by Brendon Nafziger
, DOTmed News Associate Editor | December 22, 2010
Imaging center chain RadNet Inc. said Wednesday it would buy New York teleradiology group Imaging on Call LLC. for up to $8 million as it continues its acquisition spree.
The Los Angeles-based, 198-center chain said it would buy Poughkeepsie-based Imaging on Call for $5.5 million, plus an additional $2.5 million if it reaches certain performance milestones next year. RadNet said the transaction should close by Dec. 31, and is expected to add $10 million in revenue on a yearly basis.
"Entering the billion dollar U.S. teleradiology business is a natural extension of many of RadNet's current activities and core competencies," Dr. Howard G. Berger, RadNet's CEO and president, said in prepared remarks. He said the 350 contracted radiologists in his group already use teleradiology-type programs to work with RadNet's own facilities and with hospitals within the group's network.
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This is one of several major acquisitions made by RadNet as it looks to expand its reach and develop new revenue sources. In September, RadNet said it was buying software maker eRad
, in a purchase valued at $10.75 million. RadNet said the acquisition lets it save money on licensing software, but more importantly it can now earn money selling eRad's PACS and workflow systems to the country's 16,000 imaging outfits or departments.
And earlier this month, RadNet closed its purchase of Progressive Health LLC, a New Jersey imaging chain Radnet bought in a mixed cash and stock deal