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RadNet Management Inc.

 
Overview

Founded in 1980, RadNet is a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of over 170 owned and operated outpatient imaging centers. With operations in seven states, including California, Maryland, Delaware, New York, New Jersey, Florida, and Kansas, we believe we are the largest owner and operator of fixed diagnostic imaging centers in the United States.

RadNet offers to its patients and referring physicians the full spectrum of diagnostic imaging exams, including PET/CT, MRI, CT, Nuclear Medicine, Mammography, Ultrasound and X-ray, as well as numerous other procedures. RadNet utilizes best of breed technology to appropriately serve the medical communities in which it operates.

Additionally, RadNet currently provides diagnostic imaging services to over 750,000 lives under exclusive capitation contracts with prominent medical groups and Independent Physician Groups (IPAs).

RadNet performs over 2.5 million diagnostic radiology and imaging procedures annually.


Culture

RadNet was founded by six medical doctors including Dr. Howard Berger, our Chairman and Chief Executive Officer. At its inception, RadNet provided billing and administrative services to radiology groups in the Los Angeles area, and opened its first imaging center across from Cedars-Sinai Medical Center in 1981. In 1990, Dr. Berger and Dr. Michael Krane, our Director of Utilization Management, purchased the interests of their four other partners, and became the sole owners of RadNet. In June 1992, RadNet was acquired by Primedex Health Systems, Inc., a publicly traded company that, at the time, was engaged in providing management, administrative and financial services to medical clinics focused on workers compensation claimants in the greater Los Angeles area. Beginning in late 1993, because of the change in California workers compensation laws, Primedex divested itself of its workers compensation practice and began to focus exclusively on diagnostic imaging (RadNet). In 1995, Howard Berger became the largest individual shareholder of Primedex through his purchase of shares from the then largest shareholder. Since 1994, RadNet has grown significantly through internal growth (same-store sales and the opening of de novo centers) and through consummating strategic acquisitions. Prior to the acquisition of Radiologix in 2006, RadNet's largest acquisitions to date include the purchases of Tower Imaging in 1994 and Diagnostic Imaging Systems beginning in 1996. In July 2004, RadNet completed a refinancing and restructuring of its balance sheet which included securing a $20 million credit facility with Wells Fargo Foothill. In November of 2004, RadNet repurchased a portion of its debt at a discount through issuing $19.2 million of Senior Secured Notes to Post Advisory Group, a Los Angeles-based investment management firm which is part of the Principal Financial Group. In March 2006, RadNet completed a $161 million re-capitalization through a syndicated loan transaction arranged by GE. In November 2006, in conjunction with its purchase of Radiologix, RadNet completed the funding of $405 million through a syndicated loan transaction arranged by GE. RadNet continues to focus on growth through adding additional capabilities to its existing centers and through making strategic acquisitions.

Benefits
We offer full benefits including: - Medical, dental and vision coverage. - Paid vacation, holidays and sick-time. - Life insurance, short term disability and long term disability. - 401k and credit union membership. - Education reimbursement, hands-on training, advancement opportunities, and a host of other perks!
Career Opportunities

LOS ANGELES, California, July 23, 2008 – RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of owned and operated outpatient imaging centers, today reported that it acquired the NeuroSciences Imaging Center in Newark, Delaware.

LOS ANGELES, Calif., March 14 2008 -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of owned and operated outpatient imaging centers, has closed the previously announced acquisition of substantially all of the assets of Papastavros’ Associates Medical Imaging and related entities.

Founded in 1958, Papastavros is one of the largest and most established outpatient imaging practices in Delaware. The 12 Papastavros centers offer a combination of MRI, CT, PET, nuclear medicine, mammography, bone densitometry, fluoroscopy, ultrasound and X-ray.

LOS ANGELES, California, February 26, 2008 – RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of owned and operated outpatient imaging centers, today reported that it has signed a definitive agreement to purchase the assets of six Los Angeles imaging centers from InSight Health Corp. for $8.5 million. The cash purchase price will be funded by a portion of the recently completed incremental term loan provided by GE Healthcare Financial Services. The operations of the to-be-acquired centers produce approximately $10 million in annual revenue.

The centers that RadNet will acquire include InSight’s centers in Simi Valley, Thousand Oaks, Westlake, Encino, Van Nuys and Valencia. The facilities operate a combination of imaging modalities, including MRI, CT, X-ray, Ultrasound and Mammography.

“Our existing strong presence in many of these markets positions us to uniquely benefit from consolidation and cost savings available in this transaction. The acquisition further strengthens our leadership in many of these local markets and is consistent with our strategy of market penetration, regional concentration and multimodality services,” said Dr. Howard Berger, President and Chief Executive Officer of RadNet.

“With so many growth and acquisition opportunities available to us, we are attempting to optimize our use of capital. This very accretive transaction exemplifies the nature of the tuck-in deals that we feel are most advantageous to our growth and future valuation,” added Dr. Berger.

The acquisition is expected to close in March 2008.

LOS ANGELES, California, February 1, 2008 – RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of owned and operated outpatient imaging centers, today reported that it acquired the Rolling Oaks Radiology imaging centers in Thousand Oaks, California, an affluent suburb of Los Angeles in Southern Ventura County.

The practice consists of two centers, one of which is a dedicated women’s center. The centers are multimodality and include a combination of MRI, CT, PET/CT, mammography, ultrasound and x-ray. The centers are positioned in the community as high-end, high-quality imaging facilities that employ state-of-the-art technology, including 3 Tesla MRI and 64 slice CT units. The facilities have been fixtures in the Westlake/Thousand Oaks market since 2003.

The Rolling Oaks Medical Group, consisting of five radiologists who staff the two facilities, has been practicing radiology in this medical community for almost 20 years. As part of the transaction, the Rolling Oaks Medical Group has entered into a long-term contract with RadNet, and will continue to provide all radiology services to these two centers as well as to the existing RadNet Westlake/Thousand Oaks facilities on an exclusive basis. The group provides valuable subspecialist capabilities including interventional radiology, dedicated women’s imaging and neuroradiology.

The acquired facilities will add approximately $9 million of revenue to RadNet on an annualized basis. The purchase price consisted of approximately $5.9 million in cash and the assumption of approximately $5.9 million of debt.

“This acquisition is illustrative of our strategy of consolidating attractive local markets.” said Dr. Howard Berger, President and Chief Executive Officer of RadNet. “The acquisition makes us the leading outpatient imaging provider in the Westlake/Thousand Oaks region, a market that has very attractive patient and payor characteristics. Most importantly, this acquisition provides us with a foundation to capitalize on future opportunities for growth and consolidation in this region.”

“The Rolling Oaks practice has a highly-regarded reputation and loyal following in this medical community, and it is a well-run, efficient practice. We are proud to welcome the Rolling Oaks employees and physicians into the RadNet family.”

Facilities

We operate a group of regional networks comprised of 167 fixed-site, freestanding outpatient diagnostic imaging facilities in seven states including California, Maryland, New York, Florida, Kansas and Colorado.

We have strategically organized our facilities into regional networks in markets that have both high-density and expanding populations, as well as attractive payor diversity. Our facilities employ state-of-the-art equipment and technology in modern, patient-friendly settings. Many of our facilities within a particular region are interconnected and integrated through our advanced computer networks, PACS (Picture Archiving and Communication Systems) and Radiology Information Systems. The vast majority of our facilities are multi-modality sites, offering various combinations of PET/CT, MRI, CT, Nuclear Medicine, Ultrasound, X-ray, Fluoroscopy and other services.

Services
  • Magnetic Resonance Imaging (or MRI)
  • Computed Tomography (or CT)
  • Positron Emission Tomography (or PET)
  • Nuclear Medicine
  • Diagnostic Radiology (or X- ray)
  • Ultrasound
  • Mammography
  • Fluoroscopy
  • Industry
    center>DIAGNOSTIC IMAGING SERVICES ARE TYPICALLY PROVIDED IN ONE OF THE FOLLOWING SETTINGS:

    Fixed-site, freestanding outpatient diagnostic facilities
    These facilities range from single modality to multi-modality facilities and are not generally owned by hospitals or clinics. These facilities depend upon physician referrals for their patients and generally do not maintain dedicated, contractual relationships with hospitals or clinics. In fact, these facilities may compete with hospitals or clinics that have their own imaging systems to provide services to these patients. These facilities bill third-party payors such as managed care organizations, insurance companies, Medicare or Medi-Cal. Our facilities are all of this category.

    Hospitals or clinics
    Many hospitals provide both inpatient and outpatient diagnostic imaging services, typically on site. These inpatient and outpatient centers are owned and operated by the hospital or clinic or jointly by both and are primarily used by patients of the hospital or clinic. The hospital or clinic bills third-party payors, such as managed care organizations, insurance companies, Medicare or Medi-Cal.

    Mobile facilities
    Using specially designed trailers, imaging service providers transport imaging equipment and provide services to hospitals and clinics on a part-time or full-time basis, thus allowing small to mid-size hospitals and clinics that do not have the patient demand to justify an on-site setting access to advanced diagnostic imaging technology. Diagnostic imaging providers contract directly with the hospital or clinic and are typically reimbursed directly by them.

    Contact
    Corporate Offices
    1510 Cotner Avenue
    Los Angeles, CA 90024
    Diversity
    RadNet is an equal opportunity employer that embraces diversity.