RadNet Enters the Long Island, New York Market with the Acquisition of Medical Arts Radiology
October 05 2018 - 6:00AM
RadNet, Inc. (NASDAQ: RDNT), a national leader in
providing high-quality, cost-effective, fixed-site outpatient
diagnostic imaging services today reported it acquired Medical Arts
Radiology (“Medical Arts”), the owner of ten imaging centers in
Long Island, New York.
The acquisition includes facilities in Bay
Shore, Commack, East Setauket, Huntington, Massapequa, Patchogue,
Plainview, Smithtown, West Babylon and Stony Brook. The
centers provide multimodality offerings including MRI, CT, PET/CT,
X-ray, Ultrasound, Bone Density and Interventional
procedures. Having serviced the communities of Long Island
for over 70 years, Medical Arts is one of the most established
radiology practices in Nassau and Suffolk counties.
In addition to servicing the existing patient
base, the Medical Arts centers will be instrumental in providing
diagnostic imaging to the approximately 200,000 patients of
Emblem’s AdvantageCare Physicans, for whom RadNet has contracted
under a recently announced capitation agreement.
The ten centers annually generate approximately
$40 million of patient revenue, perform approximately 180,000
imaging procedures and are accredited by the American College of
Radiology (“ACR”). The transaction will add over 350
full-time and part-time employees and access to approximately 15
radiologists who will serve the greater Nassau and Suffolk county
areas.
Dr. Howard Berger, Chairman and Chief Executive
Officer of RadNet, noted, “We are delighted to complete this
important transaction. After building a significant presence
in the neighboring boroughs of New York City, including Queens,
Brooklyn, Manhattan and the Bronx, we have been interested for some
time in entering the Long Island marketplace. Medical Arts is
one of the most respected and well-known radiology practices in
this market, and is an ideal practice from which to build.
Medical Arts provides high-quality service to the communities it
serves and I believe that its culture aligns extremely well with
that of RadNet. I welcome the employees and affiliated
physicians of Medical Arts to the RadNet family.”
Dr. Steven Tuzinkiewicz, the Chief Executive
Officer of Medical Arts, added, “We are very pleased to be part of
RadNet. RadNet brings expertise, capital, scale and business
acumen that can accelerate and expand our growth and success in
Long Island. Our similar cultures and passion for providing
the highest quality medical services available make this
transaction an ideal union.”
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 304 owned and/or operated outpatient imaging centers.
RadNet's core markets include California, Maryland, Delaware, New
Jersey and New York. 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 over 7,500 employees. For
more information, visit http://www.radnet.com.
CONTACTS:
RadNet,
Inc.Mark Stolper,
310-445-2800Executive Vice
President and Chief Financial Officer
RadNet (NASDAQ:RDNT)
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