LOS ANGELES, March 3, 2015 (GLOBE NEWSWIRE) -- RadNet, Inc. (Nasdaq: RDNT ) announced today that it has been awarded a landmark tender to provide cancer screening services in the State of Qatar ("Qatar") in partnership with, and on behalf of the Primary Health Care Corporation (PHCC) of Qatar.
Qatar is implementing widespread innovations to its nationwide healthcare system under its National Health Strategy (NHS) and selected RadNet to direct a preventive and community-based model of care. RadNet will provide population-based screening for breast and colorectal cancer to help launch Qatar's National Cancer Strategy, the first initiative of the NHS.
Mariam Ali Abdulmalik, M.D., Managing Director of PHCC, said, "National cancer screening is critical to our goal, which is to improve outcomes for all patients within a world-class healthcare infrastructure. RadNet can deliver that objective by providing services that are accessible, effective and integrated across disciplines and organizations."
RadNet will provide organized, systematic population screening across an integrated care pathway that includes PHCC's primary health care centers and Hamad Medical Corporation, the principal hospital system of Qatar. RadNet will perform its services in collaboration with oversight from the Supreme Council of Health, the highest authority in healthcare in Qatar.
"This program represents a first for RadNet. It is an opportunity for us to demonstrate our clinical and operational expertise on an international scale," said Omar Partida, VP of Strategic Development for RadNet. "Our experience as the largest outpatient imaging provider in the U.S., and in particular, our expertise in mammography and women's imaging, places us in a unique position to support Qatar's vision. In 2014, RadNet completed over 1 million mammography exams in our imaging centers. Our approach aligns with Qatar's primary objectives, from our emphasis on community-based patient care and quality metrics to our ability to integrate data across disparate technology systems."
As part of community engagement, RadNet will also sponsor and direct education efforts to promote cancer awareness and screening nationwide in Qatar. "Our aim is to reduce the incidence of cancer through early detection and a focus on prevention," said Fiona Bonas, Executive Director of the Supreme Council of Health. "That can only happen through a sustained information campaign that includes patients, family members, community leaders, clinical staff, marketers, physicians and administrators." RadNet's outreach strategy includes research-based interventions, strategic partnerships, such as with advocacy groups, community leaders, sports teams and other organizations, workshops and events and technology-driven communication. RADAR, RadNet's clinical communication platform, enables patient interaction via secure text, voice and email.
Dr. Howard Berger, President and Chief Executive Officer of RadNet, stated, "It's an exciting step forward for our company and shows our readiness to deliver on forward-thinking strategies. Our range of solutions made the difference in the selection process. When we demonstrated our expertise across a multitude of initiatives—research, education, technology, clinical best practices and quality--our partners trusted that we will drive results. We're very pleased to have been selected, and we look forward to a strong collaboration with our partners in Qatar."
Dr. Berger continued, "This initiative demonstrates the possibilities that RadNet has for driving significant revenue and growth in ways outside of our traditional domestic imaging center business. The Qatar contract was awarded to RadNet partly because of the diversity of our management services and product capabilities, which we've built and honed in conjunction with managing our own centers and those of our joint ventures partners here in the United States. From a clinical and operational standpoint, there is no difference between imaging exams completed within the United States and that completed elsewhere. This contract represents a "capital-light" way of growing our revenue by leveraging our existing core competencies in operations, technology, clinical expertise, purchasing, revenue cycle management and marketing. We believe this contract could be the start of other international management services opportunities."
In recognition of the work done by RadNet prior to the award, RadNet was recently paid a portion of the funds provided in the award. The contract does not require material capital investment by RadNet, and the initial term of the contract is five years.
About RadNet, Inc.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 263 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey, New York, Florida and Rhode Island. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 6,300 employees.
RadNet, Inc. Mark Stolper, 310-445-2800 Executive Vice President and Chief Financial Officer
