RadNet To Enter The Teleradiology And Remote Interpretation Business Through The Acquisition Of Imaging On Call
LOS ANGELES, Dec. 22, 2010 (GLOBE NEWSWIRE) -- RadNet, Inc. (Nasdaq:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 198 fully-owned and operated outpatient imaging centers, today reported it has executed a definitive agreement to acquire Imaging On Call, LLC for $5.5 million plus contingent compensation of up to an additional $2.5 million if Imaging On Call achieves certain 2011 performance milestones.
Founded in 2002, Imaging On Call, headquartered in Poughkeepsie, New York, is a premier provider of high quality, cost effective emergent and non-emergent daytime and nighttime teleradiology interpretations delivered to radiology groups, hospitals and imaging centers. Imaging On Call's offerings include preliminary, final and subspecialty coverage over a range of imaging modalities including CT, MRI, Ultrasound, Nuclear Medicine and X-ray. Imaging On Call currently contracts with hospital-based and non-hospital based radiology groups, hospitals, imaging centers and research foundations, to whom it provides remote interpretation of diagnostic imaging exams. Imaging On Call is Joint Commission–accredited for final and preliminary reads, and its currently contracted radiologists, the vast majority of whom are located in the United States, hold active licenses in 28 states and the District of Columbia.
Howard G. Berger, MD, President and Chief Executive Officer of RadNet, explained, "Entering the billion dollar U.S. teleradiology business is a natural extension of many of RadNet's current activities and core competencies. For many years, our approximately 350 contracted radiologists have utilized remote reading capabilities to service our owned and operated facilities and hospital joint ventures. Utilizing teleradiology techniques have made them more efficient, cost-effective and more capable of delivering subspecialty expertise to the patients of our referring physician communities. It is natural that we would begin to offer these same capabilities to organizations outside of RadNet. The acquisition of Imaging On Call provides us the infrastructure, operational platform and customer relationships to succeed in providing these services. Because a majority of Imaging On Call's customers overlap RadNet's current operating regions in the northeastern United States, it is the ideal platform from which to grow."
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