RadNet Expands its Efforts in Artificial Intelligence
LOS ANGELES, Aug. 02, 2019 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services today reported it has created a division to further its efforts in Artificial Intelligence (“A.I.”). In conjunction with this, RadNet reports it has acquired the 75% that it did not already own of Nulogix, Inc., an early stage company focused on creating A.I. solutions for the radiology industry.
RadNet’s newly created A.I. division will focus on developing, acquiring and investing in technologies that focus on image interpretation and radiology business processes. In addition to internally developing A.I. solutions through its newly acquired Nulogix team, RadNet will evaluate partnering, licensing and investing in A.I. solutions developed by others.
Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, noted, “Artificial Intelligence will have a transformational impact on the diagnostic imaging and radiology industry. We expect that machine learning, big data applications and automation algorithms will allow us to deliver our services more cost effectively, efficiently and accurately. We are committed to supporting technologies that make our business run in ways to advantage our patients, joint venture partners, referring physician communities and contracted health plans. We will demonstrate this commitment through investing in leading-edge solutions being developed by Nulogix and others. We are frequently being presented with new technologies and products for us to test and evaluate. RadNet’s position as the largest owner and operator of fixed site diagnostic imaging centers makes us an ideal laboratory for technologies of the future.”
Dr. Berger continued, “Today, we spend almost 20% of our globally-billed net revenue on the radiologist interpretation of our images. If A.I. were to lower the cost of image interpretation by making our affiliated radiologists more productive and more accurate, all of RadNet’s stakeholders stand to benefit materially.”
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 335 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 8,000 employees. For more information, visit http://www.radnet.com.
CONTACTS:
RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer