Home Economy Economic Activity California company acquires 60% interest in 3 R.I. radiology clinics

California company acquires 60% interest in 3 R.I. radiology clinics

By

PBN Staff

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05/14/2024

SAN FRANCISCO-BASED American Shared Hospital Services on May 9 closed on its acquisition of a 60% majority equity interest in the Southern New England Regional Cancer Centers in Woonsocket and Warwick and Roger Williams Radiation Therapy in Providence from the Chapter 11 Bankruptcy Estate of GenesisCare USA Inc., a Florida corporation, for $2.85 million.

PROVIDENCE – A California company has acquired 60% controlling interest in three Rhode Island radiology clinics. San Francisco-based American Shared Hospital Services on May 9 closed on its acquisition of a 60% majority equity interest in the Southern New England Regional Cancer Centers in Woonsocket and Warwick and Roger Williams Radiation Therapy in Providence from

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PROVIDENCE – A California company has acquired 60% controlling interest in three Rhode Island radiology clinics. San Francisco-based American Shared Hospital Services on May 9 closed on its acquisition of a 60% majority equity interest in the Southern New England Regional Cancer Centers in Woonsocket and Warwick and Roger Williams Radiation Therapy in Providence from the Chapter 11 Bankruptcy Estate of GenesisCare USA Inc., a Florida corporation, for $2.85 million. American Shared Hospital Services anticipates this transaction to add $9 million-$10 million in annual revenue with positive net income contribution. Additionally, the company says its projected revenue backlog has more than doubled to over $210 million with this acquisition. “This is a strong milestone for our company that expands our footprint of owned and operated radiation oncology centers into the U.S.,” said Ray Stachowiak, executive chairman of ASHS. “A key to this acquisition is that our ownership preserves the offering of radiation therapy services at the strategically convenient Woonsocket, Providence and Warwick demographic locations. In addition, this ensures patients continued access to community-based, high-quality radiation therapy today and in the future.” All three Rhode Island locations are equipped with state-of-the-art cancer treatment technology using linear accelerators along with CT simulators and comprehensive treatment planning software for tumor localization. “It is very fortunate for Rhode Island cancer patients that ASHS was able to step into the void created by the GenesisCare bankruptcy,” said Dr. David E. Wazer, professor and chairman of Radiation Oncology, Alpert Medical School of Brown University. “Had ASHS not taken this action, it is very likely that several treatment facilities would have been closed by the end of year, which could have caused severe disruption for the roughly 70 patients per day that receive their care in these facilities. It is not an exaggeration to say that the responsible action by ASHS averted a statewide health care emergency.”