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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2019
Accounting Policies [Abstract] |
Schedule of service fee revenue | Our total net revenues for the years ended December 31, 2019, 2018, and 2017 are presented in the table below (in thousands):
| 2019 |  | 2018 |  | 2017
Commercial insurance | $ | 642,341 |  |  | $ | 542,011 |  |  | $ | 534,224 |
Medicare | 237,427 |  |  | 192,881 |  |  | 179,678 |
Medicaid | 28,283 |  |  | 25,615 |  |  | 24,133 |
Workers' compensation/personal injury | 42,792 |  |  | 34,193 |  |  | 32,969 |
Other patient revenue | 23,862 |  |  | 25,117 |  |  | 29,882 |
Management fee revenue | 11,659 |  |  | 13,882 |  |  | 13,127 |
Imaging on call and software | 17,317 |  |  | 16,261 |  |  | 18,116 |
Other | 24,555 |  |  | 18,781 |  |  | 25,049 |
Service fee revenue, net of contractual allowances and discounts | 1,028,236 |  |  | 868,741 |  |  | 857,178 |
Provision for bad debts | — |  |  | — |  |  | (46,555 | )
Net service fee revenue | 1,028,236 |  |  | 868,741 |  |  | 810,623 |
Revenue under capitation arrangements | 125,943 |  |  | 106,405 |  |  | 111,563 |
Total net revenue | $ | 1,154,179 |  |  | $ | 975,146 |  |  | $ | 922,186 |
Schedule of effect of derivative instruments on comprehensive income |
For the twelve months ended December 31, 2019
Effective Interest Rate Swap | Amount of Loss Recognized on Derivative, net of taxes | Location of Loss Recognized in Income on Derivative
Interest rate contracts | $(5,870) | Other Comprehensive Loss
A tabular presentation of the effect of derivative instruments on our consolidated statement of comprehensive income (loss), net of taxes is as follows (amounts in thousands):
| Interest Rate Contracts |
For the twelve months ended | Amount of (Loss) Gain Recognized on Derivative, net of taxes | Location of Loss Recognized in Income on Derivative
December 31, 2019 | $(4,383) | Other Comprehensive Loss
December 31, 2018 | 2,876 | Other Comprehensive Income
December 31, 2017 | (880) | Other Comprehensive Loss
Schedule of fair value of assets and liabilities | The table below summarizes the estimated fair values of certain of our financial assets that are subject to fair value measurements, and the classification of these assets in our consolidated balance sheets, as follows (in thousands):
| As of December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Current and long term liabilities |  |  |  |  |  |  |  |  |  |  |
2016 CAPS - Interest Rate Contracts | $ | — |  |  | $ | 1,081 |  |  | $ | — |  |  | $ | 1,081 |
2019 SWAPS - Interest Rate Contracts | $ | — |  |  | $ | 9,477 |  |  | $ | — |  |  | $ | 9,477 |
| As of December 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Current assets |  |  |  |  |  |  |  |  |  |  |
2016 CAPS - Interest Rate Contracts | $ | — |  |  | $ | 3,316 |  |  | $ | — |  |  | $ | 3,316 |
The table below summarizes the estimated fair value and carrying amount of our SunTrust (Term Loan Agreement) and Barclays (First Lien Term Loans) long-term debt as follows (in thousands):
| As of December 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value |  | Total Face Value
Term Loan Agreement and First Lien Term Loans | $ | — |  |  | $ | 708,948 |  |  | $ | — |  |  | $ | 708,948 |  |  | $ | 705,699 |
| As of December 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Total Face Value
Term Loan Agreement and First Lien Term Loans | $ | — |  |  | $ | 633,229 |  |  | $ | — |  |  | $ | 633,229 |  |  | $ | 646,441 |
Schedule of earnings per share | Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding, net of common stock held in treasury, as follows (in thousands except share and per share data):
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
Net income attributable to RadNet, Inc. common stockholders | $ | 14,756 |  |  | $ | 32,243 |  |  | $ | 53 |
BASIC NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |
Weighted average number of common shares outstanding during the period | 49,674,858 |  |  | 48,114,275 |  |  | 46,880,775 |
Basic net income per share attributable to RadNet, Inc. common stockholders | $ | 0.30 |  |  | $ | 0.67 |  |  | $ | — |
DILUTED NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS |  |  |  |  |
Weighted average number of common shares outstanding during the period | 49,674,858 |  |  | 48,114,275 |  |  | 46,880,775 |
Add nonvested restricted stock subject only to service vesting | 208,963 |  |  | 180,631 |  |  | 274,940 |
Add additional shares issuable upon exercise of stock options and warrants | 360,185 |  |  | 384,093 |  |  | 246,206 |
Weighted average number of common shares used in calculating diluted net income per share | 50,244,006 |  |  | 48,678,999 |  |  | 47,401,921 |
Diluted net income per share attributable to RadNet, Inc. common stockholders | $ | 0.29 |  |  | $ | 0.66 |  |  | $ | — |
Stock options excluded from the computation of diluted per share amounts: |  |  |  |  |
Weighted average shares for which the exercise price exceeds average market price of common stock | — |  |  | 6,250 |  |  | 175,037 |
Schedule of investment in joint ventures | The following table is a summary of our investment in joint ventures during the years ended December 31, 2019 and December 31, 2018 (in thousands):
Balance as of December 31, 2017 | $ | 52,435 |
Equity contributions in existing and purchase of interest in joint ventures | 2,000 |
Equity in earnings in these joint ventures | 11,377 |
Disposition of equity method interest upon acquisition of control in NJIN | (2,993 | )
Distribution of earnings | (24,846 | )
Balance as of December 31, 2018 | $ | 37,973 |
Equity contributions in existing and purchase of interest in joint ventures | 103 |
Equity in earnings in these joint ventures | 8,350 |
Sale of ownership interest | (134 | )
Dissolution of GSRN | (1,428 | )
Nulogix return of capital | (792 | )
Nulogix change in control | (1,004 | )
Distribution of earnings | (8,598 | )
Balance as of December 31, 2019 | $ | 34,470 |
Joint venture investment and financial information | The following table is a summary of key unaudited financial data for these joint ventures as of December 31, 2019 and 2018, respectively, and for the years ended December 31, 2019, 2018 and 2017, respectively, (in thousands):
| December 31,
Balance Sheet Data: | 2019 |  | 2018
Current assets | $ | 27,427 |  |  | $ | 28,317 |
Noncurrent assets | 61,037 |  |  | 45,912 |
Current liabilities | (9,217 | ) |  | (4,300 | )
Noncurrent liabilities | (18,872 | ) |  | (4,898 | )
Total net assets | $ | 60,375 |  |  | $ | 65,031 |
Book value of RadNet joint venture interests | $ | 28,001 |  |  | $ | 30,030 |
Cost in excess of book value of acquired joint venture interests accounted for as equity method goodwill | 6,469 |  |  | 7,943 |
Total value of RadNet joint venture interests | $ | 34,470 |  |  | $ | 37,973 |
Total book value of other joint venture partner interests | $ | 32,374 |  |  | $ | 35,001 |
| 2019 |  | 2018 |  | 2017
Net revenue | $ | 108,051 |  |  | $ | 155,820 |  |  | $ | 188,849 |
Net income | $ | 18,624 |  |  | $ | 24,596 |  |  | $ | 28,644 |

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