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7. SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On April 1, 2017 we formed a majority owned subsidiary, West Valley Imaging Group LLC (“WVI”) with Cedars Sinai Medical Center (“CSMC”). RadNet contributed assets in four of its imaging centers with a total value of $18.2 million for a 75% economic interest and CSMC contributed $6.1 million, for a 25% economic interest. Located in Tarzana California, WVI will offer imaging and oncology services. On April 1, 2017 we completed a sale of 2 wholly owned oncology practices to Cedars Sinai Medical Center in connection with formation of the WVI subsidiary described above for approximately $500,000.

 

On April 1, 2017 we entered into a joint venture with CSMC, Santa Monica Imaging Group, LLC. Located in Santa Monica, California, the operation will offer multi-modality imaging services. Total agreed contribution is $2.6 million of cash and assets with RadNet contributing $1.0 million for a 40% economic interest and CSMC contributing $1.6 million for a 60% economic interest.

 

On May 1, 2017 we completed a sale of 5 wholly owned imaging centers located in Rhode Island. The sale was made to Rhode Island Medical Imaging, Inc. for approximately $5.0 million.

 

On May 3, 2017 we completed our purchase of a single multi-modality imaging center located in Silver Spring, MD for approximately $2.4 million.