RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services today reported it has expanded operations into Arizona by establishing its third outpatient radiology joint venture with CommonSpirit Health and completing the acquisition of AZ Tech MRI & Radiology, an eight location multimodality radiology practice. The Phoenix, Arizona venture expands the existing commitment of RadNet and Dignity Health, which is part of CommonSpirit Health, to provide high-quality imaging services to targeted medical communities and patient populations. With this new joint venture, to be known as Arizona Diagnostic Radiology Group, RadNet has established an operating platform in the Phoenix metropolitan area, a rapidly growing market and home to almost five million people.
RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services today reported it has executed a partnership agreement with Adventist Health to create an outpatient imaging joint venture in Simi Valley, California to initially include three outpatient facilities. Under the new joint venture, RadNet will contribute two of its Simi Valley imaging Centers, Alamo Advanced Imaging and Simi Valley Advanced Imaging, and Adventist Health will contribute its Aspen Imaging Center. The facilities will together operate MRI, CT, PET/CT, Ultrasound and X-ray modalities. In addition, RadNet will assume the operational management of Adventist Health’s Nancy Reagan Breast Center, which will perform mammography, breast ultrasound, imaging-guided biopsies and related women’s health services.
Inland Imaging has recently acquired the imaging center and professional assets of Tri-City Radiology (TCR), which will become part of the Inland Imaging organization. According to Inland Imaging CEO Steve Duvoisin, “Inland Imaging is looking forward to continuing the great work that the staff and radiologists of TCR have provided in the region for almost 50 years.” The Tri-City Radiology Imaging Center will join one of the largest and well-respected independent medical imaging companies in the Western United States. Currently, Inland Imaging employs more than 100 radiologists and nearly 700 clinical, business, and IT staff at locations throughout Washington state and Western Montana.
Alliance HealthCare Radiology (“Alliance Radiology”), a subsidiary of Alliance HealthCare Services, announced Wednesday the acquisition of four PET/CT locations owned by Molecular Imaging Technologies (“MIT”). The four locations are: Affiliated PET Systems (Silver Spring, MD), Doylestown PET Associates (Doylestown, PA), Decatur Health Imaging (Decatur, AL), and Monroe PET (Monroe, LA). Alliance Radiology offers a full range of radiology solutions across the U.S. in partnership with hospitals, health systems, and physician groups focused on superior patient care.
Industry giant Radiology Partners turned heads Thursday with the announcement that it plans to buy fellow behemoth Mednax’s imaging business line for $885 million. But questions remained about how they’d integrate cultures, where they’d call home and whether anything can derail the closing. Radiology Business recently sat down with three members of the El Segundo, California, company’s C-suite to explore some of the intricacies of the massive merger. What follows is an edited transcript of that conversation.
Radiology Partners (RP), the leading radiology practice in the U.S., today announced a definitive agreement to acquire MEDNAX Radiology Solutions, a division of MEDNAX, Inc. (NYSE: MD), in a transaction with an enterprise value of approximately $885 million. The combination of RP and MEDNAX Radiology Solutions brings together two of the top radiology leaders and teams in the U.S. The boards of directors for both organizations unanimously approved the transaction. When finalized, the acquisition is expected to add more than 800 radiologists to RP’s existing practice of 1,600 radiologists. MEDNAX Radiology Solutions consists of more than 300 onsite radiologists, who primarily serve patients in Connecticut, Florida, Nevada, Tennessee, and Texas, and more than 500 teleradiologists, who serve patients in all 50 states.
The medical discipline of radiology has been undergoing a period of exceptional and unprecedented instability during the COVID-19 pandemic – with an unpredictable path going forward into 2021.
How have radiology practices fared financially during the COVID-19 pandemic? Initially, very poorly, but many are now recovering, at least somewhat. That is the overall picture portrayed by the leaders of radiology practices and radiology divisions of integrated health systems, according to the speakers in a recent webinar on the subject.
The Medicare Physician Fee Schedule (MPFS) Proposed Rule by the Centers for Medicare and Medicaid Services (CMS) in 2021 calls for the adoption of a new coding structure for E/M services that cuts reimbursement across-the-board by 10.61% from the current relative value unit of $36.0896 to the proposed rate of $32.2605, according to Healthcare Administrative Partners. Factoring in proposed valuation adjustments, these cuts are expected to affect different areas of radiology in various ways, including an 11% decrease for diagnostic radiology.
Triad Radiology Associates (TRA), a vibrant and growing independent radiology practice with 46 radiologists in Winston-Salem, NC, has joined the Strategic Radiology coalition. TRA, longstanding radiology partner of Novant Health in the Greater Winston-Salem community, provides full-service radiology to nine hospitals representing multiple health systems and more than a dozen outpatient locations. The 50-year-old practice covers the gamut of subspecialty radiology, with multiple radiologists practicing neuroradiology, musculoskeletal, interventional, neuro-interventional, pediatric, breast, cardiac, body imaging, and nuclear medicine.
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