RadNet creates an operating platform in Arizona through a new joint venture with Dignity Health/CommonSpirit Health

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RadNet creates an operating platform in Arizona through a new joint venture with Dignity Health/CommonSpirit Health

Press releases may be edited for formatting or style | October 27, 2020 Business Affairs
LOS ANGELES, Oct. 27, 2020 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services today reported it has expanded operations into Arizona by establishing its third outpatient radiology joint venture with CommonSpirit Health and completing the acquisition of AZ Tech MRI & Radiology, an eight location multimodality radiology practice. The Phoenix, Arizona venture expands the existing commitment of RadNet and Dignity Health, which is part of CommonSpirit Health, to provide high-quality imaging services to targeted medical communities and patient populations.

With this new joint venture, to be known as Arizona Diagnostic Radiology Group, RadNet has established an operating platform in the Phoenix metropolitan area, a rapidly growing market and home to almost five million people. Under the joint venture, RadNet and Dignity Health will develop a network of multi-modality outpatient imaging centers, expanding the geographic coverage of the acquired locations through a combination of new site development and acquisition of existing radiology providers. This network of centers will provide high quality, accessible imaging services in and around the communities served by the Dignity Health hospitals and medical group practices in the Phoenix area. The imaging locations provide multimodality radiology including MRI, CT, Mammography, PET/CT, Ultrasound, X-ray, and Nuclear Medicine.

Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, noted, “We are pleased to announce both our entrance into a new geographic market and the expansion of our relationship with Dignity Health. In 2016, we began our partnership with Dignity Health, which we have expanded and grown in California. We are now moving our relationship with Dignity Health into Arizona, where we will continue to grow our shared vision and operating strategy for outpatient diagnostic imaging. Dignity Health is a leading health system in Phoenix, and operates multiple hospitals, medical groups, and specialty care locations in that marketplace from which we can leverage our operations. I’m certain that the Dignity Health relationships and outreach into the local communities will bring great value to the newly created partnership.”

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Dr. Berger added, “RadNet’s strategy continues to be one that leverages geographic concentration and densely clustered facilities where we can benefit from scale, operating efficiencies, organic expansion and accretive acquisitions. The platform which we now have established in Phoenix exemplifies all these characteristics and is further enhanced by the involvement and support of our joint venture partner, Dignity Health. We are committed to the greater Phoenix marketplace and have already identified opportunities to expand our capacity and footprint.

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