From the March 2020 issue of HealthCare Business News magazine
Since 2004, Jack Tomayko, Ph.D. has been building a regional, vertically-integrated nuclear medicine solutions company, TTG Imaging Solutions (TTG), formally known as, The Tomayko Group.
Based in Pittsburgh, Pennsylvania, the company built its reputation on high quality, using the best equipment, the most qualified technologists, and unmatched customer service. Focused on the specialty of cardiology imaging services in the physician office and hospital settings, Tomayko used a holding company model to build or buy a collection of independent but aligned entities in the nuclear medicine space, which provide different aspects of nuclear imaging: nuclear pharmacies for the distribution of radiopharmaceuticals; nuclear medicine camera equipment sales and service to hospitals and physician offices; a finance arm to provide financing to clients for equipment purchases; and he developed a turnkey imaging service that incorporated the pharmacy, the equipment, and technologist staffing to offer a comprehensive Turnkey solution for nuclear imaging in cardiology offices.
Nuclear medicine services market disruption
In the past decade, the market for imaging services has been disrupted by a myriad of factors: hospital consolidation of physician practices; practice mergers; reductions in reimbursement from Medicare and other payers; pre-certification by payers; Accreditation; the Stark laws; a focus on the perception of over-utilization of imaging services in physician offices; and rapid development of new PET imaging tracers and imaging technology. While these market forces have curtailed imaging utilization and reshaped the landscape for location of service for imaging, the demand for services is significant and growing with the aging population and the improvements in medical imaging technology and TTG plans to capitalize on these forces.
Plans to consolidate the fragmented market of independent service providers across geographies
Backed now by a Private Equity firm, Chartwell Investments out of New York, TTG has raised funds to accelerate its consolidation of the nuclear medicine space and expand its geographic footprint in select new markets, where its model of success can be replicated. In March, 2019, Chartwell syndicated an initial investment that allowed TTG to consolidate and streamline combining into one imaging operation, two prior acquisitions in the Philadelphia area, Cardiologic and Omni Diagnostics. At the same time, TTG purchased industry leading equipment sales and service company, Absolute Imaging Solutions or AIS, in Stokesdale, NC. With the acquisition of AIS, TTG greatly expanded its geographic footprint in the Mid-Atlantic and Southeast and established a strategic position in the fragmented used nuclear medicine equipment market. Two months later, in May 2019, TTG acquired Northeast Electronics in Manchester, NH. Northeast was the leading independent equipment sales and service organization in New England. Together, the AIS and Northeast acquisitions give TTG a dominant position in independent nuclear medicine equipment sales and service with operations from New England to the Mid-Atlantic to the Southeastern US.
"Our ability to attract and successfully integrate high caliber service businesses, such as Absolute Imaging Solutions and Northeast Electronics, has fueled our organic growth as a national provider of diagnostic imaging equipment services", said Jack Tomayko, CEO.
TTG has established a national service organization focused on the diagnostic imaging market, which also incorporates the Company's legacy turnkey solution and radiopharmaceutical offerings. The organization remains highly acquisitive across all business segments serving the diagnostic imaging market.
Through their enhanced platform, they are now able to offer a broad range of new and refurbished imaging equipment and parts to meet a diverse and national client base, while also providing an al carte offering of solutions for the diagnostic imaging industry.
Executives at TTG have built a multitude of relationships with other client focused nuclear medicine and molecular imaging businesses over their collective 75+ years in the industry. Those relationships will continue to fuel the acquisition component of TTG's growth strategy for years to come.
This article was sponsored by TTG Imaging Solutions.