American Anesthesiology Announces the Acquisition of Greensboro, NC,
FORT LAUDERDALE, Fla., Nov 01, 2010 (BUSINESS WIRE) --
American Anesthesiology, a subsidiary of MEDNAX, Inc., (NYSE: MD) today announced the acquisition of Greensboro Anesthesia Physicians, P.C., a physician group practice that provides patient services at three hospitals within the Moses Cone Health System and two surgery centers in the Greensboro, NC, metropolitan area.
Greensboro Anesthesia has been the exclusive provider of anesthesia services at the 536-bed Moses H. Cone Memorial Hospital in Greensboro for the past 25 years, and has contracts to provide patient services at the system's 175-bed Wesley Long Community Hospital and The Women's Hospital of Greensboro, a 134-bed facility dedicated to obstetrical and gynecological care. The group also provides anesthesia services at two Greensboro-area ambulatory surgery centers. Annual anesthesia volume at the practice is approximately 38,000 cases.
The physician group practice consists of 23 anesthesiologists. They practice as part of an anesthesia care-team model that includes hospital-employed certified registered nurse anesthetists (CRNAs).
"As we've moved through this process, we've realized that the goals of American Anesthesiology are consistent with our practice goals and those of our hospitals, which is to focus on improving patient outcomes," said Charles Frederick, M.D., who will serve as medical director of American Anesthesiology's Greensboro practice. "We're looking forward to collaborating with other groups, building a clinical database and developing the kinds of quality assurance tools that will allow us to find answers to difficult questions around patient care, and to be a part of making anesthesia care improvements."
Greensboro Anesthesia is the second anesthesia physician group acquired by MEDNAX's American Anesthesiology during the 2010 fourth quarter. Charlotte, NC-based Southeast Anesthesiology Consultants, a 90-member physician group that serves nine hospitals, 12 ambulatory surgery centers and 11 pain management centers, joined American Anesthesiology effective October 1.
Today, American Anesthesiology has more than 650 anesthesia providers, including 300 physicians and 350 CRNAs and anesthesia assistants practicing in six metropolitan areas in the Carolinas, Virginia and Georgia, with administrative offices in Raleigh, NC, and Sunrise, FL.
The acquisition of Greensboro Anesthesia Physicians was for cash, and the practice is expected to contribute annual earnings per share of approximately seven cents, based on its historical results.
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 650 anesthesiologists and advanced practitioners. MEDNAX, through its affiliated professional corporations, employs more than 1,625 physicians in 33 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 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, 954-384-0175, x-5300
Vice President, Investor Relations