Pediatrix Acquires a Neonatal Physician Group Practice in Tulsa, Oklahoma
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--April 27, 2005--Pediatrix Medical Group, Inc. (NYSE:PDX), the nation's leading provider of neonatal and maternal-fetal physician services, has completed the acquisition of a neonatal physician group practice based in Tulsa, Oklahoma.
The addition of three physicians and one nurse practitioner through this acquisition introduces Pediatrix's patient care model to babies admitted to the Level III neonatal intensive care unit (NICU) at Tulsa's St. John Medical Center and the Level II NICU at nearby SouthCrest Hospital. The two units have combined annual patient volume that exceeds 13,000 NICU patient days.
"We're looking forward to being part of Pediatrix's integrated community of physicians and adding value to our practice through nationally renowned education programs and evidence-based clinical research," said Ali Siddiqui, M.D., Pediatrix's medical director and one of the physicians who founded the Tulsa practice. "Pediatrix brings important clinical and administrative support to our practice, making it possible for us to grow by continuing to offer excellent patient care, and enhancing relationships with our hospital partners and referring physicians by helping us to achieve better outcomes."
As part of Pediatrix's search for patient care improvements, it has built the world's largest database of neonatal outcomes. Through consistent analysis of better practice patterns, Pediatrix is implementing progressive clinical quality initiatives that improve outcomes for sick and premature babies in neonatal intensive care units across the country.
Pediatrix has completed seven physician group practice acquisitions during 2005.
Pediatrix paid cash for the practice and the transaction is expected to be immediately accretive to earnings.
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 775 physicians in 31 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 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.