Los Angeles, California (July 31, 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 EmblemHealth’s enrollees under its AdvantageCare Physicians (ACPNY) 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 Physicians locations and will look to expand services to other EmblemHealth patients in these 26 offices and in existing RadNet locations. 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 a seminal event 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 and 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 https://www.radnet.com.
EmblemHealth is one of the nation’s largest nonprofit health insurers, with 3.1 million members and an 80-year legacy of serving New York’s communities. The company offers a full range of commercial and government-sponsored health plans to employers, individuals and families, as well as convenient community resources. As a market leader in value-based care, EmblemHealth partners with top doctors and hospitals to deliver quality, affordable care. For more information, visit emblemhealth.com.
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