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SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Schedule of Service Fee Revenue

Our total service revenues during the three and nine months ended September 30, 2021 and 2020 are presented in the table below based on an allocation of the estimated transaction price with the patient between the primary patient classification of insurance coverage (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Commercial insurance			$	185,723					$	160,524					$	555,355					$	412,415
Medicare			73,163						62,704						207,977						154,847
Medicaid			8,707						7,098						26,198						18,072
Workers' compensation/personal injury			11,554						7,183						32,507						25,705
Other patient revenue			4,800						8,328						14,766						17,211
Management fee revenue			5,255						2,675						16,007						8,574
Teleradiology and Software revenue			2,564						2,349						7,611						8,319
Other			3,641						5,869						10,058						15,617
Service fee revenue			295,407						256,730						870,479						660,760
Revenue under capitation arrangements			37,283						35,046						111,449						103,145
Total service revenue			$	332,690					$	291,776					$	981,928					$	763,905

Schedule of Goodwill and Other Intangible Assets

Activity in goodwill for the nine months ended September 30, 2021 is provided below (in thousands):

Balance as of December 31, 2020			$	472,879
Goodwill acquired through acquisitions			29,754
Goodwill attributable to formation of Simi Valley Imaging Group LLC			105
Other Adjustments			(28)
Balance as of September 30, 2021			$	502,710

Schedule of Effect of Derivative Instruments on Comprehensive Loss

A tabular presentation of the effect of derivative instruments on our consolidated statement of comprehensive loss of the 2019 Swaps which remain ineffective is as follows (amounts in thousands):

For the three months ended September 30, 2021
Account						June 30, 2021 Balance						Amount of comprehensive loss recognized on derivative net of taxes						Amount of loss reclassified out of accumulated OCI into income (prior period effective portion), net of taxes						September 30, 2021 Balance						Location
Accumulated Other Comprehensive Loss, net of taxes						$	(20,736)					$	—					$	920					$	(19,816)					Equity

For the nine months ended September 30, 2021
Account						December 31, 2020 Balance						Amount of comprehensive loss recognized on derivative net of taxes						Amount of loss reclassified out of accumulated OCI into income (prior period effective portion), net of taxes						September 30, 2021 Balance						Location
Accumulated Other Comprehensive Loss, net of taxes						$	(22,581)					$	—					$	2,765					$	(19,816)					Equity

A tabular presentation of the effect of derivative instruments on our statement of operations of the 2019 Swaps which remain ineffective is as follows (amounts in thousands):

For the three months ended September 30, 2021

Ineffective interest rate swap

Amount of gain recognized in income on derivative (current period ineffective portion)

Location of gain recognized in Income on derivative (current period ineffective portion)

Gross amount of loss reclassified from accumulated OCI into income (prior period effective portion)

Location of loss reclassified from accumulated OCI into income (prior period effective portion)

Interest rate contracts

$

2,870

Other income (expense)

$

(1,245)

Interest Expense

For the nine months ended September 30, 2021

Ineffective interest rate swap

Amount of gain recognized in income on derivative (current period ineffective portion)

Location of gain recognized in Income on derivative (current period ineffective portion)

Gross amount of loss reclassified from accumulated OCI into income (prior period effective portion)

Location of loss reclassified from accumulated OCI into income (prior period effective portion)

Interest rate contracts

$

14,149

Other income (expense)

$

(3,735)

Interest Expense

Schedule of Fair Value of Assets and Liabilities

The tables below summarize the estimated fair values of certain of our financial assets that are subject to fair value measurements, and the classification of these assets on our condensed consolidated balance sheets, as follows (in thousands):

			As of September 30, 2021
			Level 1						Level 2						Level 3						Total
Current and long term liabilities
2019 Swaps - Interest Rate Contracts			$	—					$	23,839					$	—					$	23,839

			As of December 31, 2020
			Level 1						Level 2						Level 3						Total
Current and long term liabilities
2019 Swaps - Interest Rate Contracts			$	—					$	37,989					$	—					$	37,989

The table below summarizes the estimated fair value compared to our face value of our long-term debt as follows (in thousands):

			As of September 30, 2021
			Level 1						Level 2						Level 3						Total Fair Value						Total Face Value
First Lien Term Loans and SunTrust Term Loan			$	—					$	769,380					$	—					$	769,380					$	771,188

			As of December 31, 2020
			Level 1						Level 2						Level 3						Total Fair Value						Total Face Value
First Lien Term Loans and SunTrust Term Loan			$	—					$	661,640					$	—					$	661,640					$	662,403

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):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Net income (loss) attributable to RadNet, Inc.'s common stockholders			$	16,220					$	6,156					$	28,550					$	(20,797)
BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC.'S COMMON STOCKHOLDERS
Weighted average number of common shares outstanding during the period			52,810,644						51,358,603						52,323,360						50,746,380
Basic net income (loss) per share attributable to RadNet, Inc.'s common stockholders			$	0.31					$	0.12					$	0.55					$	(0.41)
DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC.'S COMMON STOCKHOLDERS
Weighted average number of common shares outstanding during the period			52,810,644						51,358,603						52,323,360						50,746,380
Add nonvested restricted stock subject only to service vesting			271,964						120,605						242,523						—
Add additional shares issuable upon exercise of stock options and warrants			735,232						476,607						683,815						—
Weighted average number of common shares used in calculating diluted net income per share			53,817,840						51,955,815						53,249,698						50,746,380
Diluted net income (loss) per share attributable to RadNet, Inc.'s common stockholders			$	0.30					$	0.12					$	0.54					$	(0.41)
Stock options and non vested restricted awards excluded from the computation of diluted per share amounts as their effect would be antidilutive:
Nonvested restricted stock subject to service vesting			—						—						—						331,659
Shares issuable upon the exercise of stock options:			—						48,948						—						933,370

Schedule of Investment in Joint Ventures

The following table is a summary of our investment in joint ventures during the nine months ended September 30, 2021 (in thousands):

Balance as of December 31, 2020			$	34,528
Equity in earnings in these joint ventures			8,259
Equity contributions in existing joint ventures			1,441
Balance as of September 30, 2021			$	44,228

Schedule of Joint Venture Investment and Financial Information

The following table is a summary of key balance sheet data for these joint ventures as of September 30, 2021 and December 31, 2020 and income statement data for the nine months ended September 30, 2021 and 2020 (in thousands):

Balance Sheet Data:			September 30, 2021						December 31, 2020
Current assets			$	46,186					$	27,085
Noncurrent assets			67,514						68,686
Current liabilities			(12,182)						(12,545)
Noncurrent liabilities			(20,914)						(21,582)
Total net assets			$	80,604					$	61,644
Book value of RadNet joint venture interests			$	36,940					$	28,079
Cost in excess of book value of acquired joint venture interests and other			7,288						6,449
Total value of RadNet joint venture interests			$	44,228					$	34,528

Income statement data for the nine months ended September 30,			2021						2020
Net revenue			$	98,193					$	78,988
Net income			$	16,007					$	13,651

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