Private equity-backed breast imaging giant names new CMO after leader departs for AI firm
Solis Mammography, which dubs itself the nation’s largest independent provider of breast screening and diagnostic services, named a new chief medical officer on Monday.
Radiologist Chirag Parghi, MD, slid into the role in May after previously serving as interim CMO and director of breast imaging across several Houston-area locations. Parghi’s LinkedIn profile also says he has acted as a partner and breast imager with Radiology Partners from July 2018 to present.
He replaces outgoing chief medical officer Alexander Sardiña, MD, who left in May to serve as CEO of artificial intelligence startup Whiterabbit. In his new role, Parghi will guide Solis’ clinical operations division, care coordination programs and research agenda, according to an announcement.
“We’re excited to officially welcome Dr. Parghi as our chief medical officer,” President and CEO Grant Davies said in a statement. “His dedication and enthusiasm for patient care is widely known and universally admired by our Solis family, as is his advocacy for aggressive screening mammography programs.”
The company’s history dates to 1986, when physician Timothy Freer first launched Women’s Diagnostic of Texas before adopting the Solis name in 2004. Last year the Addison-based group added its 70th center, reaching more than 5 million procedures performed. Chicago-based private equity firm Madison Dearborn Capital Partners acquired a majority stake in Solis Mammography in 2018 at a time when it operated 50 centers, according to MDCP’s website. A spokesperson confirmed the continued ownership arrangement on Monday.
Moody’s Investors Service issued its first credit outlook for Solis in March, with the firm taking out $375 million in loans to refinance debt and “preferred equity.” At the time, Moody’s said Solis now operated 90 centers across eight states generating close to $150 million in revenues. The Texas company has also announced several recent partnerships, acquiring the largest rad-owned practice in the Washington metro area in January, and entering its 10th major market in March.
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.