RadNet enters Midwest, acquiring 6 outpatient imaging centers from 60-year-old private practice
RadNet Inc. is entering the Midwest by acquiring a 60-year-old private practice’s outpatient imaging assets.
The Los Angeles company has reached a deal to acquire six freestanding centers, all operated by Indianapolis-based Northwest Radiology, for an undisclosed sum.
Founded in 1967, NWR is one of Indiana’s largest independent imaging groups, employing 18 physicians. They will continue to provide contracted services across the practice’s former locations.
The centers are primarily located in Carmel, a growing northern suburb of Indianapolis recently recognized by Travel & Leisure magazine for its livability. RadNet—which, as a publicly traded company, will eventually disclose the purchase price in a future regulatory filing—expects to net $18 million in annual revenue from the sale.
Steve Forthuber, president and CEO of Eastern Operations for RadNet, said the practice has built “remarkable trust and confidence” among the local physician community. The company plans to work closely with NWR radiologists to further expand their “clinical reach and capabilities.”
"Indianapolis is a flourishing Midwest market, and this acquisition establishes a base from which RadNet can expand its operational scale, AI-powered workflow and clinical technologies to greatly improve population health across the region,” Forthuber said in a statement Feb. 3. “Ultimately, we are striving to shift Indiana’s healthcare from reactive detection toward proactive prevention—detecting diseases earlier with the goal of improving outcomes.”
This marks RadNet’s first entrance into a new market since 2024, when it expanded into the Houston metropolitan area with the acquisition of seven outpatient imaging centers. RadNet has doubled in size in the region since then, now operating 14 centers across Texas. The company now runs more than 430 outpatient centers across nine states, including Arizona, California, Delaware, Florida, Maryland, New Jersey and New York.
The present deal is RadNet’s second major imaging center transaction in 2026. It added $100 million in annual revenue through the acquisition of Radiology Regional and its 13 centers, sold by private equity-backed LucidHealh.
Northwest Radiology’s outpatient centers are fully accredited and located in convenient locations, the practice notes. Other Indiana communities covered include Avon, Fishers and Greenwood. NWR in 2015 began offering a “groundbreaking” flat-rate pricing program, with guaranteed upfront costs to patients before each procedure, regardless of upfront costs. The practice is a member of the Strategic Radiology coalition of independent imaging groups. SR declined to comment on the deal Tuesday morning.
Along with a growing imaging center business, RadNet runs an artificial intelligence division. This supplies radiologists with multiple tools for assessing mammograms and other imaging exams.
NWR touted this access to technology as one potential benefit of the new partnership. Its radiologists plan to be closely involved with the transition, “ensuring continuity of care” and “preserving the strong local community physician relationships on which Northwest Radiology has built its reputation.”
"This transaction represents an exciting and transformative time for Northwest Radiology," CEO Brian Jellison, MD, said in a statement Tuesday. "We have been committed to setting the standard for imaging excellence throughout central Indiana, and working with RadNet allows us to build upon that legacy while expanding our capabilities. While our physician-led model and local relationships will remain unchanged, we will now have access to cutting-edge AI technologies and resources that will enable us to deliver better care for our patients. We are proud to continue serving this community with the same compassion and quality it has come to expect from us."
RadNet’s stock was up approximately 2%, trading at $72.22 per share, following news of the deal Tuesday morning.
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.