RadNet Scoops Up West Coast Radiology, Plans Deeper California Expansion
Mere days after closing a deal to gain unprecedented access to the New Jersey patient market through an exclusive partnership with St. Barnabas Health, RadNet, Inc. will deepen its footprint in the sixth-most-populous county in the country with the acquisition of the West Coast Radiology Centers provider group. The principal assets involved in the deal are five multi-modality imaging centers located in Orange County, California: Anaheim, Santa Ana/Tustin, Irvine, and Mission Viejo/Laguna Niguel. RadNet estimates these sites will add a combined $17 million in annual revenues to its ledgers through the provision of MRI, CT, ultrasound, mammography, x-ray and other imaging services. RadNet president/CEO Howard Berger said the deal “significantly strengthens” the RadNet physician presence and opportunities for future growth in California through buying up West Coast Radiology IPAs. “The larger we get in our medical communities, the more opportunities we have to drive cost efficiencies and to maintain fair and stable pricing with regional payors,” Berger said in a statement. The total purchase price of the deal was not disclosed; RadNet expects it will be finalized sometime this month.