Corona del Mar, California – Integrated Oncology Network, LLC (“ION”) today announced that its affiliate, Vicura Oncology, LLC (“Vicura”), is partnering with RadNet, Inc. (“RadNet”), whose wholly owned subsidiary has acquired a minority equity interest in Orange County Radiation Oncology, LLC (“OCRO”). OCRO provides radiation oncology services to patients in the Southern California region.
Bouchaib Rabbani, Ph.D., CEO of Vicura stated, “We are excited to have the opportunity to partner with RadNet and provide them with our technical and management expertise in the radiation oncology sector.”
Jeffrey Goffman, Chairman and Chief Executive Officer of ION, stated “This partnership with Radnet is consistent with the goals of ION as we continue to evaluate opportunities within our networks to align with providers that can eventually participate in an accountable care organization model with a focus to provide quality medical services at a more efficient cost.”[eltdf_separator class_name=”” type=”full-width” position=”center” color=”#666666″ border_style=”dashed” width=”” thickness=”1″ top_margin=”20″ bottom_margin=”20″]
Integrated Oncology Network, LLC and its subsidiaries (“ION” or the “Company”) is a radiation oncology management and cancer center development company that provides oncology solutions for physician practices and hospitals that seek strategic, financial, and management expertise. ION provides solutions for the formation of integrated oncology groups and other compliant physician models, development for cancer centers, financing, and management services with expertise in radiation oncology operations (accounting, compliance, IT, M&A, physics and dosimetry), billing & collection, and strategies on ACO models and other risk contract relationships. ION provides partial liquidity for physician and hospital owners as it invests as a minority partner in radiation oncology centers with both physicians and hospitals. ION’s senior management team has over 100 years of combined health care expertise, including working as a trusted resource with several of the most prestigious oncology groups and hospital systems in the country. ION is the exclusive oncology center development partner to Philips Healthcare (“Philips JV”), as well as joint venture partner to HCA. ION currently has investments in 17 radiation cancer centers in partnership with approximately 230 physicians. ION is committed to patient care and quality treatment, and accordingly, has partnered with some of the most respected physician groups in their communities.
ION is a privately held company whose shareholders include a small group of strategic investors, including Capricorn Investment Group and Comvest Group,and additionally, Madison Capital Funding as a debt partner.
For more information on ION, please visit our web site at www.ion-llc.com.[eltdf_separator class_name=”” type=”full-width” position=”center” color=”#666666″ border_style=”dashed” width=”” thickness=”1″ top_margin=”20″ bottom_margin=”20″]
About Capricorn Investment Group
Capricorn Investment Group is a private, independent investment firm designed to be an ideal partner for clients desiring a global portfolio driven by consistent returns and underpinned by a principled philosophy. Capricorn currently manages approximately $5 billion through various investment strategies, which cover a range of areas, from long term, diversified global growth investment strategies, venture capital and private equity, credit strategies, and “clean and green” growth capital. Capricorn’s investment philosophy is grounded in a strong fundamentals focused investment model, comprehensive research on long term, global mega-themes, such as energy, agriculture, transportation, consumer, health and wellness, technology, and consideration of business smart sustainability principles.[eltdf_separator class_name=”” type=”full-width” position=”center” color=”#666666″ border_style=”dashed” width=”” thickness=”1″ top_margin=”20″ bottom_margin=”20″]
About Comvest Group
The Comvest Group is a leading private investment firm focused on providing debt and equity capital to lower middle-market companies. Our firm includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to grow businesses and create long-term value. Since 1988, Comvest has invested more than $2 billion of capital in over 200 public and private companies. For more information, please visit www.comvest.com.[eltdf_separator class_name=”” type=”full-width” position=”center” color=”#666666″ border_style=”dashed” width=”” thickness=”1″ top_margin=”20″ bottom_margin=”20″]
About RadNet, Inc
Founded in 1984, RadNet, (NASDAQ: RDNT), is a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of 248 owned and/or operated outpatient imaging centers, (inclusive of 19 facilities held in joint ventures). RadNet’s core markets include California, Maryland, Delaware, Rhode Island, New Jersey and New York. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 6,300 employees. Additionally, RadNet currently provides diagnostic imaging services to over 750,000 lives under exclusive capitation contracts with prominent medical groups and Independent Physician Groups (IPAs). For more information, visit http://www.radnet.com.[eltdf_separator class_name=”” type=”full-width” position=”center” color=”#666666″ border_style=”dashed” width=”” thickness=”1″ top_margin=”20″ bottom_margin=”20″]
Statements in this Press Release that are not historical facts constitute “forward-looking statements.” Any statements contained herein which are not historical facts or which contain the words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current view of ION with respect to future events and are subject to certain risks, uncertainties and assumptions, including, but not limited to, the risk that ION may not be able to implement its growth strategy in the intended manner, including the ability to identify, finance, complete joint venture opportunities, risks regarding currently unforeseen competitive pressures and risks affecting ION’s industry, such as increased regulatory compliance and changes in regulatory requirements, changes in payor reimbursement levels. Should one or more of those risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.