RadNet Announces Outpatient Radiology Partnership with Providence Health System to Include Seven Centers in Burbank, Santa Clarita and the Northern San Fernando Valley of Los Angeles
April 02 2024 - 5:00AM
RadNet, Inc. (NASDAQ: RDNT), a national leader in
providing high-quality, fixed-site outpatient diagnostic imaging
services through a network of 366 owned and/or operated outpatient
imaging centers, announced today that it established a new joint
venture in March with Providence Health System (“Providence”).
The new joint venture, Tri Valley Imaging Group,
was established in conjunction with RadNet contributing four
California imaging centers – two centers in Burbank and one each in
Panorama City and Santa Clarita. Providence contributed three
imaging centers to the joint venture located in Santa Clarita,
Mission Hills and Porter Ranch. Additionally, the joint venture
intends to develop a third imaging center in Burbank and to add and
upgrade technology at some of the locations contributed by
Providence.
“We are excited to announce the formation of our
second Southern California joint venture with Providence. The
contributed assets are favorably positioned to service the medical
communities surrounding the Providence care locations in Burbank,
the San Fernando Valley and Santa Clarita, including providing
increased access and a full breadth of imaging services to certain
Providence-affiliated medical groups such as Facey Medical Group,
Providence Medical Institute, Providence Medical Associates and
Providence Specialty Medical Group,” said Howard Berger, M.D.,
President and Chief Executive Officer of RadNet.
Tri Valley Imaging Group will increase patient
access to outpatient radiology by broadening the ambulatory network
of imaging centers throughout the covered markets, including within
certain underserved communities. The joint venture seeks to improve
patient care through integrating RadNet’s eRAD and DeepHealth
outpatient imaging technology solutions with Providence’s Epic
electronic medical record (EMR) system. The objective of this
integration is to improve workflow, provide more timely access to
records and produce faster results for patients and referring
physicians.
“We are excited to expand our partnership with
RadNet and leverage its expertise in imaging diagnostics,” said
Karl Keeler, chief executive, Providence LA-San Fernando Valley
Service Area. “Through this new joint venture, we are furthering
our shared vision of improving patient access to high quality
imaging services across the San Fernando and Santa Clarita
valleys.”
About RadNet, Inc.
RadNet, Inc., is the leading national provider of freestanding,
fixed-site diagnostic imaging services and related information
technology solutions (including artificial intelligence) in the
United States based on the number of locations and annual imaging
revenue. RadNet has a network of 366 owned and/or operated
outpatient imaging centers. RadNet's markets include Arizona,
California, Delaware, Florida, Maryland, New Jersey and New York.
Together with affiliated radiologists, inclusive of full-time and
per diem employees and technologists, RadNet has a total of
approximately 9,700 employees. For more information, visit
http://www.radnet.com.
About Providence Southern CaliforniaProvidence
Southern California is Southern California’s largest health system
with 11 hospitals, more than 100 clinics, outpatient centers,
TrinityCare Hospice and its TrinityKids Care pediatric hospice,
Providence High School, home health care services, eight wellness
centers, telehealth and numerous physician groups in its Southern
California Region. Providence is committed to an enduring mission
of outreach to the poor and vulnerable, and last year contributed
$704 million in services, programs and charity care to those in
need.
Contact:
RadNet, Inc.Mark Stolper Executive Vice President andChief
Financial Officer310-445-2800
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