American Anesthesiology Announces the Acquisition of Charlotte-Based Southeast Anesthesiology Consultants
FORT LAUDERDALE, Fla., Oct 04, 2010 (BUSINESS WIRE) -- American Anesthesiology, a subsidiary of MEDNAX, Inc., (NYSE: MD) today announced the acquisition of Southeast Anesthesiology Consultants, P.A., a physician group practice that provides anesthesia care and pain management services at nine hospitals, 12 ambulatory surgery centers and 10 pain management centers principally located in the Charlotte, NC, metropolitan area.
Southeast Anesthesiology Consultants (SAC) is a 90-member physician group practice that provides anesthesia services at eight of the 32 hospitals within Carolinas HealthCare System, the nation's second-largest not-for-profit healthcare system, including the system's largest hospital, Carolinas Medical Center. Since its inception in 1981, SAC has provided anesthesia services at the 874-bed Carolinas Medical Center, a quaternary regional referral facility that includes a Level I trauma center, transplant, a regional cancer program, neurologic and orthopedic surgery and other high acuity care.
In addition, the practice provides anesthesia services at 11 ambulatory surgery centers in the Charlotte metropolitan area, which includes part of South Carolina, as well as one facility in Virginia Beach, VA. Annual anesthesia volume at the practice is approximately 111,000 cases.
The group also provides services at 10 pain management centers throughout metropolitan Charlotte with annual volume of approximately 50,000 patient visits.
The group employs eight physician assistants and six certified registered nurse anesthetists (CRNAs) who work with the physicians. The physicians practice under an anesthesia care-team model that includes other CRNAs who are hospital employed. SAC also has approximately 45 additional clinical and administrative employees.
MEDNAX's American Anesthesiology has grown to more than 620 anesthesia providers, including more than 275 physicians and 345 CRNAs and anesthesia assistants practicing in five metropolitan areas in the Carolinas, Virginia and Georgia, with administrative offices in Raleigh, NC, and Sunrise, FL.
"We're looking forward to working as part of American Anesthesiology because we have a shared focus on delivering high-quality patient care, patient safety and patient satisfaction as our primary mission," said Richard L. Gilbert, M.D., Chief Executive Officer of Southeast Anesthesiology Consultants. "Our practice has made considerable investments in clinical quality systems that support our key relationships with our hospital partners and surgeons by optimizing patient outcomes. As part of MEDNAX's larger group practice we'll be able to collaborate with other anesthesia groups to have a greater impact on anesthesia care across the country."
SAC developed the Quantum Clinical Navigation System, which is used by all of the practice's anesthesia care providers to collect data on a total of 50 discrete patient quality, patient satisfaction and care efficiency measures. This information is then used to improve patient outcomes and to identify areas for healthcare cost reduction.
Since developing Quantum, SAC has become a recognized leader in evaluating anesthesia outcomes data. The group is participating in a pilot project developed by the American Society of Anesthesiologists' Anesthesia Quality Institute to develop a national anesthesia clinical outcomes registry. American Anesthesiology expects to merge the clinical data accumulated at each of its practices into a common, non-identified clinical data warehouse to be used to improve patient outcomes. In addition, SAC has been able to use data from Quantum to establish pay-for-performance incentives as part of its commercial managed care contracting.
The acquisition of SAC was for cash, and the operations of SAC are expected to contribute annual earnings per share of approximately 25 cents, based on SAC's historical operations.
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 275 neonatal intensive care units, who collaborate with affiliated maternal-fetal medicine, pediatric cardiology and pediatric intensivist 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 620 anesthesiologists and advanced practitioners. MEDNAX, through its affiliated professional corporations, employs more than 1,550 physicians in 33 states and Puerto Rico. Additional information is available at http://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 couldcause 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.
Bob Kneeley, Vice President, Investor Relations