MEDNAX Announces the Acquisition of San Antonio Pediatric Hospitalist
FORT LAUDERDALE, Fla., Dec 14, 2010 (BUSINESS WIRE) --
MEDNAX, Inc. (NYSE: MD) today announced the acquisition of a pediatric hospitalist group practice based in San Antonio, TX.
UltraHealthCare, P.A., consists of six hospital-based pediatric care physicians and one pediatric nurse practitioner who provide support for both newborn and pediatric patients at Methodist Children's Hospital of South Texas in San Antonio. The group will practice as part of MEDNAX's Pediatrix Medical Group.
Pediatric hospitalists are hospital-based pediatricians who provide specialized care for patients ranging from newborns to children through the age of 18 years, particularly in the areas of labor and delivery, emergency room services, as well as the nursery and pediatric department, where immediate accessibility to specialized care for children may be critical.
Pediatrix Medical Group is a national group practice that comprises the nation's leading provider of neonatal, maternal-fetal medicine and pediatric cardiology physicians, as well as other pediatric subspecialists. There are currently more than 35pediatric hospitalist physicians who are part of the Pediatrix group that provide inpatient care and management of acutely ill children in hospitals throughout the U.S.
"Our practice is excited to be joining Pediatrix in response to the increasing demand and growing need for pediatric hospital-based services in our community," said Ellen Sutherland, M.D., who will serve as Pediatrix's medical director for the practice. "We believe that our practice has reached a point where it will be highly beneficial to our patients and to the services we provide, to have the administrative support of a large national physician group that will help us grow. We'll also be able to collaborate with other hospital-based physicians throughout the country and participate in clinical quality programs to help ensure the best possible outcomes for our patients."
MEDNAX paid cash for the practice, and the transaction is expected to be immediately accretive to its earnings. No additional terms of the transaction were disclosed.
Through its Pediatrix Medical Group division, MEDNAX provides a continuum of specialty care services to families throughout the San Antonio region, which includes neonatal, maternal-fetal medicine and pediatric cardiology services at hospitals such as Methodist Children's Hospital of South Texas, CHRISTUS Santa Rosa Children's Hospital and Baptist Medical Center, amongst several others.
With this acquisition, 13 physician group practices have become part of Pediatrix Medical Group and American Anesthesiology during 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 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, ext. 5300
Vice President, Investor Relations