RadNet, Inc. provides freestanding and fixed-site outpatient diagnostic imaging services in the United States. As of December 31, 2014, the company operated directly or indirectly through joint ventures with hospitals, 259 centers located in California, Maryland, Florida, Delaware, New Jersey, Rhode Island and New York. 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. In addition to its imaging services, one of the company’s subsidiaries, eRAD, Inc., develops and sells computerized systems for the imaging industry, including Picture Archiving Communications Systems (PACS). nother 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 taking radiological patient images, such as X-rays, CTs, and MRIs, from one location to another for the purposes of interpretation and/or consultation. Business Strategy The key elements of the company’s strategy include maximizing performance at its existing facilities; expanding into related businesses; focusing on profitable contracting; and expanding its networks. Services The company offers a set of imaging services, including MRI, CT, PET, nuclear medicine, X-ray, ultrasound, mammography, fluoroscopy and other related procedures. It focuses on providing standardized high quality 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. 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. The company provides management services and administration of the non-medical functions relating to the professional medical practice at the facility, including 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. Seasonality The company typically experiences some seasonality to its business. During the first quarter of each year (year ended December 31, 2014) 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 its northeastern operations. In recent years, the company has observed greater participation in high deductible health plans by patients. As these high deductibles reset in January for most of these patients, it has observed that patients utilize medical services less during the first quarter, when securing medical care will result in significant out-of-pocket expenditures. Competition The company’s competitors include Alliance Healthcare Services, Inc.; and Diagnostic Imaging Group. Regulations 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. History RadNet, Inc. was founded in 1985. The company was incorporated in Delaware in 2008.
radnet inc (RDNT:NASDAQ GM)
1510 Cotner Avenue
Los Angeles, CA 90025
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