Pediatrix Acquires Michigan Neonatal Physician Group
FORT LAUDERDALE, Fla., May 09, 2005 (BUSINESS WIRE) -- Pediatrix Medical Group, Inc. (NYSE:PDX) has entered the Michigan market with the acquisition of a neonatal physician group practice based in Saginaw.
The three physicians of the acquired Saginaw group provide 24-hour critical care services to sick and premature newborns admitted to Covenant Medical Center's Level III, 42-bed neonatal intensive care unit (NICU).
The physician group practice has annual patient volume of more than 11,000 NICU patient days and more than 1,700 well-baby patient days.
"We've come a long way in the past few years in improving the efficiency of our practice, but it is becoming much more difficult to manage many complex billing and insurance tasks," said Khawar Mohsini, M.D., medical director for the Saginaw practice. "Pediatrix's support will enhance the clinical aspects of running the practice through clinical quality initiatives, connection to a larger neonatal community and more time to pursue programs supporting moms and babies in the community."
Including the acquisition in Saginaw, Pediatrix has completed eight physician group practice acquisitions during 2005.
Pediatrix paid cash for the practice and the transaction is expected to be accretive to earnings.
Pediatrix is advancing the delivery of critical care among its community of more than 790 subspecialist physicians nationwide by providing powerful clinical tools and promoting evidence-based clinical quality programs that allow physicians to focus on improving patient outcomes.
Pediatrix is the nation's leading physician group practice providing neonatal, maternal-fetal and pediatric subspecialty physician services. Pediatrix has created the world's largest database of neonatal outcomes and its researchers analyze this patient database to identify new directions in neonatal care, such as ways to reduce infection, enhance growth for very tiny infants, and increase breastmilk feeding.
Pediatrix was founded in 1979. Pediatrix physicians and advanced nurse practitioners are reshaping the delivery of maternal-fetal and newborn 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 220 NICUs, and through Obstetrix, its perinatal physicians provide services in many markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 790 physicians in 32 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens and newborn metabolic screening. 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.
Pediatrix Medical Group, Inc., Fort Lauderdale
Bob Kneeley, 954-384-0175, ext. 5300