Feb 1, 2023

Rating saved TPG has partnered with Novant Health to expand its subsidiary, MedQuest's network of outpatient radiology centers nationwide. (MedQuest headquarters, photo courtesy of MedQuest Associates) Novant Health Enterprises, a division of Novant Health, and alternative asset management firm TPG have created a national imaging center management company that will oversee the expansion of Novant’s wholly-owned subsidiary MedQuest Associates and its network of outpatient imaging centers across the U.S. For over 20 years, MedQuest has partnered with hospitals to develop and implement outpatient radiology strategies, including owning and managing freestanding outpatient and mobile imaging centers, both as stand-alone and joint ventures. Through MedQuest, Novant currently has a network of 50 centers that span Virginia, North Carolina, Maryland, Mississippi and South Carolina. TPG is investing in this partnership through its middle market and growth equity platform, TPG Growth, which will use its experience investing in capital, growth, impact, real estate and market solutions to expand the network across the country through new partnerships with healthcare providers in other regions. “We believe the company is well-positioned to build its platform in existing markets and establish joint venture partnerships in new markets. TPG has a long history of innovative partnerships with leading health systems, including through our investments in GoHealth Urgent Care and Surgical Care Affiliates, among others,” said Zach Ferguson, a managing director with TPG Growth, in a statement. Novant Health’s own integrated network spans Virginia, North and South Carolina, and Georgia, and employs over 2,400 physicians and over 37,000 employees at 800 locations, including 18 hospitals and hundreds of outpatient facilities and physician clinics. “Leveraging the comprehensive capabilities of MedQuest and TPG's business-building aptitude, joint venture experience, and collective health system relationships, this partnership will ensure a high standard of care for those receiving imaging services,” said Carl Armato, Novant Health president and chief executive officer, in a statement. Novant and TPG Growth finalized the joint venture on December 31, 2022, commencing it immediately. Financial details were not disclosed. TPG declined HCB News' request for comment.