El Segundo-based Radiology Partners Inc. on Dec. 16 announced the completion of its acquisition of Mednax Radiology Solutions from Sunrise, Fla.-based Mednax Services Inc. for about $885 million.
The deal creates one of the largest third-party radiology service networks in the nation.
Before the deal was initially announced in September, Radiology Partners claimed to be the largest physician-led and physician-owned radiology practice in the U.S., with roughly 1,600 radiologists providing services to more than 1,300 hospitals, clinics and imaging centers across 26 states.
Prior to the deal, Mednax Radiology Solutions had at least 825 radiologists providing services to more than 2,000 hospitals, clinics and imaging centers in all 50 states.
The deal was approved by the boards of Radiology Partners and Mednax in September, but needed regulatory approvals before it could be finalized. It cleared the Federal Trade Commission’s antitrust review process and other customary closing conditions by Dec. 15.
With the acquisition, Radiology Partners now has a network of more than 2,400 radiologists across 50 states providing services to more than 3,250 hospitals and other medical facilities.
“This is a significant chapter in the history of our practice, and we are thrilled to welcome hundreds of Mednax radiologists and support team members to the Radiology Partners family,” Rich Whitney, Radiology Partners’ chief executive, said in the company’s announcement.
“Together, we will continue to elevate radiologists’ role in our healthcare system as we advance our mission to transform radiology,” Whitney continued. “We look forward to expanded and meaningful collaboration in the areas of clinical innovation, subspecialty coverage, advanced technology and growth opportunities.”
Radiology Partners was founded in 2012 by Whitney, a health care industry investor and veteran industry executive Anthony Gabriel. In July 2019, New York and Nashville, Tenn.-based Star Investment Holdings invested $700 million in the company to help fund organic growth and future acquisitions.