Investor-backed Outpatient Imaging Affiliates expands long-running joint venture with hospital system

Investor-backed Outpatient Imaging Affiliates has expanded its long-running relationship with an East Coast hospital system.

OIA recently collaborated with Atrium Health Wake Forest Baptist to open a new outpatient imaging location in Greensboro, North Carolina’s third most populus city. Those involved said the new center complements the joint venture’s existing two locations in Winston-Salem and Kernersville.

Nashville, Tennessee-based Outpatient Imaging Affiliates has worked with Atrium (formerly Carolinas HealthCare) since 2008 and touted the partnership’s success in an announcement issued this week.

“In the beginning, Wake Forest was looking for a partner to help them develop imaging options to more conveniently serve their patient population,” OIA President and CEO Amy Stout, MBA, said in a statement. “Over time, this partnership has flourished as we collectively bring high-quality, affordable imaging services to Atrium Wake Forest Baptist patients in multiple markets across the state. We feel privileged to work alongside such a mission-driven and high-quality health system and look forward to further expanding our imaging footprint over time.”

Atrium Health Wake Forest Baptist first opened the new medical office building on July 29. Along with imaging, the facility offers urgent care and family medicine. With radiology located on the same site, patients can now “receive quicker and more convenient services closer to home,” the health system said. Imaging and family medicine appointments can be made by phoning the practices directly or scheduling online.

The hospital system served over 140,000 patients from Greensboro last year, with the new facility a “huge step forward” in providing further choices in the community. It’s located on the site of an open-air mall in the northwestern portion of the city. Imaging options offered include CT, DEXA, MRI, ultrasound, X-ray and mammography, with walk-ins welcome for the latter two options. Same-day appointments also are available for certain modalities.

“Friendly Center has a long history as a favorite retail area in Greensboro. Our presence here will be a great convenience to those who live and work in this part of Greensboro and will help us even better meet the growing healthcare needs,” David Zaas, MD, MBA, an internal medicine specialist and president of Atrium Health Wake Forest Baptist, said in the same statement.

Founded in 2000, London-based investment firm the Cranemere Group acquired Outpatient Imaging Affiliates in 2021 via a deal valued at $400 million. The Tennessee healthcare group operated 56 centers across 18 markets at the time of the sale. OIA’s primary business model is to form joint ventures with local providers, investing its own equity into new or existing centers. Other health system partners include UVA Health in Virginia, MedStar Health in Maryland and Jefferson Health in Philadelphia. Along with the initial investment, OIA handles development, management, marketing, billing and collection services in its ventures. Most recently, the organization partnered UConn Health to open its first freestanding radiology site.

Cranemere prides itself on avoiding the “pitfalls of short-termism,” the burdens of “excessive leverage” and “distraction of being sold” that come with the private equity model. The firm is structured as a holding company and typically buys with the intent to permanently keep its assets. Cranemere also owns Irving, Texas-based Northstar Anesthesia after acquiring a majority stake in 2018.