Radiology Partners (RP), of El Segundo, Calif., announced a definitive agreement to acquire Mednax Radiology Solutions, a division of Sunrise, Fla.-based Mednax Inc., in a transaction with an enterprise value of approximately $885 million. The boards of directors for both organizations unanimously approved the transaction.
“This is a milestone day. The Mednax radiology practices are among the best in the country, and we are excited to welcome so many outstanding radiologists and physician leaders to our practice,” says Rich Whitney, chief executive officer, Radiology Partners. “We believe the benefits of increased scale, paired with local practice autonomy and physician leadership, will allow us to continue to advance patient care, improve clinical value, and ultimately transform radiology. The addition of these leading practices, as well as the nation’s premier tech-enabled teleradiology platform, represents an amazing opportunity to accelerate our progress on this important mission.”
When finalized, the acquisition is expected to add more than 800 radiologists to RP’s existing practice of 1,600 radiologists. Mednax Radiology Solutions consists of more than 300 onsite radiologists, who primarily serve patients in Connecticut, Florida, Nevada, Tennessee, and Texas, and more than 500 teleradiologists, who serve patients in all 50 states. Mednax Radiology Solutions physicians interpret 11.8 million exams annually, guiding the care of millions of individual patients.
“Radiology Partners has distinguished itself within the radiology community as a mission-driven practice committed to clinical innovation, outstanding service delivery, physician leadership development, and local practice decision-making, all of which aligns with the values of our radiologists,” says Ricardo C. Cury, MD, FACR, chief medical officer of Mednax Radiology Solutions. “Combining our expertise, experience, and infrastructure will enable us to create new pathways for innovation that we can bring to our patients and our clients. I could not be more excited about the new home for our physicians and staff.”
The companies say this combination will enable greater capabilities for large-scale clinical programs driving value-creation and cost reduction across the healthcare system, subspecialty offerings for patients and clients in the regions served, and increased opportunities to develop and elevate radiologist leaders to advance RP’s mission and improve patient care. The transaction between RP and Mednax Radiology Solutions is subject to regulatory approval and customary closing conditions.