BNET Industries

Market Cap:$75.2M
Last Fiscal Year Sales:$502.1M
  • Public
Dow Jones Description

RadNet was founded by six medical doctors including Dr. Howard Berger, our Chairman and Chief Executive Officer. At its inception, RadNet provided billing and administrative services to radiology groups in the Los Angeles area, and opened its first imaging center across from Cedars-Sinai Medical Center in 1981. In 1990, Dr. Berger and Dr. Michael Krane, our Director of Utilization Management, purchased the interests of their four other partners, and became the sole owners of RadNet. In June 1992, RadNet was acquired by Primedex Health Systems, Inc., a publicly traded company that, at the time, was engaged in providing management, administrative and financial services to medical clinics focused on workers compensation claimants in the greater Los Angeles area. Beginning in late 1993, because of the change in California workers compensation laws, Primedex divested itself of its workers compensation practice and began to focus exclusively on diagnostic imaging (RadNet). In 1995, Howard Berger became the largest individual shareholder of Primedex through his purchase of shares from the then largest shareholder. Since 1994, RadNet has grown significantly through internal growth (same-store sales and the opening of de novo centers) and through consummating strategic acquisitions. Prior to the acquisition of Radiologix in 2006, RadNet's largest acquisitions to date include the purchases of Tower Imaging in 1994 and Diagnostic Imaging Systems beginning in 1996. ...

President & CEO
Howard C. Berger
Number of Employees 2,940
Contact Information

radnet.com

NAICS Code Diagnostic Imaging Centers: 621512

Recent Events

  • Radnet Inc RDNT Posts Q3 Loss of 1c, Misses by 7c

    11/09/09 - Financial Announcement - View Story

  • RadNet losses narrow for Q2

    8/13/09 - Financial Announcement - View Story

  • RadNet acquires 10 imaging centers

    7/31/09 - Joint Venture / Alliance - View Story

  • RadNet, Inc. Closes the Previously Announced Acquisition of the Nine New Jersey Centers...

    6/15/09 - Buildings Purchased - View Story

News & Analysis

radnet inc. - All News and Analysis

Decision Makers

Name (plus bio) Position
Howard C. Berger President & CEO
John Corrigan Chief Accounting Officer, West Coast
Mark D. Stolper Cfo & Executive Vice President
Michael Hopkins CIO & Vice President
Michael Murdock Chief Dev Officer & Executive Vice President
Norman R. Hames COO, Western Operations & Executive Vice President
Stephen M. Forhuber COO, Eastern Operations & Executive Vice President
Stephen M. Forthuber COO, Eastern Operations & Executive Vice President
Jeffrey L. Linden General Counsel & Executive Vice President
John V. Crues Vice President
Laura Foster Vice President & Director, Regulatory Affairs
Ruth Wilson Vice President & Director, HR
Terri Herrick Vice President, Contracting
Derek Bomar Senior Vice President & Director, Matls & Asset Mgmt
Nancy Murr Senior Vice President, Patient Services & Director, Clinical Operations
Andrew Hamlin
Brian D Sims
Dennis Sarti
Joan Burke
Linda Hoover
Mary L Cexton
Nastaran Fatemi
Ryan Dyer

Board of Directors

Name (plus bio) Position
Howard G. Berger Board of Directors
Larry Levitt Board of Directors
Marvin S. Cadwell Board of Directors
Michael L. Sherman Board of Directors

Howard Berger, M.D., co-founded RadNet in 1980 and serves as its President and Chief Executive Officer. Dr. Berger has over 25 years of experience in the development and management of successful healthcare businesses. He began his career in medicine at the University of Illinois Medical School, following college graduation from Western Reserve University in Cleveland. He is Board Certified in Nuclear Medicine and trained in an Internal Medicine residency as well as in a masters program in medical physics in the University of California system. Dr. Berger's extensive expertise in radiology and business operations, knowledge of the marketplace and personal relationships within the industry have afforded RadNet with the leadership, insight and experience necessary to successfully compete in a dynamic marketplace.

Organization Position Status
Radnet, Inc. President & CEO Current
Radnet, Inc. Board of Directors Current

Organization Position Status
Radnet, Inc. Chief Accounting Officer, West Coast Current
San Diego State University Business Administration and Accounting Former

Mark D. Stolper is responsible for all aspects of the Company's financial functions and disciplines. Prior to joining RadNet, Mr. Stolper had diverse experiences in investment banking, private equity, venture capital investing and operations. Mr. Stolper began his career as a member of the corporate finance group at Dillon, Read & Co. Inc., executing mergers and acquisitions, public and private financings and private equity investments with Saratoga Partners LLP, an affiliated principal investment group of Dillon Read. After Dillon Read, Mr. Stolper joined Archon Capital Partners, backed by the Milken Family and NewsCorp, which made private equity investments in media and entertainment companies. Mr. Stolper received his operating experience with Eastman Kodak, where he was responsible for business development for Kodak's Entertainment Imaging subsidiary ($1.5 billion in sales). Mr. Stolper was also co-founder of Broadstream Capital Partners, a Los Angeles-based investment banking firm focused on advising middle market companies engaged in financing and merger and acquisition transactions. Mr. Stolper graduated Magna Cum Laude with a liberal arts degree from the University of Pennsylvania and a finance degree from the Wharton School. Additionally, Mr. Stolper earned a Postgraduate Award in Accounting from UCLA.

Organization Position Status
Radnet, Inc. Cfo & Executive Vice President Current
CompuMed, Inc. Chairman Current
Radnet, Inc. Board of Directors Current
Broadstream Capital Partners, LLC Co-Founder Former
Broadstream Capital Partners, LLC Partner Former
Eastman Kodak Company Former
University of Pennsylvania Former
Wharton School, University of Pennsylvania Former
Saratoga Partners LP Former

Michael Hopkins serves as the CIO of RadNet and is responsible for the development, purchasing, management and maintenance of the information technologies and systems utilized by RadNet. Mr. Hopkins joined the company at its inception.

Organization Position Status
Radnet, Inc. CIO & Vice President Current

Michael Murdock joined RadNet in November of 2006 upon the acquisition of Radiologix by RadNet. Mike was Senior Vice President and Chief Financial Officer of Radiologix since January 2005. Mr. Murdock has spent the majority of his career in senior financial positions with health care companies, including positions with American Medical International and its successor American Medical Holdings, Inc., a $2.4 billion in revenue publicly traded owner and operator of acute care facilities that was acquired by National Medical Enterprises, now Tenet Healthcare. Mr. Murdock also served as Chief Financial Officer of Physician Reliance Network, Inc., a $398 million in revenue publicly traded physician practice management company, specializing in oncology. In 1999, PRN merged with American Oncology, Inc. to become U.S. Oncology, Inc., the nation's largest healthcare network dedicated to cancer treatment and research. From 1999 through 2004, Mr. Murdock served as CFO of Dental One, a venture capital-backed owner and operator of 48 dental practices in Texas, Arizona, Colorado and Utah. Mr. Murdock began his career in 1978 as an auditor with Arthur Andersen after receiving a B.S. degree from California State University, Northridge.

Organization Position Status
Radnet, Inc. Chief Dev Officer & Executive Vice President Current

Norman Hames serves as RadNet's COO. Applying his 20 years of experience in the industry, Mr. Hames oversees all aspects of facility operations. His management team, comprised of Regional Directors, Site Managers and Sales Managers are responsible for responding to all of the day-to-day concerns of our facilities, patients, payers and referring physicians. Prior to joining RadNet, Mr. Hames was President and CEO of his own company, Diagnostic Imaging Services, Inc. (DIS), which owned and operated 14 multi-modality imaging centers throughout Southern California. Mr. Hames gained his initial experience in operating imaging centers for American Medical International (AMI) and was responsible for the development of AMI's single and multi-modality imaging centers.

Organization Position Status
Radnet, Inc. COO, Western Operations & Executive Vice President Current
Radnet, Inc. Board of Directors Current
Diagnostic Imaging Services CEO Former
Diagnostic Imaging Services President Former

Organization Position Status
Radnet, Inc. COO, Eastern Operations & Executive Vice President Current

Stephen M. Forthuber was named Senior Vice President, Field Operations of Radiologix in November 2005 after serving as Senior Vice President and Chief Development Officer of Radiologix, Inc. Mr. Forthuber joined Radiologix in 2000 as Regional Director of Operations for the Northeast, where he was promoted to Regional Vice President for the Northeast in 2002. Mr. Forthuber has twenty-three years of healthcare experience, with eighteen of those years exclusively dedicated to radiology practice management. Prior to joining Radiologix, Mr. Forthuber held various roles at PerSe Technologies' Physician Services Division, including Regional Vice President and Area Executive for the Northeast. As Area Executive, Mr. Forthuber was responsible for managing all aspects of the Physician Services' outsourced business services and consulting in the Northeast. From 1982 through 1995, Mr. Forthuber worked at Medical Management Sciences, Inc. (MMS), a private company providing outsourced Reimbursement Operations and Practice Management to Radiology and Radiation Oncology practices. Mr. Forthuber served in many roles at MMS, culminating as the company's Chief Operating Officer. Mr. Forthuber earned a B.A. in Business Administration from The College of William and Mary in Virginia.

Organization Position Status
Radnet, Inc. COO, Eastern Operations & Executive Vice President Current

Jeffrey L. Linden received his bachelor's and law degrees from the University of California, Los Angeles. He was an attorney for the Securities and Exchange Commission from 1967 to 1968, and has been in private practice since that time. Mr. Linden was chairman of the Business Organizations Section (1974-75) and President (1979) of the Century City Bar Association and is a member of the Corporation, Banking and Business Law and Health Law Sections of the American Bar Association. Prior to joining RadNet, Mr. Linden's practice was diverse, representing healthcare organizations, banks, silver mines, shopping centers, among many other types of businesses. He has lectured before numerous organizations on various topics, including California State Bar, American Society of Therapeutic Radiation Oncologists, California Radiological Association, and National Radiology Business Managers Associations. Mr. Linden personally handled the roll-up, public financing, reorganization and sale to RadNet of Diagnostic Imaging Services, Inc., a large medical diagnostic imaging company in California. He continues to provide us with legal and business advice in all areas of operations.

Organization Position Status
Radnet, Inc. General Counsel & Executive Vice President Current

John Crues, III, M.D. is a world-renowned radiologist. Dr. Crues plays a significant role as a musculoskeletal specialist for many of RadNet's patients as well as a resource for physicians providing services at our facilities. Dr. Crues received his M.D. at Harvard University, completed his internship at the University of Southern California in Internal Medicine and completed a residency at Cedars-Sinai in Internal Medicine and Radiology. Dr. Crues has authored numerous publications while continuing to actively participate in radiological societies such as the Radiological Society of North America, American College of Radiology, California Radiological Society, International Society for Magnetic Resonance Medicine and the International Skeletal Society. Dr. Crues also manages RadNet's radiology fellowship program.

Organization Position Status
Radnet, Inc. Vice President Current
Radnet, Inc. Board of Directors Current
Southern California University Former

Laura Foster, BSRT, MPH, J.D., joined RadNet in 1997 and was promoted to Vice President of Quality Assurance. She is responsible for guiding RadNet's Imaging Centers through the demanding and prestigious Accreditation Association of Ambulatory HealthCare Center status. In addition, she manages the highly regarded Quality Assurance and Quality Improvement programs. Ms. Foster completed her Master of Science in Public Health Administration from the University of Laverne and her Juris Doctorate law degree from Southern California University.

Organization Position Status
Radnet, Inc. Vice President & Director, Regulatory Affairs Current
Radnet, Inc. Director, Quality Assurance Former

Ruth Wilson joined RadNet in 1994. As Vice President of Human Resources, she is responsible for the development and management of all employment related policy and benefits programs. Ms. Wilson earned her B.A. in Psychology from the University of California at Santa Barbara and is an active member in human resources societies, PIHRA and SHRM.

Organization Position Status
Radnet, Inc. Vice President & Director, HR Current
Radnet, Inc. Director, Hr Former

Terri Herrick joined RadNet, Inc. in 1995 as a Marketing Representative and was elevated to Territorial Manager. She was promoted to Director of Sales & Contracting in 2001 and has been instrumental in identifying the marketplace with contract negotiations for all our clients. Terri coordinated and negotiated RadNet's sports contracts with all the major teams in the Los Angeles/Orange County areas. She created a subdivision called RadNet Direct allowing clients access to schedule their patients through a centralized scheduling department throughout California. Terri has also developed the marketing policies and training program for our marketing representatives. Ms. Herrick was promoted to Vice President of Contracting in March 2007. Prior to joining RadNet, Ms. Herrick worked for another HealthCare provider. She received a BS degree in Marketing Management from Bentley College, Waltham, Massachusetts in 1985 and a MBA from Pepperdine University in Malibu, California in 1988.

Organization Position Status
Radnet, Inc. Vice President, Contracting Current

Derek Bomar is responsible for the company’s materials asset management, including all purchasing and equipment service decisions. Mr. Bomar is a licensed contractor, allowing him to oversee the entire construction and equipment installations process. Mr. Bomar joined the company in 1995. During his time with RadNet, Derek Bomar has worked in the IT and Purchasing and Service departments. Prior to working with RadNet Mr. Bomar was employed by Warner Brothers Music Group and Nintendo of America..

Organization Position Status
Radnet, Inc. Senior Vice President & Director, Matls & Asset Mgmt Current

Ms. Murr joined Radiologix in 2000 as National Director of Reimbursement Operations and was promoted to Vice President in 2001. Ms. Murr has over 20 years of healthcare experience, including 15 years in healthcare financial operations. Prior to joining Radiologix, Ms Murr was a Vice President with US Oncology, served in various senior hospital financial management positions and operated her own healthcare consulting firm, specializing in physician group practices. Ms. Murr has a degree in Medical Technology from Louisiana State University with MT; ASCP credentials and also earned an MBA from the University of Missouri.

Organization Position Status
Radnet, Inc. Senior Vice President, Patient Services & Director, Clinical Operations Current

Organization Position Status
Radnet, Inc. Current
Cedars-Sinai Medical Center Former

Organization Position Status
Radnet, Inc. Current

Array

Organization Position Status
Sonowave Medical Director Current
David Geffen School of Medicine at UCLA Chief of Ultrasound, CT Section Former

Organization Position Status
Radnet, Inc. Current

Organization Position Status
Radnet, Inc. Current

Organization Position Status
Radnet, Inc. Current

Organization Position Status
Radnet, Inc. Current

Organization Position Status
Lancer Football Boosters Coach Current
Radnet, Inc. Current

Organization Position Status
Radnet, Inc. Board of Directors Current
Radnet, Inc. Chairman, President, CEO & Treasurer Former
Radnet Management Inc. CEO Former

Lawrence L. Levitt has been the President, Chief Financial Officer and a shareholder of Canyon Management Company, a financial services firm which is General Partner of Genesis Investors, a "fund of fund" hedge fund investing primarily in marketable securities, since its inception in 1987. Since 1981, he also has been Managing Partner of Round Two Investment Partners, a privately held investment partnership engaged primarily in securities-related activities. Mr. Levitt is a director of River Downs Management Corporation, which operates a thoroughbred race track in Ohio. From 1973 until 1981, Mr. Levitt was Executive Vice-President of a closely held international crude oil reseller. Prior to 1973, Mr. Levitt was a Certified Public Accountant and tax manager with Arthur Young and Company, Los Angeles, California.

Organization Position Status
Radnet, Inc. Board of Directors Current

Mr. Cadwell has more than 35 years of experience in operations and general management in healthcare-related organizations. He served as the president and CEO of Shared Medical Systems Corporation (SMS), a leading provider of health information solutions. During his tenure with SMS, Mr. Cadwell grew the company's revenues from $650 million to $1.2 billion and was instrumental in driving its acquisition by Siemens. Prior to becoming SMS President and CEO, Mr. Cadwell was the managing director of SMS Europe and held managerial roles in the administrative, financial and information disciplines of various health organizations. Prior to joining SMS in 1975, Mr. Cadwell spent over a decade in management positions with the Daughters of Charity Health System

Organization Position Status
Radnet, Inc. Board of Directors Current

Dr. Sherman served as President of Advanced Radiology, P.A., a 90-person radiology practice located in Baltimore, Maryland, from 1995 to 2001, and subsequently as its board chairman and a consultant until his retirement from active practice in 2005. Dr. Sherman has broad experience in the medical and business aspects of radiology. In addition, Dr. Sherman is a director of MedStar Health, a seven-hospital system in the Baltimore-Washington, D.C. market. He also serves on the board of MedStar Health’s captive insurance company, Greenspring Financial Insurance Limited, Inc. Dr. Sherman is also a Senior Advisor for healthcare at FOCUS Enterprises, a Washington, D.C.-based investment banking firm. He graduated from Duke University and the University of Maryland Medical School, where he also received his radiology training.

Organization Position Status
Radnet, Inc. Board of Directors Current