RadNet, owner and operator of fixed-site outpatient diagnostic imaging services through 191 outpatient imaging centers, has completed the previously announced acquisition of Image Medical Corporation, parent of eRAD.
In September, the Los Angeles-based company executed a definitive purchase agreement to acquire the parent of eRAD, for $10.75 million in a combination of cash and promissory notes. eRAD, headquartered in Greenville, S.C., has developed PACS and related workflow solutions for the radiology industry since 1999.
This purchase marks the outpatient imaging provider’s first foray into the radiology software business. According to RadNet, the move eliminates PACS leasing costs and is projected to save the company $20 million over 10 years.