American Anesthesiology Announces the Acquisition of Austin, TX
FORT LAUDERDALE, Fla., Nov 08, 2011 (BUSINESS WIRE) --
American Anesthesiology, a division of MEDNAX, Inc. (NYSE: MD), today announced the acquisition of Austin Anesthesiology Group, L.L.P., a physician group practice that provides comprehensive adult and pediatric anesthesia services in Austin, TX.
Austin Anesthesiology Group (AAG), the first Texas-based group practice to join American Anesthesiology, is the exclusive provider of anesthesia services at four St. David's HealthCare System hospitals, 11 ambulatory surgery centers, and several office-based locations in the greater Austin metropolitan area. Annual anesthesia volume at the practice exceeds 85,000 cases.
The Texas group practice consists of 66 anesthesiologists, who practice as part of an Anesthesia Care Team model that includes 71 group-employed Certified Registered Nurse Anesthetists (CRNAs). AAG provides anesthesia services across a wide spectrum of subspecialty areas, including cardiac, pediatric, neonatal, obstetric and regional anesthesia.
"This new partnership represents the confidence that we have in American Anesthesiology's comprehensive resources, clinical expertise and broad experience as a national group practice. We view these factors as extremely important for our patients, as well as for the growth of our practice, particularly given the uncertainty in the current healthcare landscape," said Noah Bunker, M.D., who will serve as medical director of the American Anesthesiology practice. "We have built long-standing relationships with patients, surgeons and facilities in the Austin area over many years so it was critical for us to join an organization that understood our clinical culture and that valued our commitment to providing the best possible outcomes for all patients in the communities that we serve."
Today, American Anesthesiology has more than 850 anesthesia providers, including more than 375 physicians and 475 CRNAs and anesthesia assistants practicing in eight metropolitan areas in the Carolinas, Virginia, Georgia, South Florida and Austin, with administrative offices in Sunrise, FL, and Raleigh, NC.
The practice was acquired for cash and the transaction is expected to be immediately accretive to its earnings. No additional terms of the transaction were disclosed.
With this acquisition, two physician group practices have become part of American Anesthesiology and seven physician group practices have become part of Pediatrix Medical Group during 2011.
MEDNAX, Inc., is a national medical group that comprises the nation's leading provider of neonatal, maternal-fetal and pediatric physician subspecialty services as well as anesthesia services. Physicians and advanced practitioners practicing as part of MEDNAX are reshaping the delivery of care within their specialties and subspecialties, using evidence-based tools, continuous quality initiatives and clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Pediatrix Medical Group, a unit of MEDNAX, was founded in 1979 and now includes neonatal physicians who provide services at more than 300 neonatal intensive care units, who collaborate with affiliated maternal-fetal medicine, pediatric cardiology and pediatric critical care physician subspecialists to provide a clinical care continuum. Pediatrix is also the nation's largest provider of newborn hearing screens. In 2007, the Company expanded into anesthesia services. Today, American Anesthesiology includes more than 850 anesthesia providers, including more than 375 physicians and 475 Certified Registered Nurse Anesthetists (CRNAs) and anesthesia assistants that provide comprehensive surgical anesthesia, acute and chronic pain, and critical care services in hospitals, surgery centers and physician offices. MEDNAX, through its affiliated professional corporations, employs more than 1,800 physicians in 34 states and Puerto Rico. Additional information is available at www.mednax.com.
Certain statements and information in this press release may be deemed to contain forward-looking statements which may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as "believe", "hope", "may", "anticipate", "should", "intend", "plan", "will", "expect", "estimate", "project", "positioned", "strategy" and similar expressions, and are based on assumptions and assessments made by MEDNAX's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and MEDNAX undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in MEDNAX's most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled "Risk Factors", as well MEDNAX's current reports on Form 8-K,filed with the Securities and Exchange Commission.
SOURCE: MEDNAX, Inc.
David Parker, 954-384-0175, x-5300
Vice President, Investor Relations & Corporate Communications