Imaging center chain Medical Resources announced net service revenues of $38.5 million in its first quarter, down 8.1% from the $41.9 million reported for the first quarter of 1999. The Hackensack, NJ-based firm had a net loss of $5.2 million for the period (end-March 31), compared with a net loss of $1.6 million in the same period last year.
Medical Resources attributed the revenue shortfall to the ongoing decline in reimbursement rates of managed care payors, the impact of the sale or closure of 14 underperforming imaging centers during 1999 and the first quarter of 2000, as well as a decline in higher-priced personal injury claims business.
By AuntMinnie.com staff writersMay 16, 2000
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