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Radiology Associates, P.A. Profit Sharing Plan
Clark Davis runs RAPA, Arkansas's largest radiology group, whose profit-sharing plan invests in the physical footprint serving 900K+ annual studies.
Radiology Associates, P.A. Profit Sharing Plan
Founded over a century ago, Radiology Associates, P.A. is a private radiology practice headquartered in Little Rock, Arkansas, led by CEO and Chief Administrative Officer Clark Davis alongside Chairman Dr. Benjamin J. Bartnicke. The group's profit-sharing plan functions as the retirement vehicle for the firm's physicians and staff, accumulating assets that the practice manages as an internal pension fund. RAPA's clinical business spans 22 hospitals, five breast centers, and six outpatient imaging centers throughout Arkansas. The group invests directly in commercial real estate to support its operations, owning the Doctors Building at 500 South University Avenue in Little Rock and the CHI St. Vincent Imaging Center - West, alongside a fleet of advanced imaging equipment including MRI, PET, CT, and ultrasound systems. Its investment strategy is intrinsically tied to its practice infrastructure, deploying capital into facilities and technology that serve a patient base generating over 900,000 studies annually. With over 100 employees and a physician team of more than 40 radiologists, RAPA maintains an estimated operational scale that anchors its retirement pool. The firm's institutional affiliations reinforce its regional footprint: it serves as the official radiologists for the Arkansas Razorbacks and operates joint ventures with CHI St. Vincent. Administratively, former CFO Tony Carozza now serves as Chief Administrative Officer and President of the Arkansas Chapter of the Radiology Business Management Association, while the group holds membership in Strategic Radiology, a national coalition of independent practices. The plan's governance is embedded within the practice's senior leadership with no separate investment committee publicly identified. RAPA's structural differentiator lies in its hybrid model: a physician-owned professional corporation that self-administers a pension fund and directly owns the hard assets — outpatient real estate and diagnostic equipment — that generate its clinical revenue. This vertical integration means the plan's investment posture defaults to operational real assets tied to the practice's own growth rather than external fund commitments, giving it a concentrated, principal-driven allocation profile uncommon among institutional peers.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Little Rock
Corporate office
500 South University Avenue, Little Rock, Arkansas 72205, United States
Principals
Clark Davis
CEO and Chief Administrative Officer
Tony Carozza
Chief Administrative Officer and former CFO
Benjamin J. Bartnicke, M.D.
Chairman of the Board
Sector focus
Frequently asked questions
Who runs investment decisions for the profit-sharing plan at Radiology Associates, P.A.?
Public disclosures do not name a dedicated internal investment committee or external outsourced chief investment officer for the plan. CEO Clark Davis, Chairman Dr. Benjamin Bartnicke, and Chief Administrative Officer Tony Carozza — a former CFO — form the practice's administrative leadership and are the most likely fiduciaries for plan governance, but their specific roles in asset allocation are not public.
Does the profit-sharing plan invest in external funds or primarily in the practice's own assets?
The plan's investment profile is tied to the practice's physical operating assets — it holds the commercial real estate that houses RAPA's clinics and administrative offices, such as the Doctors Building in Little Rock and the CHI St. Vincent Imaging Center - West, along with the medical imaging equipment fleet. No public filings confirm allocations to third-party fund managers, suggesting a real-asset-heavy, self-directed strategy.
What is the relationship between Radiology Associates, P.A. and CHI St. Vincent?
RAPA operates imaging centers and breast centers as joint ventures with CHI St. Vincent, a major Arkansas health system. One of these facilities, the CHI St. Vincent Imaging Center - West, is directly held as an asset, reflecting the practice's pattern of co-owning the infrastructure where its radiologists provide professional services.
Does the profit-sharing plan participate in co-investments or real estate beyond its own clinics?
There is no public record of the plan making passive real estate investments or co-investing alongside external partners outside of the properties it directly operates. Its real estate holdings appear limited to owner-occupied or joint-venture clinical facilities in Arkansas.
How is the Radiology Associates profit-sharing plan governed, and is there a successor generation taking over?
The plan is governed by the practice's corporate leadership under Chairman Dr. Benjamin J. Bartnicke and CEO Clark Davis. RAPA has not publicly disclosed a formal succession plan or next-generation leadership for the practice or the retirement plan; the administrative continuity rests with CAO Tony Carozza, who transitioned from the CFO role.
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