge risk management models, we are pleased to be working with Imaging Advantage and its highly innovative cloud platform and business strategy. Equally important, I believe Imaging Advantage is a resourceful and capable partner to employ our doctors and incorporate them into a new model of delivery. Imaging Advantage can enhance the professional satisfaction of our affiliated radiologists, while simultaneously reducing our cost of delivering high quality and efficient radiology services to our imaging facilities and joint venture partners.”
Naseer Hashim, Chief Executive Officer of Imaging Advantage, stated, “We are excited about working with RadNet, the largest owner and operator of freestanding outpatient imaging centers in the United States. The magnitude of the combined resources, radiologists and data generated creates myriad unique opportunities in population health management.”
About RadNet, Inc.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 297 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey, New York and Rhode Island. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 7,300 employees. For more information, visit http://www.radnet.com.
About Imaging Advantage
Imaging Advantage LLC, backed by Goldman Sachs and CRG, is a leading national provider of radiology technology and solutions in the United States with 550 radiologists serving 400 facilities in 25 states integrated on its cloud based platform. Imaging Advantage will be presenting its business model to the healthcare financial community at the 34th Annual J.P. Morgan Healthcare Conference. Learn more at http://www.imagingadvantage.com.
Contacts
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer