Private equity-backed Rayus Radiology is continuing its summer deal streak, announcing the acquisition of a 100-physician practice, adding dozens of new hospital partners to its network, officials said Tuesday.
The provider group formerly known as the Center for Diagnostic Imaging is obtaining Foundation Radiology for an undisclosed price after recently welcoming in groups from Florida and Washington. Founded in 2006, the Pittsburgh-based hybrid practice offers on-site and teleradiology services, working with 45-plus hospitals, health systems, academic centers and imaging sites across seven states.
“We are excited to continue the significant expansion of our employed radiologist network with highly skilled, subspecialized radiologists and to increase the number of hospital partnerships through this acquisition," Rayus CEO Kim Tzoumakas said in a statement.
Foundation Radiology’s geography covers its home state of Pennsylvania along with New York, Ohio, Michigan, Indiana, Kentucky and Virginia. It stretches beyond those states via its teleradiology service, providing consults both day and night and final diagnostic reads 24/7. All told, the Joint Commission-accredited firm reads roughly 1.5 million exams each year.
Headquartered in Minneapolis, Rayus Radiology is owned by Wellspring Capital Management and as of earlier this month operated 145 imaging centers across 22 states.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.