Company News: Rad Partners launches new clinical innovation team; Akumin closes $39M deal, plus more
Radiology Partners has launched a new clinical innovation team following its recent partnership with artificial intelligence firm Aidoc, the El Segundo, California, mega practice announced Wednesday.
Stanford nuclear medicine and neuroradiology specialist Elizabeth Hawk will serve as director of innovation engagement. Meanwhile, fellow rads Sriyesh Krishnan and Kent Hutson will oversee innovation related to development and clinical operations, respectively, the company said.
“We believe this team will enable us to accelerate our ability to transform radiology through new innovation and technology offerings,” Nina Kottler, MD, associate chief medical officer for clinical artificial intelligence at Rad Partners, wrote in a May 5 news post.
Akumin closes deal
Akumin has closed its $39 million acquisition of six freestanding imaging centers in Florida, the publicly traded radiology operator announced on Tuesday.
The purchase price is based on a 5.15-times multiple of the clinics’ earnings before interest, taxes, depreciation and amortization. Akumin is paying roughly 10% or $3.9 million of the price in shares of its common stock, the company announced May 4.
The Plantation, Florida, firm additionally bought a seventh clinic in the Sunshine State May 1, which officials labeled as a “tuck-in acquisition.” Akumin now operates 79 clinics on its home turf and 134 altogether across seven states. Like many others, the pandemic hampered the operator’s business last year, forcing it to close centers, lay off employees and reduce pay.
“We are very excited to have recommenced our acquisition growth strategy,” President and CEO Riadh Zine said in a statement
Radiology group rebrands
North Carolina-based Asheville Radiology Associates recently unveiled a new brand, switching its moniker to ARA Health Specialists.
Leaders said the name more accurately reflects the practice’s work. Around for nearly 77 years, ARA Health Specialists has grown to broaden its scope of care beyond just imaging.
“Our new name, ARA Health Specialists, will strengthen our ability to more clearly communicate the role we play in the lives of those we serve as well as our impact on access to care that improves wellness and well-being,” Andy Brown, MD, president of ARA said in a statement.
Brown noted that the rebranding coincides with his practice’s vision to help more individuals reach their “highest attainable quality of life.” They hope to do so by diagnosing disease as early as possible and reducing time to intervention.
ARA Health Specialists became a member of the Strategic Radiology coalition of independent practices back in 2019. It employed nearly 40 rads at the time alongside five vascular surgeons, providing services to seven area hospitals.
Rapid fire
A few more radiology company-related news items of note, in rapid fashion:
- PwC is reportedly marketing the sale of Imaging Associates, an Australian radiology clinic operator.
- RadNet recently closed the refinancing of its debts after previously announcing its intent to do so in early April.
- Monticello Health Services—which operates imaging, physical therapy and pain management facilities through the Dallas-Fort Worth area—has acquired full ownership of an imaging center in Burleson, Texas. It will offer MRI, CT, and X-ray services, with leaders investing in new ultrasound techniques to track the long-term effects of COVID-19.
- Shields Health Care Group recently deployed the eRAD suite of workflow solutions from RadNet across all of its locations, the two announced this week. Shields is a provider of MRI, PET/CT and ambulatory surgical services to patients at more than 30 locations across New England.
- And finally, Women’s Excellence in Obstetrics and Gynecology has launched a new radiology center in Lake Orion, Michigan, offering ultrasound, mammography, bone density scans and body composition analysis.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.