You are here
RadNet Enters the Long Island, New York Market with the Acquisition of Medical Arts Radiology
LOS ANGELES, Oct. 05, 2018 (GLOBE NEWSWIRE) -- 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.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer