RadNet is the largest operator of freestanding outpatient diagnostic imaging centers in the U.S., with 418 centers across nine states. RadNet performs MRI, CT, PET/CT, mammography, ultrasound, X-ray, and other imaging procedures. Physicians refer patients to RadNet's centers as a lower-cost alternative to hospital-based imaging, and RadNet is paid primarily by commercial insurers, managed care organizations, Medicare, and Medicaid. RadNet's strategy centers on regional density — concentrating centers in major markets to build scale with payors and referring physicians. Roughly 36% of centers operate within joint ventures with hospital health systems, giving RadNet access to health system referral networks. RadNet operates two segments: Imaging Centers (~83% of revenue) earns fees per procedure, with advanced imaging (MRI, CT, PET/CT) generating over 60% of imaging revenue despite being only ~28% of procedure volume. Profitability is driven by procedure volume, modality mix shift toward advanced imaging, and operating leverage from filling existing fixed-cost centers. The Digital Health segment (~17% of revenue) includes DeepHealth OS, a cloud-native radiology workflow platform, and clinical AI tools covering breast, lung, prostate, and other imaging — with 26 FDA clearances. RadNet sells Digital Health both internally and externally to hospitals and imaging providers globally. Following the acquisition of Gleamer, a Paris-based radiology AI company, RadNet claims to be the largest radiology clinical AI provider globally by breadth of solutions, with ARR of $75.4M at year-end 2025 and targeting ~$140M by year-end 2026.