MEDNAX Announces the Acquisition of Neonatal Practices in Spokane, WA
and Shreveport, LA
and Shreveport, LA
The physicians joining as a result of both transactions will practice as part of MEDNAX's Pediatrix Medical Group, a national medical group consisting of the nation's leading neonatal, maternal-fetal medicine and pediatric cardiology physicians.
In Spokane, the two-physician practice, which currently provides neonatal and well-baby care at Providence Sacred Heart Medical Center, will join Pediatrix's existing group of five neonatologists in Spokane that also staff the Level III neonatal intensive care unit (NICU) at Providence Sacred Heart Medical Center. The addition of these physicians will contribute more than 9,500 annualized patient days to the NICU volume of the Spokane practice.
"Our practice has provided care for premature babies in Spokane for many years, often in collaboration with Pediatrix's team of specialists, and we are thrilled to unify our groups to ensure that the entire community receives progressive and successful neonatal care," said Carl Bodenstein, M.D. "We anticipate that the combination of our practices, with the support of Pediatrix Medical Group's advances in clinical information, data sharing and quality initiatives, will help expand our medical capabilities and the safety and care of our neonates."
Separately, MEDNAX announced the completion of the acquisition of a Shreveport, Louisiana neonatal practice consisting of three physicians who staff the Level III NICU at CHRISTUS Schumpert Sutton Children's Medical Center. Annual patient volume of the Schumpert Sutton Children's Medical Center NICU exceeds 11,000 patient days.
"As part of Pediatrix Medical Group, our practice will benefit from the support of a national group network, both administratively and clinically, and that was extremely important to us given the current healthcare climate in this country," said Julia Elrod, M.D. "We look forward to having the opportunity to collaborate with neonatal specialists around the country to share clinical information as well as best practices to help us continue providing the best outcomes possible for our patients."
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.
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, 954-384-0175, x-5300
Director, Investor Relations