RadNet, Inc. provides freestanding, fixed-site outpatient diagnostic imaging services in the United States. As of December 31, 2015, the company operated directly or indirectly through joint ventures with hospitals, 300 centers located in California, Delaware, Florida, Maryland, New Jersey, New York, and Rhode Island. 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 the company’s 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. Another one of the company’s 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 transmitting radiological patient images, such as X-rays, CTs, and MRIs, from one location to another for the purposes of interpretation and/or consultation. In December 2015, the company entered into a multi-year strategic relationship with Imaging Advantage LLC. The company would collaborate to develop business models to deliver radiology services. In addition, the state of Qatar selected the company to help direct Screen for Life, a public-private partnership with the Qatari government to provide screening services as part its national health strategy. Services The company offers a set of imaging services, including MRI, CT, PET, nuclear medicine, X-ray, ultrasound, mammography, fluoroscopy and other related procedures. The company focuses on providing standardized imaging services, regardless of location, to ensure patients, physicians and payors consistency in service and quality. The company monitors patient satisfaction, timeliness of services to patients and reports to physicians. The key features of the company’s services include patient-friendly, non-clinical environments; a 24-hour turnaround on routine examinations; interpretations within one to two hours, if needed; flexible patient scheduling, including same-day appointments; extended operating hours, including weekends; reports delivered by courier, facsimile or email; availability of second opinions and consultations; availability of sub-specialty interpretations at no additional charge; and standardized fee schedules by region. In the states in which the company provides services (except Florida), a lay person or any entity other than a professional corporation or similar professional organization is not allowed to practice medicine, including by employing professional persons or by having any ownership interest or profit participation in or control over any medical professional practice. In addition, the company provides management services and administration of the non-medical functions relating to the professional medical practice at the facility, including among other functions, provision of clerical and administrative personnel, bookkeeping and accounting services, billing and collection, provision of medical and office supplies, secretarial, reception and transcription services, maintenance of medical records, and advertising, marketing and promotional activities. Business Strategy The company’s strategy includes improving performance at its existing facilities; expansion into related businesses; focusing on profitable contracting; and expanding its networks. Seasonality The company typically experiences some seasonality to its business. During the first quarter of each year (year ended December 2015), the company generally experiences the lowest volumes of procedures and the lowest level of revenue for any quarter during the year. This is primarily the result of two factors. First, the company’s volumes and revenue are typically impacted by winter weather conditions in the company’s northeastern operations. Second, the company has provided care to an increased number of patients participating in high deductible health plans. The patient deductible amount resents each January resulting in initially greater patient out of pocket expenditures until deductible limits are met. During this initial period of typically two to three months patients might defer medical service. Regulation The company is in compliance with the rules and regulations that apply to the federal False Claims Act, as well as its state counterparts. The company is in compliance with the 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. Competition The company’s competitors include Alliance Healthcare Services, Inc. and Diagnostic Imaging Group, LLC. History RadNet, Inc. was founded in 1985. The company was incorporated in Delaware in 2008.
radnet inc (RDNT:NASDAQ GM)
1508, 1510 and 1516 Cotner Avenue
Los Angeles, CA 90025
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