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NOTE 7 - INVESTMENT IN JOINT VENTURES
 3 Months Ended
Mar. 31, 2012
Equity Method Investments and Joint Ventures Disclosure [Text Block]
NOTE 7 – INVESTMENT IN JOINT VENTURES

We have nine unconsolidated joint ventures with ownership interests ranging from 35% to 50%. These joint ventures represent partnerships with hospitals, health systems or radiology practices and were formed for the purpose of owning and operating diagnostic imaging centers.  Professional services at the joint venture diagnostic imaging centers are performed by contracted radiology practices or a radiology practice that participates in the joint venture.  Our investment in these joint ventures is accounted for under the equity method.   Investment in joint ventures increased approximately $607,000 to $22.9 million at March 31, 2012 compared to $22.3 million at December 31, 2011.  This increase is primarily related to additional equity contributions made to one of these joint ventures of approximately $920,000 as well as our recording of equity earnings for the three months ended March 31, 2012 of approximately $1.3 million.   Offsetting this increase is our respective share of distributions received during the three months ended March 31, 2012 of $1.6 million.  

We received management service fees from the centers underlying these joint ventures of approximately $1.9 million and $1.7 million for the three months ended March 31, 2012 and 2011, respectively, and eliminated the uncollected portion of the fees earned associated with our ownership from our net revenue with an offsetting increase to our equity earnings.

The following table is a summary of key financial data for these joint ventures as of March 31, 2012 and for the three months ended March 31, 2012 and 2011 (in thousands):

Balance Sheet Data:
 
March 31, 2012
       
Current assets
  $ 16,437        
Noncurrent assets
    42,622        
Current liabilities
    (9,340 )      
Noncurrent liabilities
    (8,342 )      
Total net assets
  $ 41,377        
               
Book value of Radnet joint venture interests
  $ 19,122        
Cost in excess of book value of acquired joint venture interests
    3,511        
Elimination of intercompany profit remaining on Radnet's consolidated balance sheet
    300        
Total value of Radnet joint venture interests
  $ 22,933        
               
Total book value of other joint venture partner interests
  $ 22,255        
               
Income Statement Data for the three months ended March 31,
    2012       2011  
                 
Net revenue
  $ 21,076     $ 19,004  
Net income
  $ 2,533     $ 3,239