Envision inks in-network radiology deal with Humana, Akumin’s Q3 earnings, plus more company news
Envision Healthcare has signed a multi-year deal with insurance giant Humana to keep its 300 radiologists in-network, the company said Thursday.
The announcement comes on the heels of the Nashville-based group inking a similar agreement with Cigna. All told, 6,000 of the practice’s providers will stay covered by the insurer in Florida, including hospitalists, anesthesiologists, neonatologists and trauma surgeons.
“We value our collaborative relationship with Humana and are pleased to partner on a comprehensive, long-term agreement that provides Florida patients access to quality, in-network care,” Jim Rechtin, president and CEO of Envision, said in a statement.
The practice also operates in 44 other states and the District of Columbia. Kentucky-based Humana was recently in the news for cutting PET/CT coverage, drawing fierce opposition from imaging advocates.
Akumin’s RVUs jump
Radiology operator Akumin said it logged a “strong” three months ending Sept. 30, with imaging volumes jumping 36% when compared to the previous quarter.
The Plantation, Florida-based provider generated more than $67.1 million in revenue during that period, with earnings (before interest, taxes, depreciation and amortization) of $17.8 million. The jump in RVUs came after a challenging second quarter for Akumin, hampered by service shutdowns amid the pandemic.
“This strong recovery is validation of Akumin’s platform as an essential healthcare service provider,” the company said in a late Wednesday announcement.
The firm recorded roughly 1.49 million relative-value units in Q3, a 4% uptick when compared to the same quarter in 2019. Akumin said it reports volume based on RVUs, rather than number of procedures, to distinguish the “complexity” of services delivered.
Akumin altogether operates 135 imaging centers across seven states, employing 145-plus board-certified radiologists. President and CEO Riadh Zine said the radiology chain also recently closed its offering of $400 million in senior notes due in 2025, and a new $55 million revolving credit line.
“These notes provide us with a flexible balance sheet, a platform for funding future growth, and a broadening of our investor base,” he said in a statement.
European telerad firm changes hands
Privately owned Centric Health recently sold Global Diagnostics Ireland, the European country’s “market leader” in teleradiology services, for nearly $18.9 million (USD), according to published reports.
GDI operates 50-plus clinical sites in Ireland, with a team of more than 20 radiologists, the Law Society Gazette said Wednesday.
United Kingdom-based teleradiology firm Medica Group is buying GDI with the intent to expand its geographic reach and customer base. Centric Health, meanwhile, plans to continue providing global diagnostic services after the sale, the report noted.
Rapid fire
A few more company-related items of note, in rapid fashion:
- In more overseas news, Victoria-based Aussie radiology firm Marina Radiology is reportedly for sale and could fetch more than $36 million (USD), the Financial Review reported. Around since 1999, the privately held company owns a dozen imaging centers in the southeast Australian state.
- Women’s Digital Imaging of Ridgewood, New Jersey, recently changed its name to Women’s Diagnostic Imaging and hired a new radiologist—Jolinda Mester, MD—according to an announcement.
- And finally, SimonMed, which bills itself as one of the largest outpatient imaging providers in the U.S., recently signed a partnership with Konica Minolta. The Arizona-based radiology practice plans to implement KM’s picture archiving and communication system platform across its 150 facilities in nine states, the two said earlier this month.
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.