RadNet, Inc. provides freestanding and fixed-site outpatient diagnostic imaging services in the United States. As of December 31, 2013, the company operated directly or indirectly through joint ventures, 250 centers located in California, Maryland, Florida, Delaware, New Jersey, Rhode Island, and New York. Its centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders. The company’s services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, mammography, ultrasound, diagnostic radiology (X-ray), fluoroscopy, and other related procedures. The majority of its centers offer multi-modality imaging services. In addition to the company’s imaging services, one of its subsidiaries, eRAD, Inc., develops and sells computerized systems for the imaging industry, including Picture Archiving Communications Systems and Radiology Information Systems. Another one of its subsidiaries, Imaging On Call LLC, provides teleradiology services for remote interpretation of images on behalf of radiology groups, hospitals, and imaging center customers. Teleradiology is the process of taking radiological patient images, such as X-rays, CTs, and MRIs, from one location to another for the purposes of interpretation and/or consultation. Teleradiology allows radiologists to provide services without actually having to be at the location of the patient and allows trained specialists to be available 24/7. The company, through its wholly owned subsidiaries, operates 113 fixed-site, freestanding outpatient diagnostic imaging facilities in California, 15 in Delaware, 3 in Florida, 61 in Maryland, 17 in New Jersey, 36 in New York, and 5 in Rhode Island. For the years ended December 31, 2013, the company performed 4,525,490 diagnostic imaging procedures. Suppliers The company has an arrangement with GE Medical Systems, Inc. under which it has agreed to be responsible for the maintenance and repair of a majority of the company’s equipment for a fee. Business Strategy The company’s multi-modality strategy reduces exposure to reimbursement changes and provides patients and referring physicians one location to serve the needs of multiple procedures. Its business strategy is to improve performance at its existing facilities; expansion into related businesses; focus on profitable contracting; expand MRI, CT, and PET applications; and expand its networks. Seasonality The company experiences some seasonality to its business. During the first quarter of each year (year ending December 2013), the company experiences the lowest volumes of procedures and the lowest level of revenue for any quarter during the year. Regulation The company is in compliance with the current Health Insurance Portability and Accountability Act of 1996 requirements, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009, and comparable state laws. The company is in compliance with the rules and regulations that apply to the federal False Claims Act, as well as its state counterparts. Competition The company’s competitors include Alliance Healthcare Services, Inc. and Diagnostic Imaging Group. Significant Events In April 2014, RadNet, Inc. and the Kennedy Health System announced a multi-faceted agreement to provide radiology services throughout southern New Jersey. In November 2014, RadNet, Inc. and Kennedy Health System announced the operational commencement of their previously announced multi-faceted Joint Venture in southern New Jersey, with the purchase of two outpatient facilities located at 157 Fries Mills Road, Turnersville, NJ and 999 Route 73 N, Marlton, NJ from Able Imaging. History RadNet, Inc. was founded in 1985.
radnet inc (RDNT:NASDAQ GM)
1510 Cotner Avenue
Los Angeles, CA 90025
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