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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Service Fee Revenue
Our total service fee revenues for the years ended December 31, 2023, 2022, and 2021 are presented in the table below. Our imaging center revenue is displayed as the estimated service fee, broken down by classification of insurance coverage type. Additional revenues are earned from our management services provided to joint ventures and our software and AI subsidiaries.
 
In Thousands202320222021
Commercial insurance$897,948 $785,128 $743,462 
Medicare363,863 311,124 280,911 
Medicaid43,175 38,279 34,731 
Workers' compensation/personal injury47,364 51,339 44,235 
Other patient revenue42,249 31,849 19,398 
Management fee revenue17,936 22,235 19,630 
Software and teleradiology18,082 14,238 10,525 
Other20,111 19,428 12,436 
Revenue under capitation arrangements153,433 152,045 148,334 
Imaging center segment revenue1,604,161 1,425,665 1,313,662 
AI segment revenue12,469 4,396 1,415 
Total revenue$1,616,630 $1,430,061 $1,315,077 
Schedule of Accounts Payable and Accrued Expenses Accounts payable and accrued expenses were comprised of the following (in thousands):
 December 31,
 20232022
Accounts payable$122,888 $102,678 
Accrued expenses124,059 181,574 
Accrued salary and benefits71,297 62,072 
Accrued professional fees24,696 23,271 
Total$342,940 $369,595 
Schedule Of Foreign Currency Translation Amounts The following is a reconciliation of Foreign Currency Translation amounts for the years ended December 31, 2023, 2022 and 2021 is provided below (in thousands):
Currency Translation
Balance as of December 31, 2020(377)
Currency Translation Adjustments(65)
Balance as of December 31, 2021(442)
Currency Translation Adjustments(3,943)
Balance as of December 31, 2022(4,385)
Currency Translation Adjustments4,617 
Balance as of December 31, 2023232 
Schedule of Effect of Derivative Instruments on Comprehensive (Loss) Income
A tabular presentation of the effect of derivative instruments on our statement of operations of the 2019 Swaps for the Swaps that became ineffective in 2020 is as follows (amounts in thousands):
Interest Rate Contracts - Ineffective Portion
For the twelve months endedAmount of gain (loss) recognized in income on derivative (current period ineffective portion)Location of gain (loss) recognized in Income on derivative (current period ineffective portion)Amount of loss reclassified from accumulated other comprehensive income (loss) into income (prior period effective portion)Location of loss reclassified from accumulated other comprehensive income (loss) into income (prior period effective portion)
December 31, 2023$(8,185)Other Income (Expense)$(3,576)Interest Expense
December 31, 2022$39,621Other Income (Expense)$(3,687) Interest Expense
December 31, 2021$21,670Other Income (Expense)$(3,695)Interest Expense
Schedule of Business Acquisitions by Acquisition, Contingent Consideration
A tabular roll-forward of contingent consideration is as follows (amounts in thousands):
For the twelve months ended December 31, 2023
EntityAccountJanuary 1, 2023 BalanceSettlement of Contingent ConsiderationChange in Valuation of Contingent ConsiderationCurrency TranslationDecember 31, 2023 Balance
AidenceOther Long Term Liabilities$11,158 $(4,000)$(7,158)$— $— 
QuantibAccrued Expenses & Other Long Term Liabilities$3,709 $(5,110)$1,401 $— $— 
MontclairAccrued Expenses$1,200 $(1,200)$— $— 
Heart & Lung LimitedAccrued Expenses & Other Long Term Liabilities$11,656 $(7,854)$2,477 $600 $6,879 
For the twelve months ended December 31, 2022
EntityAccountJanuary 1, 2022 BalanceSettlement of Contingent ConsiderationChange in Valuation of Contingent ConsiderationCurrency TranslationDecember 31, 2022 Balance
AidenceOther Long Term Liabilities$— $11,453 $(362)$67 $11,158 
QuantibAccrued Expenses & Other Long Term Liabilities$— $4,581 $(903)$31 $3,709 
MontclairAccrued Expenses$— $1,200 $— $— $1,200 
Heart & Lung LimitedAccrued Expenses & Other Long Term Liabilities$— $10,814 $566 $276 $11,656 
Schedule of Fair Value of Assets and Liabilities
The table below summarizes the estimated fair values of certain of our financial assets that are subject to fair value measurements, and the classification of these assets in our consolidated balance sheets, as follows (in thousands):
As of December 31, 2023
Level 1Level 2Level 3Total
Other Current Assets and Deposits and Other    
2019 SWAPS - Interest Rate Contracts$— $15,118 $— $15,118 
 
As of December 31, 2022
Level 1Level 2Level 3Total
Other Current Assets and Deposits and Other    
2019 SWAPS - Interest Rate Contracts$— $23,302 $— $23,302 
The tables below summarize the estimated fair values of contingencies and holdback relating to our acquisitions that are subject to fair value measurements and the classification of these liabilities on our consolidated balance sheets, as follows (in thousands):
 As of December 31, 2023
Level 1Level 2Level 3Total
Accrued expenses and other non-current liabilities    
Heart & Lung Imaging Limited$— $— $6,879 $6,879 
The table below summarizes the estimated fair value and carrying amount of our Barclays Term Loans and Trust Term Loan long-term debt as follows (in thousands):
 
 As of December 31, 2023
 Level 1Level 2Level 3Total Fair ValueTotal Face Value
Barclays Term Loans and Truist Term Loan$— $824,759 $— $824,759 $823,063 
 
 As of December 31, 2022
 Level 1Level 2Level 3Total Fair ValueTotal Face Value
Barclays Term Loans and Truist Term Loan$— $843,594 $— $843,594 $864,125 
Scheulde The Estimated Fair Values
As of December 31, 2022
Level 1Level 2Level 3Total
Accrued expenses and other non-current liabilities
Aidence Holding B.V. milestone consideration$— $— $11,158 $11,158 
Quantib B.V. Holdback of 113,303 shares of RadNet common stock
$— $— $3,709 $3,709 
Montclair Radiological Associates$— $— $1,200 $1,200 
Heart & Lung Imaging Limited$— $— $11,656 $11,656 
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,
 202320222021
Net income attributable to RadNet, Inc. common stockholders$3,044 $10,650 $24,727 
BASIC NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS
Weighted average number of common shares outstanding during the period63,580,059 56,293,336 52,496,679 
Basic net income per share attributable to RadNet, Inc. common stockholders$0.05 $0.19 $0.47 
DILUTED NET INCOME PER SHARE ATTRIBUTABLE TO RADNET, INC. COMMON STOCKHOLDERS
Weighted average number of common shares outstanding during the period63,580,059 56,293,336 52,496,679 
Add nonvested restricted stock subject only to service vesting202,995 172,139 259,539 
Add additional shares issuable upon exercise of stock options, warrants and holdback shares875,245 855,395 664,815 
Weighted average number of common shares used in calculating diluted net income per share64,658,299 57,320,870 53,421,033 
Changes in fair value associated with contingently issuable shares$— $(724)$— 
Net income attributable to RadNet, Inc's common stockholders for diluted share calculation$3,044$9,926$24,727
Diluted net income per share attributable to RadNet, Inc. common stockholders$0.05 $0.17 $0.46 
Stock options and non-vested restricted awards excluded from the computation of diluted per share amounts as their effect would be antidilutive:
Shares issuable upon the exercise of stock options754,131 152,723 47,792 
Weight average shares for which the exercise price exceeds the average market price of common stock70,760 — — 
Schedule of Investment in Joint Ventures
The following table is a summary of our investment in joint ventures during the years ended December 31, 2023 and December 31, 2022 (in thousands):
 
Balance as of December 31, 2021$42,229 
Equity contributions in existing and purchase of interest in joint ventures9,712 
Equity in earnings in these joint ventures10,390 
Distribution of earnings(4,438)
Balance as of December 31, 2022$57,893 
Equity in earnings in these joint ventures6,427 
Equity contributions in existing and purchase of interest in joint ventures43,993 
Distribution of earnings(15,603)
Balance as of December 31, 2023$92,710 
Schedule of Joint Venture Investment and Financial Information
The following table is a summary of key financial data for these joint ventures as of December 31, 2023 and 2022, respectively, and for the years ended December 31, 2023, 2022 and 2021, respectively, (in thousands):
December 31,
Balance Sheet Data:20232022
Current assets$39,819 $39,304 
Noncurrent assets224,936 134,694 
Current liabilities(46,587)(29,588)
Noncurrent liabilities(70,834)(37,952)
Total net assets$147,334 $106,458 
  
 202320222021
Net revenue$184,194 $145,256 $129,023 
Net income$12,968 $21,169 $21,893