EL SEGUNDO, Calif.--(BUSINESS WIRE)--Radiology Partners, (RP), the largest on-site physician-led radiology practice in the United States, today announced it has closed on a $200 million growth equity funding round. Radiology Partners plans to use the funds to further scale operations, invest in its evidence-based clinical programs and expand in both existing and new markets.
The financing was led by existing investor New Enterprise Associates, Inc. (NEA) and new investor Future Fund, with significant participation from RP physicians and support team leadership.
“The success of RP highlights the value a large scale, single specialty practice brings to its clients and its own physician partners in the changing healthcare landscape,” said Mohamad Makhzoumi, General Partner and head of global healthcare services at NEA, and RP Board Member. “Most patients receive some sort of imaging during a hospital stay, so hospital executives are focusing more on radiology departments to address core challenges. RP is improving quality, decreasing unnecessary utilization and increasing revenue to improve the coordination and management of patient care. We are more convinced than ever that RP will have an enormously positive impact on the radiology field and, in turn, on the US healthcare system.”
Established in 2012, Radiology Partners focuses on enhancing value for its clients through improvements in clinical quality and resource utilization. Using a variety of evidence-based clinical programs, RP has demonstrated its commitment to a patient-first approach, ensuring consistent delivery of top quality radiology care.
This latest round of funding follows RP’s recent completion of an equity co-investment that was open to all RP partner physicians. In this latest additional financing, a significant number of RP physician partners took advantage of the opportunity to further increase their investment by participating alongside the institutional investors. RP believes that to achieve its full potential as a practice, it is important that the organization not just be physician-led, but also be physician-owned. The combination of additional investments from internal physicians, staff, and NEA, along with funding from new investors is further affirmation of the attractiveness of RP’s model.
“We are very excited to announce this latest round of funding led by world-class investors who understand the importance and potential of our mission,” said Rich Whitney, Radiology Partners’ Chairman and CEO. “Our talented physicians and support teams are delivering outstanding clinical value and service through innovative clinical programs, the latest technology, and impressive teamwork. This latest funding ensures the availability of resources for their continued success.”
About Radiology Partners
Radiology Partners, the largest on-site physician-led radiology practice in the U.S., is a multi-state, hospital-based practice serving approximately 280 hospitals and other healthcare facilities in markets across Georgia, Illinois, Indiana, Iowa, Kentucky, North Carolina, Ohio, Oklahoma, and Texas. We are a physician-led practice whose mission is to transform radiology by innovating across clinical value, service and economics, while elevating the role of radiology and radiologists in healthcare. Using a proven healthcare services model, Radiology Partners provides consistent, high-quality care to patients, while delivering enhanced value to the hospitals, clinics, imaging centers, and referring physicians we serve. Learn more at www.radpartners.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm with a 40-year track record of helping entrepreneurs build transformational businesses in technology and healthcare. With nearly $17 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests at all stages in a company’s lifecycle, from seed stage through IPO. For additional information, visit www.nea.com.
About Future Fund
The Future Fund is Australia’s sovereign wealth fund and invests for the benefit of future generations of Australians. The Future Fund was established in 2006 to strengthen the Australian Government’s long-term financial position and currently manages approximately A$130 billion. The organization also manages four additional public asset funds, including the Disability Care Australia Fund, the Medical Research Future Fund and two Nation-building Funds. The Fund operates independently from Government and tailors the management of each fund to its unique investment mandate. For more information, visit http://www.futurefund.gov.au/.