MEDNAX Announces the Acquisition of Neonatal Practices
FORT LAUDERDALE, Fla., May 19, 2010 (BUSINESS WIRE) --MEDNAX, Inc., (NYSE: MD) today announced that it has completed the acquisition of a neonatal physician group in Ft. Myers, Florida.
The Ft. Myers practice, Associates in Neonatology, PA, consists of six physicians who staff the Level III neonatal intensive care unit (NICU) at Children's Hospital of Southwest Florida, the only designated Florida Regional Perinatal Intensive Care Center (RPICC) in Southwest Florida. Florida's RPICC Program, administered by Children's Medical Services, provides specialized obstetrical services to women identified as having a high-risk pregnancy and neonatal intensive care services to critically ill and low birth weight newborns.
"This partnership with MEDNAX builds upon the long-standing commitment we have to delivering the highest quality care and best possible outcomes for our patients and their families in the Southwest Florida community," said John Iacuone, M.D., Executive Director of Children's Hospital of Southwest Florida. "Our physicians will now have the opportunity to provide an even more consistent and coordinated approach to care for the premature babies being treated at each of our hospital campuses. This collaboration is an important factor in sustaining our position as a top quality healthcare provider and ensuring long-term improvements for the babies in our neonatal intensive care unit."
The group also provides services at three other area hospitals in Southwest Florida. Annual NICU patient volume exceeds 17,500 patient days.
"As part of Pediatrix we will be joining a group of physicians who share our vision and dedication to continuously improving the quality of care provided to our neonatal patients through the use of evidence-based medicine and best clinical practices," said William Liu, M.D., who will serve as Pediatrix's medical director for the practice. "In this challenging healthcare environment, we believe that having the support of a long-term clinical partner will not only further advance and improve outcomes for our patients, but will also help strengthen our ability to grow the services we provide to the families in our community."
Separately, MEDNAX announced the completion of the acquisition of a four physician neonatal practice in Syracuse, New York who staff the Level III NICU at St. Joseph's Hospital Health Center and provide neonatal services at Community General Hospital. Annual NICU patient volume exceeds 4,500 patient days.
The physicians joining as a result of both transactions will practice as part of MEDNAX's Pediatrix Medical Group, a national medical group that comprises the nation's leading provider of neonatal, maternal-fetal medicine and pediatric cardiology physicians, as well as other pediatric subspecialists.
MEDNAX paid cash for the practices, and the transactions are expected to be immediately accretive to its earnings. No additional terms of the transactions were disclosed.
With these acquisitions, six physician group practices have become part of Pediatrix Medical Group in 2010.
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 550 anesthesiologists and advanced practitioners. MEDNAX, through its affiliated professional corporations, employs more than 1,450 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, Director, Investor Relations, 954-384-0175 x 5300