Westwood-based radiology firm RadNet reported on Oct. 11 that its joint venture New Jersey Imaging Network acquired outpatient radiology assets from Montclair Radiology, an owner of six diagnostic imaging centers in northern New Jersey.
“We are pleased to announce this transaction. Since its formation in 2015, NJIN has grown into a leading provider of outpatient imaging in northern and central New Jersey, providing high-quality, lower cost and convenient services as an alternative to more expensive hospital-based imaging,” Dr. Howard Berger, RadNet’s chairman and chief executive of RadNet, said in a statement.
Montclair Radiology’s prospective patient population in northern New Jersey numbers 16 million. The radiology company owns and operates centers in New Jersey cities such as Montclair, West Caldwell, Nutley, Verona, Jersey City and Hoboken.
“NJIN and RadNet will provide the management and imaging expertise needed to grow our practice and to allow our physicians to focus on patient care,” Dr. Michael Pollack, president of Montclair Radiology, said in a statement. “We are confident that our employees will have a strong future with NJIN in this dynamically changing healthcare landscape.”
The centers provide MRIs, CT scans, x-rays and other related services. Montclair Radiology also performs more than 200,000 procedures per year and is projected to add more than $40 million of revenue on an annual basis to NJIN, RadNet’s joint venture.
“Montclair Radiology’s long-standing brand has been a fixture in the markets it serves, and its high-quality reputation for delivering outstanding patient services is symbiotic with that of our existing NJIN operations,” Berger said in a statement.
RadNet’s imaging centers took in $352.8 million in the second quarter of this year, an increase of 6.1% year over year.
Berger said in a statement that the company’s financial metrics are continuing to track toward the full-year guidance levels, which were revised upward in conjunction with first-quarter results.
“We remain confident that incremental revenue and growth in the second half of 2022 from new centers, additional joint ventures, tuck-in acquisitions and various operating initiatives should mitigate some of these challenges,” he said.
