Private equity-backed LucidHealth inks partnership with ‘prominent’ Midwest radiology practice

Private equity-backed, physician-owned management company LucidHealth has inked a new partnership with a “prominent” Midwest radiology practice, the two announced on Thursday.

The Columbus, Ohio-based group is teaming with Green Bay Radiology and its roster of 20 subspecialized physicians in the Badger State. This marks the fourth practice team-up for the company since 2019, officials noted.

“LucidHealth is proud to welcome Green Bay Radiology to our network,” CEO Asif Ahmad said in a statement. “With this new partnership, LucidHealth now has the largest group of subspecialized radiologists in Wisconsin. Our physician-led support model and integrated AI technology will expand Green Bay Radiology’s capabilities and further enhance their ability to deliver exceptional patient care.”

Altogether, LucidHealth’s footprint now covers 29 hospitals and more than 100 clinics in Wisconsin. The firm also partnered with hospital system MercyOne last year in Iowa, replacing the previous services provider Milwaukee Radiologists Limited.

Private equity outfit Excellere Partners first invested in LucidHealth back in 2016, and physicians founded the firm in 1980. The group provides outsourced radiology services to outpatient imaging centers, clinics and hospitals and logged roughly $60 million in earnings before interest, taxes, depreciation and amortization in 2020. LucidHealth employed 200 radiologists at the time of the MercyOne deal and completes more than 1.7 million interpretations anually.

Denver-based Excellere and LucidHealth were reportedly exploring a sale earlier this year, fielding bids back in January, PE Hub reported citing anonymous sources. They’re seeking a multiple of that EBITDA number in the low- to mid-teens.

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