RadNet Announces Outpatient Radiology Partnership with Providence Health System to Include Seven Centers in Burbank, Santa Clarita and the Northern San Fernando Valley of Los Angeles

LOS ANGELES, April 02, 2024 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, fixed-site outpatient diagnostic imaging services through a network of 366 owned and/or operated outpatient imaging centers, announced today that it established a new joint venture in March with Providence Health System (“Providence”).

The new joint venture, Tri Valley Imaging Group, was established in conjunction with RadNet contributing four California imaging centers – two centers in Burbank and one each in Panorama City and Santa Clarita. Providence contributed three imaging centers to the joint venture located in Santa Clarita, Mission Hills and Porter Ranch. Additionally, the joint venture intends to develop a third imaging center in Burbank and to add and upgrade technology at some of the locations contributed by Providence.

“We are excited to announce the formation of our second Southern California joint venture with Providence. The contributed assets are favorably positioned to service the medical communities surrounding the Providence care locations in Burbank, the San Fernando Valley and Santa Clarita, including providing increased access and a full breadth of imaging services to certain Providence-affiliated medical groups such as Facey Medical Group, Providence Medical Institute, Providence Medical Associates and Providence Specialty Medical Group,” said Howard Berger, M.D., President and Chief Executive Officer of RadNet.

Tri Valley Imaging Group will increase patient access to outpatient radiology by broadening the ambulatory network of imaging centers throughout the covered markets, including within certain underserved communities. The joint venture seeks to improve patient care through integrating RadNet’s eRAD and DeepHealth outpatient imaging technology solutions with Providence’s Epic electronic medical record (EMR) system. The objective of this integration is to improve workflow, provide more timely access to records and produce faster results for patients and referring physicians.

“We are excited to expand our partnership with RadNet and leverage its expertise in imaging diagnostics,” said Karl Keeler, chief executive, Providence LA-San Fernando Valley Service Area. “Through this new joint venture, we are furthering our shared vision of improving patient access to high quality imaging services across the San Fernando and Santa Clarita valleys.”

About RadNet, Inc.

RadNet, Inc., is the leading national provider of freestanding, fixed-site diagnostic imaging services and related information technology solutions (including artificial intelligence) in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 366 owned and/or operated outpatient imaging centers. RadNet's markets include Arizona, California, Delaware, Florida, Maryland, New Jersey and New York. Together with affiliated radiologists, inclusive of full-time and per diem employees and technologists, RadNet has a total of approximately 9,700 employees. For more information, visit http://www.radnet.com.

About Providence Southern California
Providence Southern California is Southern California’s largest health system with 11 hospitals, more than 100 clinics, outpatient centers, TrinityCare Hospice and its TrinityKids Care pediatric hospice, Providence High School, home health care services, eight wellness centers, telehealth and numerous physician groups in its Southern California Region. Providence is committed to an enduring mission of outreach to the poor and vulnerable, and last year contributed $704 million in services, programs and charity care to those in need.

Contact:

RadNet, Inc.
Mark Stolper
Executive Vice President and
Chief Financial Officer
310-445-2800