Private equity-backed outpatient imaging provider enters California via USC partnership
A private equity-backed radiology provider is entering the Golden State in partnership with the University of Southern California.
Outpatient Imaging Affiliates (OIA) recently inked an agreement with Keck Medicine, which will have it providing marketing, revenue cycle and imaging center management services for a new facility in Pasadena. The four-story, 100,000-square-foot office building will provide routine imaging and other specialty services in one convenient location.
Backed by the London-based Cranemere Group, Outpatient Imaging Affiliates now operates nearly 60 centers across the country in partnership with 17 hospital systems.
“Our entry into California marks an important milestone—making OIA a true coast-to-coast partner. We are honored to collaborate with Keck Medicine of USC and to bring world-class outpatient imaging care to the Pasadena community,” J. Creighton Cook, MBA, VP of business development for the Nashville, Tennessee-based radiology group, said in a statement.
USC’s new Pasadena location will offer MR, CT, ultrasound, X-ray and PET/CT services. As management partner, OIA worked with Keck Medicine on design and development of the imaging center and will continue collaborating on day-to-day operations.
Cranemere acquired Outpatient Imaging Affiliates from ICV Partners in 2021 via a deal valued at $400 million. The U.K. investment group bills itself as an alternative to traditional private equity, avoiding the “pitfalls of short-termism” and burdens of “excessive leverage.” The firm is structured as a holding company and typically buys with the intent to keep its assets permanently. Cranemere also owns Irving, Texas-based Northstar Anesthesia after acquiring a majority stake in 2018.
OIA was originally founded in 2000 and acquired by ICV in 2018 prior to the more recent sale. Its other health system joint venture partners include MedStar, Jefferson Health, UVA Health, and Vanderbilt. OIA in March announced it was teaming with the Medical University of South Carolina to open multiple locations across the Palmetto State.
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.