RadNet Announces Formation of Two Los Angeles-Area Joint Ventures With Cedars-Sinai
LOS ANGELES, California, April 3, 2017 – RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, fixed-site outpatient diagnostic imaging services through a network of 305 owned and/or operated outpatient imaging centers, today announced that it has signed and begun operations of two imaging joint ventures with Cedars-Sinai. The joint ventures are operating imaging centers in Santa Monica, California, and the San Fernando Valley of Los Angeles.
The joint venture agreement in Santa Monica consists initially of one multi-modality imaging center (Resolution Imaging), which was contributed to the joint venture by RadNet. Cedars-Sinai has purchased an interest in the center.
Under the terms of the joint venture in the San Fernando Valley, Cedars-Sinai has purchased an interest in four imaging centers previously owned by RadNet. The centers are Encino Advanced Imaging Center, Encino Breast Care Center, Liberty Pacific Advanced Imaging, and San Fernando Valley Interventional Radiology and Imaging Center.
“We are excited to announce the expansion of our health system partnership model in California with such a preeminent hospital system,” said Howard Berger, MD, chairman and co-founder of RadNet. “Cedars-Sinai is one of the premier academic medical centers in the country and has extensive outreach and breadth of capabilities that are expanding across the greater Los Angeles area.”
Under the terms of the joint venture agreements, RadNet will continue to manage the operations of the imaging centers on a day-to-day basis.
About RadNet, Inc.
RadNet, Inc. is the leading national provider of free-standing, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 305 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey, New York and Rhode Island. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. 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.
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