American Anesthesiology Announces the Acquisition of Group Practice
Based in Palm Beach County, FL
Based in Palm Beach County, FL
FORT LAUDERDALE, Fla., Jul 26, 2011 (BUSINESS WIRE) --
American Anesthesiology, a subsidiary of MEDNAX, Inc., (NYSE:MD) today announced the acquisition of Pinnacle Anesthesia, P.L., a physician group practice that provides comprehensive anesthesia services at two hospitals and five office-based locations in Palm Beach County, Florida.
Pinnacle Anesthesia is the exclusive provider of anesthesia services at the 493-bed Delray Medical Center and at the 195-bed West Boca Medical Center. The group also provides anesthesia services at five office-based locations in Boca Raton and Boynton Beach, FL. Annual anesthesia volume at the practice exceeds 20,000 cases.
The physician group practice consists of15anesthesiologists, who practice as part of a care team model that includes 16 group-employed certified registered nurse anesthetists (CRNAs).
"Our practice is joining American Anesthesiology because of our shared focus on providing superior clinical care and the best possible service to help ensure the satisfaction of all of our patients," said Steve Edbril, M.D., who will serve as medical director of the American Anesthesiology practice. "We believe that this new relationship will further strengthen the growth of our practice while allowing us to provide value-based care for patients that we serve in both hospital- and office-based settings throughout South Florida."
Today, American Anesthesiology has more than 750 anesthesia providers, including more than 320 physicians and 430 CRNAs and anesthesia assistants practicing in six metropolitan areas in the Carolinas, Virginia, Georgia and South Florida, with administrative offices in Raleigh, NC, and Sunrise, FL.
MEDNAX paid cash for the acquired practice, and the transaction is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.
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 750 anesthesiologists and advanced practitioners. MEDNAX, through its affiliated professional corporations, employs more than 1,675 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 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.
Bob Kneeley, 954-384-0175, Ext. 5300
Vice President, Investor Relations