RadNet adds $100M in annual revenue, acquiring 13 imaging centers from LucidHealth
RadNet Inc. is adding $100 million in annual revenue through the acquisition of 13 imaging centers sold by LucidHealth. Meanwhile, the Los Angeles-based imaging group also announced several leadership changes on Wednesday morning.
The company is expanding into southwest Florida, one of the Sunshine State’s fastest growing geographies, with the purchase of Radiology Regional. Over the past 50 years, the group has provided comprehensive, multimodality services, serving communities including Naples, Cape Coral, Fort Myers, Port Charlotte and Sarasota.
Radiology Regional joins five other existing RadNet Florida locations, with the LucidHealth division contributing an estimated 400 additional employees and 44 contracted radiologists.
“After careful consideration of the long-term success of LucidHealth and Radiology Regional, we are confident that RadNet’s acquisition creates meaningful growth opportunities for both organizations,” Steve Corbeil, MHA, CEO of Columbus, Ohio-based LucidHealth, which is backed by Excellere Partners, said in a Jan. 7 announcement. “At LucidHealth, our strength lies in supporting a broad network of radiologists and healthcare partners,” he added later. “This transition enables us to sharpen our strategic focus while positioning Radiology Regional for continued success in outpatient imaging services.”
RadNet, a publicly traded company, did not disclose terms of the deal on Wednesday but is expected to do so in a future filing with the Securities and Exchange Commission. The acquisition balloons its imaging center count to 407, also spanning states including Arizona, California, Delaware, Maryland, New Jersey, New York and Texas.
Based in Fort Myers, Radiology Regional bills itself as one of the largest physician-driven imaging providers in the Southeast. Its centers span over 115 miles of the Gulf Coast and offer the full spectrum of diagnostic and screening services. Practice President Darius Biskup, MD, said joining RadNet will allow the group to accelerate its mission of “providing southwest Florida with the highest quality diagnostic imaging services.” The move will give it access to AI technologies along with additional operational resources, which will “directly benefit our patients, our radiologists and our entire care team.”
Meanwhile, RadNet also highlighted several leadership changes in a separate announcement published Wednesday morning. Effective immediately:
- Stephen Forthuber, president and chief operating officer of Eastern Operations, will become president and CEO of the division. “RadNet is proud to enter a dynamic region of Florida and build on Radiology Regional’s well-trusted history,” Forthuber said in the first announcement.
- Norman Hames, president and COO of Western Operations, will become president and CEO of the same division.
- Mital Patel, executive vice president of financial planning and analysis and chief administrative officer, will become executive VP and chief operating officer.
- Greg Sorensen, MD, chief science officer, will become chief strategy officer while continuing to serve as a member of RadNet’s Board of Directors.
RadNet said promoting these four senior leaders to expanded executive roles is meant to recognize “their decades of operational excellence and strategic growth.”
“These leadership transitions position us well to continue our strong growth journey, while remaining focused on what matters most: delivering accessible, high-quality, patient-centered care,” President and CEO Howard Berger, MD, said in a Jan. 7 announcement.
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.