Transaction to Expand Envision’s Radiology Physician Services
NASHVILLE, Tenn. & GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Envision Healthcare Corporation (NYSE: EVHC) has entered into a definitive agreement to acquire Imaging Advantage LLC, a provider of comprehensive radiology services including hospital-based, outpatient and remote-reading services, in a transaction that will meaningfully expand Envision’s presence in radiology physician services across the country.
Imaging Advantage deploys an innovative and scalable cloud-based technology to optimize provider utilization and efficiency of more than 400 radiologists who provide services across a clinical network that includes more than 435 healthcare facilities.
“We believe the merger with Envision creates a valuable, integrated platform for radiologists and leverages our innovative radiology care model,” said Naseer Hashim, founder and Chief Executive Officer of Imaging Advantage. “We recognize the strategic value of being part of a company with Envision’s multi-specialty service offering, as well as the value a sole source solution brings to hospitals. The merger will enable us to more effectively preserve and advance the intrinsic and important role of providers in their local communities, while managing relationships with health systems and enhancing service levels for referring physicians.”
Upon completion of the transaction, Envision’s Physician Services segment will include more than 800 board-certified/board-eligible radiologists who serve more than 500 healthcare facilities and perform more 10 million studies annually.
“We are excited about our ability to attract leading radiology provider groups such as Imaging Advantage to our integrated physician services offering,” said Robert J. Coward, President of Envision’s Physician Services. “Radiology groups remain largely fragmented and there is increasing strategic value in integrating this specialty with our emergency medicine, hospital medicine, anesthesia and women’s and children’s specialties and subspecialties to create an increasingly compelling offering to health systems who are focusing on care coordination and outcomes.”
The transaction is expected to be completed during the second quarter of 2017, subject to customary conditions, including the expiration or early termination of the waiting period applicable to the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. No financial terms are being disclosed at this time.
About Envision Healthcare Corporation
Envision Healthcare Corporation is a leading provider of physician-led services, ambulatory surgery services, post-acute care and medical transportation. Physician-led services encompass providers at more than 780 hospitals in 45 states and the District of Columbia and include leadership positions in emergency department and hospitalist services, anesthesiology, radiology, and women’s and children’s services, as well as offerings in general surgery and office-based medicine. As a market leader in ambulatory surgical care, the company owns and operates 260 surgery centers and one surgical hospital in 35 states and the District of Columbia, with medical specialties ranging from gastroenterology to ophthalmology and orthopedics. Post-acute care is delivered through an array of clinical professionals and integrated technologies designed to contribute to efficient and effective population health management strategies. As a leader in healthcare transportation services, the Company operates in 38 states and the District of Columbia. In total, the Company offers a differentiated suite of clinical solutions, creating value for health systems, payors, providers and patients. For additional information, visit www.evhc.net
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