September 5, 2007 — RadNet Managed Imaging Services Inc. ("RMIS"), a wholly owned RadNet subsidiary, will provide management and operational services to 20 imaging centers.
As a potential new growth area, RadNet, through RMIS, will make available its management services to other operators, lenders and equipment manufacturers
RadNet reported that it entered into an agreement with a lender who had just foreclosed upon a chain of 20 imaging centers to assume the management of those imaging centers.
RadNet's subsidiary, RadNet Managed Imaging Services Inc. ("RMIS"), will provide management and operational services to those centers and will make available similar business services to other imaging center operators in the future.
RMIS has entered into an agreement to provide administrative and management services to a national chain of 20 imaging centers formally known as Nydic Open MRI of America. The chain of MRI centers operates in 11 states and produces net revenue of approximately $30 million per annum. RadNet has not purchased these centers. Instead, it will provide services through RMIS in return for management fees.
The services which RMIS will provide include billing and collection, transcription, medical coding, equipment management, medical supplies purchasing, acquisition and sale advisory work and overall strategic management.
As remuneration for RMIS' services to the 20 imaging centers, RMIS will receive a monthly management fee and a percentage of the centers' net revenue. RMIS is eligible for additional fees with respect to certain performance initiatives.
For more information: www.radnet.com