RadNet, Inc. (NASDAQ: RDNT), has acquired Medical Arts Radiology, which owns and operates 10 imaging centers in Long Island, New York. This is the second acquisition announced this year, following a string of joint ventures around the country.
Medical Arts offers MRI, CT, PET/CT, X-ray, ultrasound, bone density and interventional procedures. The centers are located in Bay Shore, Commack, East Setauket, Huntington, Massapequa, Patchogue, Plainview, Smithtown, Bablyon and Stony Brook.
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 10 centers annually generate approximately $40 million of patient revenue, perform approximately 180,000 imaging procedures and are accredited by the American College of Radiology. 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.
In April, RadNet announced a deal for five imaging centers around Fresno, California. Sierra Imaging Associates (1 facility), Women’s Imaging Specialists in Healthcare (3 facilities) and Valley Metabolic Imaging (1 facility) were the targets.
The five centers perform approximately 65,000 imaging procedures annually, are accredited by the American College of Radiology and employ about 25 radiologists.
Financial terms weren’t disclosed in either transaction.
