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TA Associates Invests $20 Million in National Imaging
Associates
NIA is the Leading Provider of
Radiology Benefits Management Services
Boston, MA – July 17, 2002 -- TA Associates, one of the leading private
equity and buyout firms in the United States, announced today
that it has completed a $20 million investment in National
Imaging Associates, Inc. (NIA), the leading provider of radiology
benefits management services in the United States.
NIA, based in Hackensack, NJ and Rancho Cordova, CA, partners
with healthcare payers through its Radiology Benefits Management approach to
improve the clinical appropriateness, quality, and economics of diagnostic
radiology services rendered to health plan enrollees. The Company’s suite
of Radiology Benefits Management services includes telephonic and web-based
Radiologist to Ordering Physician prior-consultation and examination
scheduling, radiology network development and contracting, facility-based
quality assurance reviews, benefits design, and an extensive array of
innovative provider data sharing profiles. NIA plans to use this additional
funding to further its explosive growth while enhancing service to all clients
through innovative technological advancements that improve the appropriateness
and economics of imaging care.
“Radiology
medical costs are estimated at $90 billion and are among the
fastest growing costs for healthcare payers today,”
said TA Associates Principal, David S.B. Lang, who will join
the NIA Board. “To remain profitable, payers need to
start aggressively managing these costs, which are growing
at 25 percent annually. As the leader in the radiology medical
management space, NIA is well positioned to capitalize on
this growth.”
“We are pleased to be partnering
with TA Associates, which has been in contact with us since
1997,” said NIA President and CEO, John J. Donahue.
“TA’s extensive experience in healthcare services
will help us in the next few years of what we believe will
be significant growth in the outsourced radiology benefits
management business. We are very excited to be working with
them.”
TA's investment in NIA is another example of the firm's
commitment to invest in profitable and rapidly growing healthcare companies.
Among TA's other healthcare investments are AmeriChoice, American Specialty
Health, CompBenefits, Invitrogen and MQ Associates.
National Imaging Associates
National Imaging Associates was established in 1995 as a
division of Quest Diagnostics and was spun out in 1996 as a private company.
NIA manages radiology care for over 7 million enrollees in 27 states and a
provider network of approximately 150,000 physicians and providers, and was
recently awarded NCQA Certification in Utilization Management. It operates two
state-of-the-art fully URAC-accredited operations centers in California and
employs over 165 employees.
TA Associates
Founded in 1968, TA Associates is one of the largest and most
experienced private equity firms in the U.S. With offices in Boston, Menlo
Park, and Pittsburgh, TA manages over $5 billion in capital and has invested in
more than 330 companies. TA Associates provides growth equity capital and
management buyout financing for technology, financial services and healthcare
related businesses. More information about TA Associates can be found at
www.ta.com.
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