RadNet acquires 60-year-old New York imaging group
RadNet Inc. continues its buying binge, recently acquiring a 60-year-old New York state radiology group, fresh off buying two technology firms.
The publicly traded imaging center operator is adding Kingston-based River Radiology, which has billed itself as the oldest imaging group in Ulster County. Its history dates to 1961 when Milton Grover, MD, came to work in the Hudson Valley community. River Radiology previously went by Ulster Radiologic Associates, changing its name to the current moniker in 1999.
The practice did not immediately respond to a Radiology Business request for comment Friday. Meanwhile, Los Angeles-based RadNet—which operates 407 outpatient imaging centers across 8 states—shared a statement on the purchase, which was completed Nov. 1.
“With the acquisition of River Radiology, we are pleased to become a part of the Kingston community,” Steve Forthuber, president and chief operating officer of RadNet’s East Division, told Radiology Business Nov. 14. “We intend to ensure that the region continues to have convenient access to high-quality, affordable outpatient imaging and preventative screening services.”
Forthuber said RadNet plans to merge the imaging center with its Lenox Hill Radiology network of centers across downstate New York.
“This location will allow us to extend our focus on proactive screening and disease prevention, build on the strong foundation established by [River Radiology leader] Dr. Steven Schwartz, and extend our geographic network of centers further north within the Hudson Valley.”
RadNet declined to share details of the deal. However, as a publicly traded company, it is expected to disclose the purchase price in its future earnings report for the fourth quarter. RadNet already has completed around 8 other acquisitions in its imaging center segment so far through September totaling $73.1 million, according to a Nov. 10 filing with the U.S. Securities Exchange Commission. These have included:
- Halo Centers LLC for $4.2 million on Jan. 2.
- Hillcroft Medical Clinic for $735,000 on March 7.
- North County Radiology Oceanside for $1.7 million on April 1.
- Faculty Physicians and Surgeons of LLUSM (Palm Imaging) for $1.4 million on May 1.
- HALO Centers LLC (Indian Wells) for $7.85 million on May 1.
- Kolb Radiology P.C. for $26.7 million on July 1.
- And Schonholz and Drossman, LLP for $30.1 million on September 1.
“The primary reason for these acquisitions was to strengthen our presence in the California, Texas and New York markets,” RadNet said in the SEC filing.
These acquisitions are in addition to several more on RadNet’s artificial intelligence side of the business, DeepHealth, which has bought multiple AI firms so far in 2025. Among them are ultrasound artificial intelligence vendor See-Mode Technologies ($29 million), breast AI companies iCAD ($103 million) and Kheiron Medical Technologies ($1 million), and remote MRI solutions provider Alpha RT ($5 million).
During its Q3 earnings call Nov. 10, RadNet partially attributed smaller “tuck in” acquisitions for its “record” quarterly revenue. The company currently has about $805 million in cash on its balance sheet and plans to use the money to fuel further acquisitions.
“This liquidity position provides the financial flexibility to continue to drive organic growth and to pursue attractive strategic acquisitions of both imaging centers and digital health targets,” CEO Howard Berger, MD, said in a statement.
Berger and colleagues forecasted additional center openings and acquisitions through the final months of 2025, noting an “attractive pipeline” of opportunities.
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.