RadNet and EmblemHealth Enter into New Partnership to Provide Diagnostic Imaging Services in the New York Metropolitan Area
LOS ANGELES, California, August 2, 2018 – RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services today reported its newly formed affiliate, Lenox Hill IPA LLC, has entered into a capitation arrangement with EmblemHealth to provide diagnostic imaging services to certain of EmblemHealth’s enrollees under its AdvantageCare Physicians medical group.
This is the first full-risk capitation contract RadNet has signed on the East Coast. Under the contract, RadNet will assume responsibility for imaging operations in 26 AdvantageCare locations and will look to expand and upgrade services in these 26 offices and in existing RadNet locations throughout these local markets. The contract has a five year term and is expected to begin operations on October 1, 2018.
Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, noted, “This is an important strategic development for RadNet. We have been in discussions to bring risk-based contracting to the East Coast for some time. For over two decades, RadNet has enjoyed similar capitated relationships with dozens of large medical groups on the West Coast, and we are excited about our newly formed relationship with EmblemHealth. We continue to believe that performance-based and value-driven healthcare are necessary for our healthcare delivery system to become more cost-effective and ubiquitous. EmblemHealth brings that focus to all of its care delivery efforts.”
“Partnering with RadNet will allow EmblemHealth and AdvantageCare Physicians to provide the highest quality and valuable radiology experience for our members and ACPNY patients,” EmblemHealth President and CEO Karen Ignagni said, “RadNet shares our long-standing commitment to value-based partnerships, population-based health and technological innovation.”
About RadNet, Inc.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 300 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey and New York. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of over 7,400 employees. For more information, visit http://www.radnet.com.
About EmblemHealth
EmblemHealth, one of the nation’s largest nonprofit health plans, serves 3.1 million people who live and work across the New York tristate area. The company offers quality, affordable health benefits to consumers, employers and government purchasers as well as coverage for prescription drugs, dental and vision care. EmblemHealth utilizes a choice of quality networks to deliver personalized, coordinated care while leading the market in value-based delivery. For more information, visit www.emblemhealth.com.
Contacts:
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer