RadNet

RadNet is an American radiology firm. The company operates outpatient diagnostic imaging centers. RadNet is the largest provider of outpatient imaging services in the United States.[1]

RadNet
Public
Traded as
Industry
  • Medical care
Founded1981 (1981)
FounderHoward Berger
Headquarters
Los Angeles, United States
,
U.S.
Area served
United States
Key people
Norman Hames, Stephen Forthuber
Services
  • Medical care
  • Imaging
Number of employees
7,100
Subsidiaries
  • RadNet Management, Inc
Websiteradnet.com

History

RadNet was founded in 1981 as a small imaging center in Los Angeles. The nascent company was concerned with providing billing and administrative services to large medical care providers, with the initial RadNet imaging center being located near Cedars-Sinai Medical Center.[2]

In 1992 the company was bought by Primedex Health Systems, a California-based management company that catered to small medical clinics. In addition, much of Primedex's business was focused around dealing with workers' compensation claims. At the time of Primedex's acquisition of RadNet, the larger company was going through a period of rapid expansion; however, this growth was cut short in 1993 when the State of California implemented statuary changes to the way workers' compensation was managed. The changes made by California forced Primedex to switch its business focus, resulting in more funding being allocated for other services. Many of the company's new initiatives were centered around diagnostic imaging services, which were managed by RadNet. This growth within the greater Primedex conglomerate resulted in RadNet gaining considerable influence. By the end of the 1990s, RadNet had replaced effectively Primedex as the parent company, with many of Primedex's assets being folded into subsidiaries of RadNet.[3][4]

In the early 2000s RadNet began a period of business expansion by acquiring smaller radiology firms and incorporating said firm's practice into RadNet's growing list of assets.[5] The company repurchased its debt in 2005 and in 2006 worked with General Electric to secure a $450 million syndicated loan with which to continue its corporate acquisitions.[6] 2006 also saw RadNet and Primedex split their stock, resulting in RadNet becoming the official parent company and Primedex becoming a subsidiary.[7][2]

RadNet joined the S&P 600 in November 2019, replacing American newspaper provider Gannett Co.[8]

Operations

As of 2020 RadNet has continued to execute its plan for the strategic acquisition of new assets, namely smaller imaging centers.[9][10] The company has also begun to open new outpatient centers to work with existing healthcare networks.[11][12][2] RadNet also moved to acquire DeepHealth, a machine learning firm working to develop radiology artificial intelligence.[13]

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References
  1. "RadNet - Leading Radiology Forward | Outpatient Imaging Centers". www.radnet.com. Retrieved 2018-06-24.
  2. "RadNet | Company History - Founded by Dr. Howard Berger". www.radnet.com. Retrieved 2018-06-24.
  3. The History of Workers' Compensation in California, Rand Corporation, Monograph reports URL:https://www.rand.org/pubs/monograph_reports/MR919/mr919.sec2.html
  4. "Primedex to explore strategic options | Diagnostic Imaging". www.diagnosticimaging.com. Retrieved 2018-06-24.
  5. "PRIMEDEX HEALTH SYSTEMS, INC. ANNOUNCES CLOSING OF ACQUISITION OF RADIOLOGIX, INC. | RadNet". www.radnet.com. Retrieved 2018-06-24.
  6. "EB-5 Funds Stimulate Economic Growth, Creating High Paying Jobs For Murrieta". PRWeb. Retrieved 2018-06-24.
  7. "Primedex Health Systems Announces One-for-Two Reverse Stock Split and Name Change to RadNet, Inc. | RadNet". www.radnet.com. Retrieved 2018-06-24.
  8. Feroldi, Brian (2019-11-15). "Why RadNet Is Shooting Higher Today". The Motley Fool. Retrieved 2020-05-22.
  9. "Turner Imaging Systems Announces Closing of Seed Investment Round". Retrieved 2018-06-24.
  10. "The 20 Largest Outpatient-imaging Center Chains: Consolidation Continues, Hospital Alignment Takes Root". Radiology Business. Retrieved 2018-06-24.
  11. "Turner Imaging Systems Announces Closing of Seed Investment Round". Retrieved 2018-06-24.
  12. "Israel new market for software developer | CBC News". CBC. Retrieved 2018-06-24.
  13. "RadNet to acquire 'leading' artificial intelligence firm founded by former Siemens CEO". www.radiologybusiness.com. Retrieved 2020-05-22.
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