RadNet Acquires ONRAD in Hospital Imaging Push
The deal gives RadNet entry into hospital-based radiology staffing and teleradiology services.
Updated on Nov. 9, 2026 in Healthcare
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RadNet Inc., headquartered in Sawtelle, completed its acquisition of ONRAD Inc., a Phoenix-based provider of hospital-based radiology staffing and teleradiology, in late October 2026. The transaction combines $350 million in up-front cash, 5 million RadNet common shares, and an earnout of up to $210 million.
Why it matters
The acquisition responds to demand from health systems and joint venture partners facing a nationwide shortage of radiology technicians caused by an aging workforce. Nearly one-third of the 36,000 practicing radiologists in the nation are over the age of 55.
The deal pairs $350 million in up-front cash with 5 million RadNet shares priced at $70 each and an earnout of up to $210 million tied to an EBITDA target next year. Whether ONRAD hits that target has not been reported, and ONRAD's standalone revenue was not disclosed.
The players
RadNet Inc.
RadNet is a Sawtelle-headquartered imaging company that operates the largest outpatient imaging center network in the United States and generated roughly $2 billion in revenue last year.
ONRAD Inc.
ONRAD is a Phoenix-based company founded in 2006 that provides hospital-based radiology staffing and teleradiology services to more than 225 hospital facilities nationwide.
The details
ONRAD's radiologists read about 8,000 images per day, and most work from home. The company has more than 130 radiologists on staff and serves more than 225 hospital facilities nationwide, giving RadNet a hospital-based channel alongside its 442 outpatient imaging centers, the largest such network in the nation.
Timeline
October 26, 2026: RadNet shares closed at $70, the price used to value the stock portion of the deal.
Late October 2026: RadNet completed the acquisition of ONRAD.
2027: The earnout EBITDA target measurement period runs.
Market Landscape
The deal moves RadNet from its outpatient imaging base into hospital-based radiology, a segment where health systems are seeking outside staffing as the radiologist workforce ages. Nearly one-third of the 36,000 practicing radiologists in the United States are over 55, which tightens supply for hospitals and their joint venture partners.
For patients, the deal may affect how quickly hospital imaging is read, since ONRAD's teleradiology model reads roughly 8,000 images per day with most radiologists working remotely. The reported details do not indicate any change to pricing or the imaging services patients receive.
The takeaway
Hospital imaging capacity increasingly depends on outside staffing as the radiologist workforce ages. Readers tracking healthcare costs should watch whether the reported shortage pushes more hospitals toward teleradiology.
Further reading
For more on how staffing shortages are reshaping hospital services, explore the Healthcare section.
Source note: This article includes information reported by Los Angeles Business Journal.
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