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Merger, valued at $885 million, will bring together two of the nation’s largest radiology groups.
Leading radiology practice, Radiology Partners (RP) announced this week is has signed a definitive agreement to acquire MEDNAX Radiology Solutions (MEDNAX) – a deal that carries a $885-million value.
With this merger, unanimously approved by both boards of directors, RP and MEDNAX, which is a division of MEDNAX, Inc., will fuse their radiology leaders and teams.
“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,” said Rich Whitney, RP chief executive officer. “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.”
Once complete, the acquisition will bring MEDNAX’s more than 800 radiologists into the fold with RP’s cadre of 1,600 radiologists. Currently, 300 MEDNAX radiologists work onsite in Connecticut, Florida, Nevada, Tennessee, and Texas, while the remaining 500 practice teleradiology throughout the country. All total, they interpret 11.8 million exams annually.
In addition to create a larger workforce, company officials said, this merger will pave the way for large-scale clinical programs that focus on value creation and cost reduction, as well as sub-specialty offerings for patients and clients, and advancement opportunities for radiologist leaders.
“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,” said Ricardo C. Cury, M.D., FACR, MEDNAX chief medical officer. “Combining our expertise, experience and infrastructure will enable us to create new pathways for innovations that we can bring to our patients and our clients.”
This merger is subject to regulatory approval and customary closing conditions, the companies said in a statement.