RadNet, Inc. (NASDAQ:RDNT) was founded in 1981 and is headquartered in Los Angeles, California, with 7,300 full-time employees. It is an outpatient diagnostic imaging company. Together with its subsidiaries, it provides outpatient diagnostic imaging services in the United States, the largest in the United States Of outpatient imaging service providers.
RadNet, Inc. (RDNT):
RadNet is an American radiology company that operates outpatient diagnostic imaging centers. RadNet is the largest outpatient imaging service provider in the United States.
RadNet services include MRI, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy and other related procedures, and multimodal imaging services.
RadNet also develops and sells computerized systems for the imaging industry, including picture archiving communication systems; and provides remote radiology services for remote anatomical images on behalf of radiology groups, hospitals and imaging center customers.
As of December 31, 2018, the company directly or indirectly operated 323 diagnostic imaging centers in California, Delaware, Florida, Maryland, New Jersey and New York, with more than 500 radiologists and approximately 7,300 employees , Is the largest in the United States.
RadNet, Inc. (RDNT) History:
- RadNet was founded in 1981 as a small imaging center in Los Angeles. This emerging company focuses on providing billing and management services for large medical service providers. The original RadNet imaging center is located near Cedars-Sinai Medical Center (Cedars-Sinai).
- In 1992, RadNet was acquired by Primedex Health Systems, a management company headquartered in California that specializes in providing services for small medical clinics. In addition, most of Primedex’s business is focused on processing workers’ compensation claims. When Primedex acquired RadNet, the larger company was in a period of rapid expansion; however, this growth was interrupted in 1993, when the state of California changed its management of workers’ compensation. The changes in California have forced Primedex to change its business focus to allocate more funds for other services. Many of the company’s new initiatives are focused on diagnostic imaging services managed by RadNet. This dramatic change within the Primedex Group has led to RadNet gaining considerable influence. By the end of the 1990s, RadNet had effectively replaced Primedex as the parent company, and many of Primedex’s assets were combined and packaged into RadNet subsidiaries.
- In the early 21st century, RadNet began a period of business expansion by acquiring a smaller radiology company and incorporating the company’s business into RadNet.
- RadNet repurchased debt in 2005, and cooperated with General Electric in 2006 to obtain a $450 million syndicated loan to continue the company’s acquisition.
- In 2006, RadNet and Primedex split their shares, resulting in RadNet becoming the official parent company and Primedex becoming a subsidiary.
- As of December 31, 2017, it directly or indirectly operated 297 diagnostic imaging centers through joint ventures with hospitals in California, Delaware, Florida, Maryland, New Jersey, and New York.
- As of 2018, RadNet continues to execute its plan to strategically acquire new assets, namely smaller imaging centers. The company has also begun opening new outpatient centers and collaborating with existing healthcare networks.