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NOTE 6 - INVESTMENT IN JOINT VENTURES | 9 Months Ended
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Sep. 30, 2012
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 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 $4.3 million to $26.6 million at September 30, 2012 compared to $22.3 million at December 31, 2011. This increase is summarized as follows (in thousands):
Investment in joint ventures at December 31, 2011 |  | $ | 22,326 |
Fair value of remaining interest in de-consolidated joint venture (see Note 2) |  |  | 1,936 |
Initial investment in joint venture imaging center located in Cedar Knolls, New Jersey (see Note 2) |  |  | 1,836 |
Additional investment in an existing joint venture imaging center |  |  | 920 |
Final purchase accounting adjustment to the fair value of joint venture interests acquired with our acquisition of Raven Holdings (see Note 2) |  |  | 933 |
Equity in earnings of joint ventures for the nine months ended September 30, 2012 |  |  | 4,157 |
Distributions from joint ventures received during the nine months ended September 30, 2012 |  |  | (5,526 | )
Investment in joint ventures at September 30, 2012 |  | $ | 26,582 |
We received management service fees from the centers underlying these joint ventures of approximately $2.2 million and $1.7 million for the three months ended September 30, 2012 and 2011, respectively, and $5.6 million and $5.1 million for the nine months ended September 30, 2012 and 2011, respectively. We offset the portion of the fees earned from our service reference associated with our ownership with an increase to our equity earnings. The following table is a summary of key financial data for these joint ventures as of September 30, 2012 and for the nine months ended September 30, 2012 and 2011 (in thousands):
Balance Sheet Data: |  | September 30, 2012 |  |  |  |  |
Current assets |  | $ | 16,406 |  |  |  |  |
Noncurrent assets |  |  | 39,937 |  |  |  |  |
Current liabilities |  |  | (6,377 | ) |  |  |  |
Noncurrent liabilities |  |  | (4,848 | ) |  |  |  |
Total net assets |  | $ | 45,118 |  |  |  |  |
Book value of RadNet joint venture interests |  | $ | 22,813 |  |  |  |  |
Cost in excess of book value of acquired joint venture interests |  |  | 3,511 |  |  |  |  |
Elimination of intercompany profit remaining on RadNet's consolidated balance sheet |  |  | 258 |  |  |  |  |
Total value of RadNet joint venture interests |  | $ | 26,582 |  |  |  |  |
Total book value of other joint venture partner interests |  | $ | 22,305 |  |  |  |  |
Income statement data for the nine months ended September 30, |  |  | 2012 |  |  |  | 2011 |
Net revenue |  | $ | 60,954 |  |  | $ | 55,984 |
Net income |  | $ | 9,011 |  |  | $ | 8,495 |

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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 -Paragraph 32 -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 -Subparagraph (SX 210.5-02.12) -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 -SubTopic 10 -Section 50 -Paragraph 3 -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 + Details
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