HCAP Partners has acquired First Choice Mobile Radiology Services (FCMR) as the first acquisition under its new mobile imaging platform, Integrated Diagnostic Services (IDS). This strategic transaction represents a significant development in the mobile diagnostic imaging sector, which has seen considerable activity in 2024-2025. The acquisition aligns with broader healthcare trends showing a shift toward outpatient and mobile diagnostic settings.
The acquisition was announced on April 22, 2025. This acquisition is part of HCAP’s strategy to expand access to mobile diagnostics for senior care and home health populations through its IDS platform. IDS aims to build a regional platform of high-performing mobile diagnostic providers.
The financial terms of the investment were not disclosed.
Company Profiles
First Choice Mobile Radiology Services
FCMR is a Southern California provider of mobile X-ray, ultrasound, EKG and echocardiogram services. The company is based in Covina, California. It serves a range of healthcare settings including skilled nursing facilities, long-term care facilities, home health and hospice agencies. Its services are provided by licensed X-ray technologists and sonographers using fully equipped mobile units. This on-site approach aims to eliminate the need for patient transportation, reduce healthcare costs and improve patient outcomes through faster care.
FCMR has more than 30 years of experience in the field. According to their website, it has more than 36 years of experience in long-term care and utilize the latest radiology equipment. It offers 24-hour service in Orange, Los Angeles, San Bernardino, Riverside and Ventura Counties, as well as the San Diego area.
FCMR is recognized as a leading provider of mobile diagnostic services in Southern California. It has a strong presence in the market, particularly serving senior care facilities. Their focus is on providing bedside imaging, which is especially beneficial for aging and home-based populations.
HCAP Partners
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $3 million to $25 million in established businesses generating between $10 million and $100 million in revenues in the healthcare, software, services and manufacturing industries.
Integrated Diagnostic Services
HCAP Partners launched IDS in March 2025. IDS was created to expand access to mobile diagnostics, including X-ray, ultrasound, EKG, echocardiogram, and laboratory services, for senior care and home health population. IDS plans to grow through further acquisitions of high-performing mobile diagnostic providers to build a regional platform. Ideal future targets will generate $1 million to $30 million in annual revenue with strong relationships in senior care.
Market Trends
The diagnostic imaging market is experiencing continued transaction interest, with health systems looking to form joint ventures and private equity groups actively acquiring radiology practices due to a fragmented market and benefits of scale. Despite a slowdown in the broader healthcare M&A landscape, hospitals remain interested in acquiring ownership in imaging centers, often through joint ventures.
Private equity acquisitions of radiology practices increased in 2024 after a couple of years of decline. These investors are drawn to what they see as a fragmented industry ripe for consolidation.
There’s an ongoing shift in imaging volumes from hospitals to outpatient imaging centers and physician clinics. Mobile imaging services are also gaining traction, providing flexible access to X-ray, ultrasound, and EKG services in various healthcare settings. Volumes are expected to continue shifting to non-hospital settings, likely driving more joint venture activity between hospitals and radiology groups.
Technological advancements: Artificial intelligence (AI) is playing an increasingly significant role in radiology, with applications in both clinical and administrative aspects of the business. AI integration in teleradiology, for example, is expected to improve patient care and diagnostic accuracy.Web
Increased Utilization: Diagnostic imaging centers experienced strong utilization throughout 2023, and this trend is expected to continue. Some large operators like RadNet have reported significant backlogs and are constructing new de novo centers.Web
Strategic Implications
The acquisition of FCMR by HCAP Partners represents a strategic move in the growing mobile diagnostics market. Several key implications emerge from this transaction:
Shift to Mobile and Outpatient Settings: There’s an ongoing shift in imaging volumes from hospitals to outpatient imaging centers and physician clinics. Mobile imaging services are also gaining traction, providing flexible access to X-ray, ultrasound, and EKG services in various healthcare settings.
Platform Building Strategy: This acquisition is part of IDS’s strategy to expand access to mobile diagnostics for senior care and home health populations. FCMR is the first of several anticipated acquisitions by IDS, which aims to build a regional platform of high-performing mobile diagnostic providers across the Western U.S. This move is seen as an opportunity for FCMR to reach more patients and enhance mobile imaging services.
Market Consolidation: While overall healthcare deal volume was lower in 2024 compared to 2023, there’s optimism for 2025, with an expectation of growing consolidation activity. The Life Sciences & Pharmaceutical sector saw the highest deal volume in 2024.
