Radiology Partners, an El Segundo, Calif.-based large radiology practice, received an approximately $700m investment from Starr Investment Holdings (SIH).
Geoff Clark of SIH will join Mohamad Makhzoumi of existing investor New Enterprise Associates (NEA) as the only two institutional investors on RP’s Board of Directors. The board is led by RP Chairman and CEO Rich Whitney and includes six independent directors, two of whom are physicians, along with two additional non-independent physicians.
RP physicians are also expected to participate in this investment round.
The company will use the proceeds for continued growth, including future practice and hospital system partnerships, as well as investments in clinically-focused technology and innovation.
Radiology Partners is a large physician-led and physician-owned radiology practice in the U.S., serving more than 1,000 hospitals and other healthcare facilities across the nation.
Over the last six months, RP has expanded into Las Vegas, Nevada; Austin, Texas; Greensboro, North Carolina; and Atlanta, Georgia as well as the New Jersey/Pennsylvania market. In addition, it has added 30 new client sites and has deepened its capabilities in radiology consulting, IT and revenue cycle management services.
This latest additional financing follows the previously announced $234m equity raise in March 2018 and $200m equity raise in May 2017.