Denver-based Radiology Imaging Associates and San Antonio-based South Texas Radiology Group have partnered to create Covalent Radiology, a professional services company, and Covalent Healthcare Management, a full-service management services organization.
The objective of Covalent Radiology is to help independent, physician-led radiology practices remain that way moving forward.
"We recognize that radiology practices across the United States are facing increasing pressure to abandon the private practice of medicine,” said Peter Ricci, MD, president of Covalent Radiology and a neuroradiologist based in Denver, in a prepared statement. “We believe that will only further commoditize our specialty and that physician-led and patient-centric decision-making are the best ways to improve quality and add value."
The two companies are owned and will be operated by member physicians. Bill Ziemke, JD, LLM, MBA, CPA, has been appointed the CEO of Covalent Radiology.
"We’ve created a governance model to improve decision-making in private radiology practices and an operational model that provides a better return for our members and, ultimately, delivers the most cost effective and efficient practice," Ziemke said in the same statement. "The members will control the company and its future, using best-in-class practices for imaging quality measurement, Clinical Council-led standardization enterprise-wide, and enhanced data analytics and reporting."