Pediatrix Acquires Maryland Neonatal Group Practice
The practice consists of 16 physicians and four neonatal nurse practitioners who care for babies admitted to the neonatal intensive care units (NICUs) and well-baby nurseries at five hospitals in communities across Maryland, including the Level III NICU at Rockville's Shady Grove Adventist Hospital. Combined annual patient volume exceeds 19,000 NICU patient days and more than 13,000 well-baby nursery days.
"Our clinical team is dedicated to providing high quality neonatal care in a community setting, and that's a hallmark of Pediatrix," said A. Kimberly Iafolla, M.D., Pediatrix's medical director for the Rockville practice. "We are working with our hospital partners to develop evidence-based guidelines to constantly improve clinical quality."
As part of Pediatrix, Dr. Iafolla expects that the physician team will participate in clinical research trials, as well as continuous quality improvement programs available to neonatologists practicing as part of the organization's national group practice.
Dr. Iafolla formed Neonatology Associates in 1999 with three physician partners, and they expanded the practice by building relationships with community hospitals throughout Maryland. The Rockville group expects to continue to expand to additional facilities in the area as part of Pediatrix.
"It's better for our patients to have high acuity care in their community, and it's better for family support networks to have that care available close to their home," Dr. Iafolla said.
Pediatrix paid cash for the Rockville practice, which is expected to immediately contribute to earnings per share.
Pediatrix has acquired four physician group practices thus far in 2008, including a maternal-fetal and obstetric group practice in Atlanta, Georgia; pediatric cardiology practices in El Paso, Texas, and Pembroke Pines, Florida; and the Rockville neonatal practice.
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 240 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 1,050 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.
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