Pediatrix Acquires Columbus, Ohio Neonatal Physician Group Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--June 10, 2004--Pediatrix Medical Group, Inc. (NYSE:PDX), the nation's largest provider of newborn and maternal-fetal physician services, has expanded its presence in Ohio, completing the acquisition of a neonatal intensive care physician group practice that serves patients at three hospitals in the Columbus metropolitan area.
Seven physicians who were part of Newborn Services, Inc. join Pediatrix's national group practice as a result of the acquisition. The Columbus physicians staff the Level III neonatal intensive care unit (NICU) at Riverside Methodist Hospital, the Level II NICU at Mount Carmel St. Ann's Hospital and also see patients at Columbus Children's Hospital's Level III NICU. Combined annual volume for patients cared for by the physician group exceeds 10,000 NICU patient days.
"We maintain very busy clinical schedules, caring for a lot of patients in several expanding facilities," said Nancy Hansen, M.D., who was President of Newborn Services, Inc., and now serves as Pediatrix's Medical Director in Columbus. "Pediatrix provides us with much-needed infrastructure to support our practice. We've been impressed by the clinical documentation systems developed by Pediatrix, and we are anxious to bring these tools to our hospital-based units."
Pediatrix paid cash for the group practice and the transaction is expected to be immediately accretive to earnings.
During 2004 Pediatrix has acquired seven physician group practices in subspecialties that include neonatal intensive care, maternal-fetal medicine, pediatric intensive care and pediatric cardiology.
Pediatrix was founded in 1979. Pediatrix physicians are reshaping the delivery of maternal-fetal, newborn and pediatric subspecialty care, identifying best demonstrated processes and participating in clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Its neonatal physicians provide services at more than 200 NICUs, and through Obstetrix, its maternal-fetal physicians provide services in many markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 700 physicians in 31 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens and the largest private provider of newborn metabolic screening. Additional information is available at http://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".
Pediatrix Medical Group, Inc., Fort Lauderdale
Bob Kneeley, 954-384-0175, x-5300
SOURCE: Pediatrix Medical Group, Inc.