The deal puts two giants together. RadNet, Inc., is the largest owner and operator of fixed diagnostic imaging centers in the United States and Zotec Partners is the radiology field’s leading provider of billing and practice management services.
Founded in 1984, RadNet has a network of 251 owned and/or operated outpatient imaging centers, 39 hospital locations, and 15 outside read sites. It has a significant presence in the states of California, Maryland, Delaware, Kansas, New Jersey, New York, Rhode Island and Florida. Zotec, for its part, recently merged with leading competitor MMP and now has proprietary processes and technology that manage in excess of 80 million medical encounters across all 50 states.
Through the deal, Zotec becomes the exclusive billing partner for RadNet with the goal of making RadNet’s billing operations more efficient and better able to meet the challenges of reimbursement and utilization pressures, increased regulatory requirements, and the impending ICD-10 implementation.
“RadNet recently implemented a fiscal savings program for its annual operating costs in response to the reimbursement pressure and lower than anticipated utilization the company has experienced this year. We recognized the opportunity to generate significant cost savings and improve performance by working with a billing partner who could provide us with the tools and expertise that have not previously been available to us,” stated RadNet’s President and CEO, Dr. Howard Berger, in a press release. “Zotec proved to be an ideal partner for our group because of its ability to directly impact our bottom line with undeniably sophisticated and cost-effective revenue cycle management solutions, including billing and business analysis technologies.”