MEDNAX Announces the Acquisition of Portland, Oregon Neonatal
Practice and Austin, Texas Maternal-Fetal Medicine Practice
Practice and Austin, Texas Maternal-Fetal Medicine Practice
FORT LAUDERDALE, Fla., Aug 01, 2011 (BUSINESS WIRE) --
MEDNAX, Inc., (NYSE: MD) today announced the acquisition of a neonatal physician group practice based in Portland, Oregon and a maternal-fetal medicine practice in Austin, Texas.
Northwest Newborn Specialists, P.C., consists of 20physicians who staff four neonatal intensive care units (NICUs) in the greater Portland area, including The Children's Hospital at Legacy Emanuel, Providence St. Vincent Medical Center, Salem Hospital and Legacy Salmon Creek Medical Center in Southwest Washington. Northwest Newborn has consistently provided care for patients in the Portland area for more than 25 years. Annual NICU patient volume exceeds 29,000 days.
"Our practice shares Pediatrix's belief that the way to ensure high quality neonatal outcomes is through a strong, well-established infrastructure that provides physicians with the ability to collect and access clinically relevant data in support of important quality improvement priorities," said John McDonald, M.D., who will serve as Pediatrix's medical director for the practice. "We were specifically looking for a partner that would support us in our ongoing journey of maintaining a physician culture that focuses on delivering outstanding patient care by applying evidence-based practices and consistently evaluating key clinical processes to help achieve the best possible outcomes for families in the communities we serve."
Northwest Newborn physicians have worked diligently for many years on improving neonatal patient care through clinical quality initiatives and now, as part of Pediatrix Medical Group, will have the opportunity to further expand upon these efforts through the use of enhanced information technology systems and by having the ability to tap into Pediatrix's large-scale neonatal database to conduct retrospective clinical research and participate in the group's ongoing nationwide quality improvement programs.
Separately, MEDNAX announced the acquisition of Hill Country Maternal Fetal Medicine, which consists of one maternal-fetal medicine physician and five clinical support staff who provide care to expectant mothers, including the management of high-risk and complicated pregnancies throughout the Austin, Texas area.
The physicians joining as a result of these transactions will now be part of MEDNAX's Pediatrix Medical Group, a national medical group consisting of the nation's leading neonatal, maternal-fetal medicine, pediatric cardiology, and other pediatric specialty physicians.
MEDNAX paid cash for the practices acquired, and the transactions are expected to be immediately accretive to its earnings. No additional terms of the transactions were disclosed.
With these acquisitions, five physician group practices have become part of Pediatrix Medical Group and one physician group practice has become part of American Anesthesiology during 2011.
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 34 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, x-5300
Vice President, Investor Relations