MemorialCare & RadNet, Inc. Announce Joint Venture, Creating Largest, Most Accessible Medical Imaging Network Serving Los Angeles & Orange Counties
MemorialCare Also Intends to Purchase 5 Breast Centers from Joint Venture to Add to Its Current Hospital, Community Sites
LOS ANGELES and ORANGE Counties, Calif., Dec. 18, 2017 /PRNewswire-USNewswire/ -- MemorialCare, nationally regarded integrated health care delivery system with five hospitals and over 200 Southern California care sites, and RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, fixed-site outpatient diagnostic imaging services through a network of 298 owned and/or operated outpatient imaging centers, announced they formed a joint venture. The venture, with 34 outpatient medical imaging centers spanning Orange County, Long Beach, South Bay and other Southern Los Angeles County cities, will become Southern California's largest imaging network.
Under the joint venture, with operations beginning Jan. 1, 2018, RadNet will contribute 24 existing outpatient imaging centers in Orange County, Long Beach, South Bay and other Southern Los Angeles County cities. MemorialCare will contribute 10 outpatient imaging facilities in many of those markets. Upon commencement of operations, RadNet will manage day-to-day operations of the facilities and provide administration and back-office support functions on behalf of the partners.
In addition to developing a comprehensive imaging network in Orange County, Long Beach and Southern Los Angeles County, the partnership will allow for significant operating system efficiencies and improved patient access and care. It will include adoption of RadNet's eRAD Radiology Information System at all locations and integration and coordination of the radiologist professional component.
"This is a significant advancement in MemorialCare and RadNet's shared commitment to value-based health care—offering consumers high-quality, competitively priced care," says Barry Arbuckle, Ph.D., MemorialCare President and Chief Executive Officer. "These 34 free-standing imaging centers, in addition to MemorialCare's highly-advanced hospital-based imaging centers on each of our hospital campuses, offer state-of-the art care in the most appropriate, convenient location, either at an acute care setting and/or outpatient facility close to home and work. MemorialCare has a long history of partnering with innovative health care organizations that share our vision of delivering best practice medicine, improving population health and creating value in the ever-changing health care environment. This innovative partnership with RadNet is another example of our commitment to offering high value care resulting in higher quality, enhanced patient experience and savings for individuals and families, health plans and employers and their employees."
"We are excited to announce the expansion of our health system partnership model in California with such a high-quality and well-known health system," says Howard Berger, M.D., Chairman and Chief Executive Officer of RadNet. "MemorialCare is one of the premier providers of hospitals and related health care services in Southern California. With the establishment of this joint venture, our combined network of 34 centers will bring an extensive network of imaging centers providing quality care and easy access to the substantial patient communities we jointly serve. We are excited to be working with the referring physicians located throughout the communities in Orange County, Long Beach, the South Bay and Southern Los Angeles County to ensure their patients have access to convenient, cost-effective care. We also look forward to expanding our managed care offering, a patient-centered contracting model that has been built and refined over a period of more than 20 years."
MemorialCare intends to purchase five breast imaging centers in Orange County and Long Beach from the joint venture to expand access to breast screening and diagnostic services, adding to the five MemorialCare Breast Centers in MemorialCare hospitals and local communities, led by Gary Levine, M.D., past President, National Consortium of Breast Centers.
About MemorialCare
MemorialCare focuses on value-based health care, offering the highest quality at a lower price point and providing a simply better patient experience. The nonprofit, integrated health system with 14,000 affiliated physicians, employees and volunteers and more than 200 care locations in Southern California includes five hospitals—Long Beach Medical Center, Miller Children's & Women's Hospital Long Beach, Community Medical Center Long Beach, Orange Coast Medical Center in Fountain Valley and Saddleback Medical Center in Laguna Hills; MemorialCare Medical Group, Greater Newport Physicians; numerous physician practices; and ambulatory surgery, imaging, dialysis and urgent care centers. To learn more, visit memorialcare.org.
About RadNet, Inc.
RadNet, Inc. is the leading national provider of free-standing, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 298 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey and New York. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 7,300 employees. For more information, visit radnet.com.
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SOURCE MemorialCare
