RadNet has acquired Annapolis, Md.-based Chesapeake Medical Imaging for $29 million, the practice confirmed March 2 to Radiology Business.
Founded in 2001 by radiologist Mark Baganz, MD, CMI had operated independently for 25 years. The group ran 14 locations, 12 of which are now part of RadNet.
CMI was previously a member of the Strategic Radiology coalition of independent imaging groups. As of Monday, the practice had been removed from SR’s website.
Strategic Radiology told the publication CMI officially ceased operating as a private practice on March 1. The group had functioned as an outpatient-only radiology practice, reading studies for its radiologist-owned imaging centers.
“Due to market forces and payer challenges, they made the difficult decision to sell their imaging center assets and dissolve the group,” Scott Bundy, MD, Strategic Radiology’s CEO, told the publication. “We wish them all the best and have made them aware that we would be happy to put any of the radiologists in touch with any of our SR member groups, if they desire.”
Dr. Baganz confirmed that CMI merged with RadNet effective March 1. He said the group is “thrilled to become part of the RadNet family”
In January, Fort Myers, Fla.-based Radnet added 13 Florida centers from LucidHealth for $65 million; those sites were previously operated by Radiology Regional.
