Fonar forms PPM subsidiary
Fonar is already finding ways to spend the $128.7 million patent infringement payment it received last month from GE Medical Systems. The Melville, NY, MRI vendor has formed a new subsidiary, U.S. Health Management (HMC), to spearhead its entry into the
Fonar is already finding ways to spend the $128.7 million patent infringement payment it received last month from GE Medical Systems. The Melville, NY, MRI vendor has formed a new subsidiary, U.S. Health Management (HMC), to spearhead its entry into the fast-growing physician practice management market.
HMC will offer to physician practices services such as office management and information technology. HMC will either enter into management agreements with practices or will acquire them outright, as it did July 14 with the purchase of four New York physician practices for $6 million. HMC will initially target practices in New York and Florida before expanding across the East Coast.
HMC is headed by president and CEO Timothy Damadian, the son of Fonar founder Dr. Raymond Damadian. Nicholas Canosa, the founder of a Connecticut-based physical therapy provider, has been hired as executive director of business development.
In addition to HMC's own growth, Fonar hopes that the subsidiary will spark demand for its MRI scanners, which will be offered to HMC members as part of a package of ancillary services. HMC will focus on physician practices in orthopedics, neurology, family medicine, and radiology, due to their need for medical imaging services, the company said.
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