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NOTE 6 - INVESTMENT IN JOINT VENTURES

6 Months Ended

Jun. 30, 2012

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

We have eight 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 $793,000 to $23.1 million at June 30, 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 six months ended June 30, 2012 of approximately $3.2 million. Offsetting this increase is our respective share of distributions received during the six months ended June 30, 2012 of $3.4 million.  

We received management service fees from the centers underlying these joint ventures of approximately $1.7 million for each of the three months ended June 30, 2012 and 2011, and approximately $3.4 million for each of the six months ended June 30, 2012 and 2011. We eliminate the portion of the fees earned associated with our ownership from our service 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 June 30, 2012 and for the six months ended June 30, 2012 and 2011 (in thousands):

Balance Sheet Data:		June 30, 2012
Current assets		$	15,795
Noncurrent assets			36,909
Current liabilities			(7,221	)
Noncurrent liabilities			(5,554	)
Total net assets		$	39,929
Book value of RadNet joint venture interests		$	19,319
Cost in excess of book value of acquired joint venture interests			3,511
Elimination of intercompany profit remaining on RadNet's consolidated balance sheet			289
Total value of RadNet joint venture interests		$	23,119
Total book value of other joint venture partner interests		$	20,610

Income Statement Data for the six months ended June 30,		2012				2011
Net revenue		$	41,955			$	38,038
Net income		$	7,016			$	6,524

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 35

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-URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 20

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

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-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

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-URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 323

-SubTopic 10

-Section 35

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569

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