Radiology Associates, P.A. Profit Sharing Plan

Radiology Associates, P.A. Profit Sharing Plan

Radiology Associates, P.A. (RAPA) was formed as an independent private medical practice in Little Rock, Arkansas, and has operated for a century as the state's dominant diagnostic imaging group. The firm is led by Chairman Benjamin J. Bartnicke, M.D., and CEO Clark Davis, who also serves as Chief Administrative Officer. The practice provides professional radiology services to 22 hospitals, five breast centers, and six outpatient imaging centers, and it serves as the official radiologists for the Arkansas Razorbacks athletic program. The Profit Sharing Plan is the retirement vehicle for the group's over 40 radiologists and 100 employees. The Plan's assets are deployed to secure the retirement obligations of the practice's physicians and staff. While the specific asset allocation and external manager roster are not publicly disclosed, the Plan's investment posture is inherently linked to the cash flows and stability of RAPA's clinical operations. The practice operates joint ventures for imaging and breast centers with CHI St. Vincent, and it maintains commercial real estate holdings, including the Doctors Building at 500 South University Ave. The underlying operating business generates revenue from professional service agreements, facility fees from its outpatient imaging centers, and interpretation of over 900,000 studies per year. RAPA is a member of Strategic Radiology, a national coalition of independent radiology practices, which facilitates shared resources and clinical standards. The practice's administrative leadership includes Tony Carozza, who previously served as CFO. Carozza also serves as President of the Arkansas Chapter of the Radiology Business Management Association. The firm's capital base is not derived from an external fundraising model but from the retained earnings and retirement contributions of its physician partnership — a structure that aligns investment time horizons with the career cycles of its medical staff. The Plan's assets are tied to RAPA's owned medical imaging equipment and commercial real estate, which provide a tangible collateral base within the broader portfolio. The Plan's structural distinction lies in its embeddedness within an active medical practice rather than abstracted corporate treasury. Investment decisions and the Plan's governance are managed by the same physicians and administrators who run the 35-site clinical operation, creating a singular alignment where practice profitability and employee retirement outcomes are one balance sheet. This governance model places the Plan's fiduciary oversight in the hands of practicing radiologists, making it a uniquely health-care-operations-proximate pool of institutional capital.