Pennsylvania private radiology practice exits ownership stake in hospital joint venture
A Pennsylvania private radiology practice is exiting its ownership stake in a hospital joint venture, leaders announced Thursday.
Lancaster Radiology Associates and Penn Medicine Lancaster General Health had together owned both the MRI Group and PET Partnership, providing advanced imaging across south central Pennsylvania. However, Penn Medicine is now taking sole ownership of the entities, which operate six imaging centers in Lancaster and Chester counties, LNP reported April 2.
Terms of the deal were not disclosed, but those involved noted that Lancaster Radiology will remain a separate entity, continuing to interpret imaging results.
“Bringing both services into our health system strengthens the long-term stability of imaging in our community and helps ensure patients continue receiving the highest levels of safety and clinical quality,” LG Health CEO Michael Barber told the news outlet. “Full integration will enable us to standardize subspecialized coverage, expand access for patients and reinforce our commitment to high-quality, patient-centered imaging services now and in the future.”
A hospital representative emphasized that the deal involved the real estate and equipment, with no staffing nor service changes anticipated.
Founded in 1971, Lancaster Radiology Associates is physician-owned, serving as the primary provider of interventional and diagnostic services to Penn Medicine/Lancaster General Health. The practice employs 30-plus providers and is currently hiring. Meanwhile, Lancaster General Health is part of the larger Penn Medicine, operating a 525-bed acute care facility and three specialty hospitals.
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.