LOS ANGELES, Oct. 1, 2015 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ:RDNT) and Barnabas Health yesterday completed the previously announced expansion of their existing New Jersey Imaging Networks ("NJIN") joint venture which includes NJIN's acquisition of all of RadNet's 10 wholly owned New Jersey imaging centers and Barnabas Health's wholly owned outpatient imaging center in West Orange, New Jersey.
NJIN now owns and operates 18 facilities in northern and central New Jersey and performs over 330,000 exams on an annual basis, making NJIN the clear leader in outpatient imaging in New Jersey.
NJIN is owned 51% by an affiliate of Barnabas Health and 49% by RadNet. RadNet will provide its management expertise and direct the daily operations of the joint venture. In addition, RadNet will provide certain services to the joint venture including, among other functions, information technology through the provision of its eRad RIS and PACs solutions, marketing, billing and collecting, medical records management, equipment maintenance and purchasing services.
NJIN was formed in 2012 to achieve several objectives, which are enhanced and furthered by this transaction. First, NJIN set out to establish a statewide diagnostic imaging network and contract with regional payors, including commercial insurance companies, utilization and radiology benefit managers, workers compensation carriers and all other health plans and local insurers. NJIN also intended to rapidly expand its access points through the acquisition of existing centers, development of new centers or through contracting with third-party imaging providers. NJIN was also designed to capture efficiencies resulting from implementing best practices across all of the networked imaging facilities, with the ultimate objective of reducing costs, benefit from increased purchasing power and improving quality of service and patient care.
About RadNet, Inc.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 267 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey, New York and Rhode Island. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 6,300 employees. For more information, visit http://www.radnet.com.
About Barnabas Health
Barnabas Health is the largest not-for-profit integrated health care delivery system in New Jersey and one of the largest in the region, with more than two million patient visits and delivery of more than 20,000 babies annually. The system includes seven acute care hospitals – Clara Maass Medical Center in Belleville, Community Medical Center in Toms River, Jersey City Medical Center in Jersey City, Monmouth Medical Center in Long Branch, Monmouth Medical Center Southern Campus in Lakewood, Newark Beth Israel Medical Center in Newark, and Saint Barnabas Medical Center in Livingston (four are teaching hospitals); two children's hospitals, a freestanding 100-bed behavioral health center, a trauma center, ambulatory care centers, geriatric centers, the state's largest behavioral health network, comprehensive home care and hospice programs, retail pharmacy services, a medical group, multi-site imaging centers and four accountable care organizations. As the second-largest private employer in New Jersey, Barnabas Health includes more than 21,000 employees, over 5,200 physicians, and 500 residents and interns. For more information, visit www.BarnabasHealth.org.
CONTACT: RadNet, Inc. Mark Stolper, 310-445-2800 Executive Vice President and Chief Financial Officer Barnabas Health Jay Picerno, 973-322-4102 Executive Vice President and Chief Financial Officer