RadNet and Adventist Health Form a Joint Venture in Simi Valley, California

LOS ANGELES, Oct. 20, 2020 (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 executed a partnership agreement with Adventist Health to create an outpatient imaging joint venture in Simi Valley, California to initially include three outpatient facilities.

Under the new joint venture, RadNet will contribute two of its Simi Valley imaging Centers, Alamo Advanced Imaging and Simi Valley Advanced Imaging, and Adventist Health will contribute its Aspen Imaging Center. The facilities will together operate MRI, CT, PET/CT, Ultrasound and X-ray modalities.

In addition, RadNet will assume the operational management of Adventist Health’s Nancy Reagan Breast Center, which will perform mammography, breast ultrasound, imaging-guided biopsies and related women’s health services.

Simi Valley, California has a population of approximately 125,000 and is located in the southeast corner of Ventura County, approximately 40 miles from downtown Los Angeles. The joint venture is expected to begin operations no later than January of 2021.

Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, noted, “We are pleased to announce our new affiliation with Adventist Health, one of the largest health systems on the west coast of the continental United States and Hawaii. Together, both companies have identified an exciting opportunity in the Simi Valley marketplace, a medical community were Adventist Health’s commitment includes the ownership of the leading hospital, an urgent care center, a clinical laboratory, homecare services and various family and specialty physician practices. Aligning with such a high-quality and devoted partner will enhance the service offerings to the referring physician and patient communities of Simi Valley.”

“Adventist Health is pleased to partner with RadNet, the nation’s leading outpatient radiology provider. Our joint venture will advance our imaging capabilities in the region and will provide our medical community with an integrated radiology network offering the full scope of imaging services,” added Jennifer Swenson, President, Adventist Health Simi Valley.

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 332 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey, New York, and now Arizona. 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 8,600 employees. For more information, visit http://www.radnet.com.

About Adventist Health

Adventist Health is a faith-based, nonprofit integrated health system serving more than 80 communities on the West Coast and Hawaii. Founded on Seventh-day Adventist heritage and values, Adventist Health provides care in hospitals, clinics, home care agencies, hospice agencies, and joint-venture retirement centers in both rural and urban communities. Our compassionate and talented team of 37,000 includes associates, medical staff physicians, allied health professionals, and volunteers driven in pursuit of one mission: living God's love by inspiring health, wholeness, and hope. Together, we are transforming the American healthcare experience with an innovative, yet timeless, whole-person focus on physical, mental, spiritual, and social healing. For more information about Adventist Health, please visit https://www.adventisthealth.org.


RadNet, Inc.
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer