Pediatrix Acquires Akron Neonatal Group Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--
Pediatrix Medical Group, Inc., (NYSE: PDX) has completed the acquisition of Akron Neonatology, Inc., a physician group practice that provides approximately 25,000 annual patient days of care at hospital-based neonatal intensive care units (NICU) located throughout the Akron, Ohio, metropolitan area.
Akron Neonatology consists of eight physicians who staff three NICUs, including Akron Children's Hospital, a Level III NICU that serves as the neonatal referral center for hospitals throughout northeast Ohio, Akron General Medical Center and Akron City Hospital.
"Akron Children's Hospital, as a strong and proud organization dedicated to the highest quality and performance, is thrilled to associate with another strong and quality centered organization like Pediatrix Medical Group," said William H. Considine, Chief Executive Officer of Akron Children's Hospital. "Together, Akron Children's and Pediatrix will work to continuously enhance the quality of care delivered to newborns in Northeast Ohio."
The group expects that as part of Pediatrix's national group practice it will continue to develop clinical quality programs by expanding its ongoing collaborative model.
"We're looking forward to participating as part of a much larger neonatal community to make clinical, operational and organizational improvements in the delivery of neonatal services," said Anand D. Kantak, M.D., who was President of Akron Neonatology and will serve as Pediatrix's Medical Director in Akron. "We hope to be able to work with other neonatologists within Pediatrix's network to identify and to meld best practices to improve on our evidence-based care model for our patients."
Pediatrix paid cash for Akron Neonatology, and the practice is expected to contribute to the Company's earnings immediately. Additional terms of the transaction were not disclosed.
Pediatrix Medical Group, Inc. is the nation's leading provider of neonatal, maternal-fetal and pediatric physician subspecialty services and recently expanded to include anesthesiology services. Pediatrix physicians and advanced practitioners are reshaping the delivery of care within the maternal-fetal, neonatal intensive care and pediatric cardiology subspecialties, using evidence-based tools, continuous quality initiatives and clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Founded in 1979, its neonatal physicians provide services at more than 250 neonatal intensive care units, and in many markets they collaborate with affiliated maternal-fetal medicine, pediatric cardiology physician subspecialists and pediatric intensivists to provide a clinical care continuum. Combined, Pediatrix and its affiliated professional corporations employ more than 1,200 physicians in 32 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens. Additional information is available at www.pediatrix.com.
Certain statements and information in this press release may be deemed to be "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements 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 are forward-looking statements. 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 Pediatrix'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 Pediatrix 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 Pediatrix's most recent Annual Report on Form 10-K, including the section entitled "Risk Factors."
Source: Pediatrix Medical Group, Inc.