RadNet, Inc. and MemorialCare Announce a Joint Venture, Creating the Largest, Most Accessible Imaging Network Serving Orange ...
December 18 2017 - 6:00AM
RadNet, Inc. (NASDAQ:RDNT), a national leader in
providing high-quality, fixed-site outpatient diagnostic imaging
services through a network of 298 owned and/or operated outpatient
imaging centers, and
MemorialCare, a nationally
regarded integrated health care delivery system with five hospitals
and more than 200 care sites in Southern California, today
announced that they have formed a joint venture. The joint venture,
with 34 outpatient imaging centers spanning all of Orange County,
Long Beach, the South Bay and other cities in Southern Los Angeles
County, will become Southern California’s largest imaging
network.
Under the joint venture, with operations beginning January 1,
2018, RadNet will contribute 24 existing outpatient imaging centers
in Orange County, Long Beach, the South Bay and other Southern Los
Angeles County cities and MemorialCare will contribute 10
outpatient imaging facilities in many of those markets. Upon
commencement of operations, RadNet will be the majority owner of
the joint venture, manage the day-to-day operations of the
facilities and provide the administration and back-office support
functions on behalf of the partners.
In addition to developing a comprehensive imaging network in
Orange County, Long Beach and cities throughout Southern Los
Angeles County, the new partnership will allow for significant
operating system efficiencies and improved patient access and care.
The partnership will include the adoption of RadNet’s eRAD
Radiology Information System at all locations and integration and
coordination of the radiologist professional component of the
service offering.
In addition, the joint venture has entered into a capitation
arrangement to exclusively provide imaging to approximately 200,000
managed care lives who are currently patients of medical groups
that MemorialCare owns or manages. These patients will
receive their imaging needs in the jointly owned network of
centers.
“We are excited to announce the expansion of our health system
partnership model in California with such a high-quality and
well-known health system,” says Howard Berger, M.D., Chairman and
Chief Executive Officer of RadNet. “MemorialCare is one of the
premier providers of hospitals and related health care services in
Southern California. With the establishment of this joint venture,
our combined network of 34 centers will bring an extensive network
of imaging centers providing quality care and easy access to the
substantial patient communities we jointly serve. We are also
excited to be working with the referring physicians located
throughout the communities of Orange County and Long Beach to
ensure their patients have access to convenient, cost-effective
care. We also look forward to expanding our managed care offering,
a patient-centered contracting model that has been built and
refined over a period of more than 20 years.”
“This is a significant advancement in MemorialCare and RadNet’s
shared commitment to value-based health care—offering consumers
high-quality, competitively priced care,” says Barry Arbuckle,
Ph.D., President & CEO of MemorialCare. “These 34
free-standing imaging centers, in addition to MemorialCare’s
highly-advanced hospital-based imaging centers on each of our
hospital campuses, offer state-of-the art care in the most
appropriate, convenient location, either at an acute care setting
and/or an outpatient facility close to home and work. MemorialCare
has a long history of partnering with innovative health care
organizations that share its vision of delivering best practice
medicine, improving population health and creating value in the
ever-changing health care environment. This innovative partnership
with RadNet is another example of our commitment to offering high
value care that results in higher quality, enhanced patient
experience and savings for individuals and families, health plans
and employers and their employees.”
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 298 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 approximately 7,300 employees. For more
information, visit radnet.com.
About MemorialCareMemorialCare focuses on
value-based health care, offering the highest quality at a lower
price point and providing a simply better patient experience. The
nonprofit, integrated health system with 14,000 affiliated
physicians, employees and volunteers and more than 200 care
locations in Southern California includes five hospitals—Long Beach
Medical Center, Miller Children’s & Women’s Hospital Long
Beach, Community Medical Center Long Beach, Orange Coast Medical
Center in Fountain Valley and Saddleback Medical Center in Laguna
Hills; MemorialCare Medical Group, Greater Newport Physicians;
numerous physician practices; and ambulatory surgery, imaging,
dialysis and urgent care centers. To learn more, visit
memorialcare.org.
Contacts:RadNet,
Inc.
Mark Stolper Executive Vice President andChief Financial Officer
310-445-2800
Rhoda WeissMemorialCare562-335-6332rweiss@memorialcare.org
RadNet (NASDAQ:RDNT)
Historical Stock Chart
From Aug 2024 to Sep 2024
RadNet (NASDAQ:RDNT)
Historical Stock Chart
From Sep 2023 to Sep 2024