An investor-backed practice in the Northeast has acquired the radiology operations of a practice that runs six imaging centers in New Jersey.
The acquiring practice, RadNet affiliate New Jersey Imaging Network (NJIN), was formed in 2012 by a RadNet joint venture with Barnabas Health.
The acquired practice, Montclair Radiology, launched in the 1940s and presently serves a catchment area that’s home to around 16 million New Jerseyites.
NJIN had 18 imaging centers of its own prior to the new acquisition, according to NJIN’s website.
In an announcement posted this week, publicly traded RadNet says Montclair Radiology performs more than 200,000 procedures per year, and NJIN expects it to bring in more than $40 million per year going forward.
Montclair’s president, Michael Pollack, MD, says his group’s physicians and staff are eager to tap the management and imaging expertise of both NJIN and RadNet, adding that the incoming senior leadership will help Montclair Radiology “grow our practice and … allow our physicians to focus on patient care.”
“We are confident that our employees will have a strong future with NJIN in this dynamically changing healthcare landscape,” Pollack adds.
Howard Berger, MD, RadNet’s chairman and CEO, lauds NJIN’s strong market position in northern and central New Jersey, where the group has provided “high-quality, lower cost and convenient services as an alternative to more expensive hospital-based imaging.”
Berger adds: “Montclair Radiology’s longstanding brand has been a fixture in the markets it serves, and its high-quality reputation for delivering outstanding patient services is symbiotic with that of our existing NJIN operations.”
The count of U.S. imaging centers under RadNet’s corporate banner now stands at 350 sites in Maryland, Delaware, New York, New Jersey, Florida, California and Arizona, according to its website.
RadNet trades on the NASDAQ exchange under the ticker symbol “RDNT.”
The NJIN-Montclair Radiology announcement is here.
Dave P. has worked in journalism, marketing and public relations for more than 30 years, frequently concentrating on hospitals, healthcare technology and Catholic communications. He has also specialized in fundraising communications, ghostwriting for CEOs of local, national and global charities, nonprofits and foundations.