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RadNet Management Inc.

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History

Founded in 1980, RadNet is a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of over 170 owned and operated outpatient imaging centers. With operations in seven states, including California, Maryland, Delaware, New York, New Jersey, Florida, and Kansas, we believe we are the largest owner and operator of fixed diagnostic imaging centers in the United States.

RadNet offers to its patients and referring physicians the full spectrum of diagnostic imaging exams, including PET/CT, MRI, CT, Nuclear Medicine, Mammography, Ultrasound and X-ray, as well as numerous other procedures. RadNet utilizes best of breed technology to appropriately serve the medical communities in which it operates.

Additionally, RadNet currently provides diagnostic imaging services to over 750,000 lives under exclusive capitation contracts with prominent medical groups and Independent Physician Groups (IPAs).

RadNet performs over 2.5 million diagnostic radiology and imaging procedures annually.


Vision

We operate a group of regional networks comprised of 167 fixed-site, freestanding outpatient diagnostic imaging facilities in seven states including California, Maryland, New York, Florida, Kansas and Colorado.

We have strategically organized our facilities into regional networks in markets that have both high-density and expanding populations, as well as attractive payor diversity. Our facilities employ state-of-the-art equipment and technology in modern, patient-friendly settings. Many of our facilities within a particular region are interconnected and integrated through our advanced computer networks, PACS (Picture Archiving and Communication Systems) and Radiology Information Systems. The vast majority of our facilities are multi-modality sites, offering various combinations of PET/CT, MRI, CT, Nuclear Medicine, Ultrasound, X-ray, Fluoroscopy and other services.

People
  • Magnetic Resonance Imaging (or MRI)
  • Computed Tomography (or CT)
  • Positron Emission Tomography (or PET)
  • Nuclear Medicine
  • Diagnostic Radiology (or X- ray)
  • Ultrasound
  • Mammography
  • Fluoroscopy
  • Benefits
    We offer full benefits including: - Medical, dental and vision coverage. - Paid vacation, holidays and sick-time. - Life insurance, short term disability and long term disability. - 401k and credit union membership. - Education reimbursement, hands-on training, advancement opportunities, and a host of other perks!
    Contact
    Corporate Offices
    1510 Cotner Avenue
    Los Angeles, CA 90024
    Products
    center>DIAGNOSTIC IMAGING SERVICES ARE TYPICALLY PROVIDED IN ONE OF THE FOLLOWING SETTINGS:

    Fixed-site, freestanding outpatient diagnostic facilities
    These facilities range from single modality to multi-modality facilities and are not generally owned by hospitals or clinics. These facilities depend upon physician referrals for their patients and generally do not maintain dedicated, contractual relationships with hospitals or clinics. In fact, these facilities may compete with hospitals or clinics that have their own imaging systems to provide services to these patients. These facilities bill third-party payors such as managed care organizations, insurance companies, Medicare or Medi-Cal. Our facilities are all of this category.

    Hospitals or clinics
    Many hospitals provide both inpatient and outpatient diagnostic imaging services, typically on site. These inpatient and outpatient centers are owned and operated by the hospital or clinic or jointly by both and are primarily used by patients of the hospital or clinic. The hospital or clinic bills third-party payors, such as managed care organizations, insurance companies, Medicare or Medi-Cal.

    Mobile facilities
    Using specially designed trailers, imaging service providers transport imaging equipment and provide services to hospitals and clinics on a part-time or full-time basis, thus allowing small to mid-size hospitals and clinics that do not have the patient demand to justify an on-site setting access to advanced diagnostic imaging technology. Diagnostic imaging providers contract directly with the hospital or clinic and are typically reimbursed directly by them.

    Culture

    RadNet was founded by six medical doctors including Dr. Howard Berger, our Chairman and Chief Executive Officer. At its inception, RadNet provided billing and administrative services to radiology groups in the Los Angeles area, and opened its first imaging center across from Cedars-Sinai Medical Center in 1981. In 1990, Dr. Berger and Dr. Michael Krane, our Director of Utilization Management, purchased the interests of their four other partners, and became the sole owners of RadNet. In June 1992, RadNet was acquired by Primedex Health Systems, Inc., a publicly traded company that, at the time, was engaged in providing management, administrative and financial services to medical clinics focused on workers compensation claimants in the greater Los Angeles area. Beginning in late 1993, because of the change in California workers compensation laws, Primedex divested itself of its workers compensation practice and began to focus exclusively on diagnostic imaging (RadNet). In 1995, Howard Berger became the largest individual shareholder of Primedex through his purchase of shares from the then largest shareholder. Since 1994, RadNet has grown significantly through internal growth (same-store sales and the opening of de novo centers) and through consummating strategic acquisitions. Prior to the acquisition of Radiologix in 2006, RadNet's largest acquisitions to date include the purchases of Tower Imaging in 1994 and Diagnostic Imaging Systems beginning in 1996. In July 2004, RadNet completed a refinancing and restructuring of its balance sheet which included securing a $20 million credit facility with Wells Fargo Foothill. In November of 2004, RadNet repurchased a portion of its debt at a discount through issuing $19.2 million of Senior Secured Notes to Post Advisory Group, a Los Angeles-based investment management firm which is part of the Principal Financial Group. In March 2006, RadNet completed a $161 million re-capitalization through a syndicated loan transaction arranged by GE. In November 2006, in conjunction with its purchase of Radiologix, RadNet completed the funding of $405 million through a syndicated loan transaction arranged by GE. RadNet continues to focus on growth through adding additional capabilities to its existing centers and through making strategic acquisitions.

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