The companies’ Joint Venture will establish a statewide diagnostic imaging network, exclusively contracting on behalf of its imaging network with regional payors, including commercial insurance companies, utilization and radiology benefit managers, workers compensation carriers, and all other health plans and local insurers. It will also provide management services to the existing RadNet and Barnabas imaging facilities to include information technology, marketing, utilization review, billing and collecting, transcription, medical records management, equipment maintenance, purchasing, and insurance.
Additionally, the Joint Venture will satisfy the companies’ ultimate objective of reducing costs and improving quality of service and patient care throughout their facilities. The companies anticipate that it can expand its management and contracting services to include third-party imaging centers and inpatient hospital radiology departments in the future. RadNet and Barnabas see opportunities to move into new markets through the Joint Venture, particularly in the fields of medical oncology, comprehensive breast disease management, teleradiology, information technology, and clinical trials work.
Dr. Howard Berger, President and Chief Executive Officer of RadNet, remarked, “We are very pleased to announce our new relationship with Barnabas Health. With the advent of Accountable Care Organizations (ACOs), whose goal it is to improve integration among healthcare providers, our venture is an important step towards delivering a fully integrated imaging network that provides convenient, high quality, cost effective and patient centric medical imaging solutions for the medical communities of New Jersey. Barnabas Health is a premier hospital system in New Jersey. By combining its existing market presence with RadNet’s expertise and existing New Jersey outpatient imaging centers, we are convinced that our collaboration will drive benefits to patient care. In the process, we believe that improving patient care will inure financial benefits to both RadNet and Barnabas Health.”
Barry H. Ostrowsky, Barnabas’ President and CEO, added, “Forming a Joint Venture with RadNet, an experienced leader in the field of diagnostic imaging, provides an exciting opportunity for Barnabas Health and the two million patients we serve annually. Our core values embrace high quality services, cost effectiveness and patient satisfaction. We have built our national reputation on providing best practices in medicine with the focus on ensuring patient access in urban and suburban, inpatient and outpatient settings. The Joint Venture with RadNet further strengthens our mission of providing the finest healthcare for all.”
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