Pediatrix Acquires Neonatal Physician Group Practicing at Tampa's St. Joseph's Hospital
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Sept. 23, 2003--Pediatrix Medical Group, Inc. (NYSE:PDX), the nation's largest provider of neonatal and maternal-fetal physician services, has entered the rapidly-growing Tampa Bay market with the acquisition of a physician group practice that staffs two hospital-based neonatal intensive care units (NICUs).
Pediatrix acquired a physician group practice with seven neonatal physicians and six neonatal nurse practitioners (NNPs) who provide services to patients in Hillsborough, Pinellas and Pasco counties.
"With this group practice acquisition Pediatrix adds a dynamic new market to our nationwide network of physicians, which already includes several markets within Florida," said Roger J. Medel, M.D., President and Chief Executive Officer of Pediatrix. "The Tampa Bay practice was founded 28 years ago and the physicians there have a long history of providing quality patient care to their community. We look forward to the collaborative efforts of these physicians in bringing our value-added services, including our innovative research, education and clinical quality initiatives programs, to the patients they serve."
The seven physicians staff a Level II and Level III NICU located within St. Joseph's Women's Hospital that is operated by St. Joseph's Children's Hospital of Tampa, as well as a Level III intensive care nursery located within Mease Dunedin Hospital that treats patients from both the northern Pinellas County communities and neighboring Pasco County. Combined annual NICU patient volume at the hospital-based units exceeds 13,000 patient days. The physicians and NNPs also serve patients from other hospitals in the Tampa Bay region.
"We've enjoyed a long and productive relationship with the neonatologists at Children's Hospital, and we look forward to the benefits that will accrue from their new relationship as members of Pediatrix's national group of neonatal physicians," said Michael D. Aubin, Administrator of Children's Hospital at Tampa. "Children's Hospital and Pediatrix Medical Group share a commitment to improving patient outcomes for the most fragile residents of our community, premature and critically-ill newborns."
Pediatrix has built its national group practice through internal growth and by acquiring physician group practices and integrating them into its established structure. Pediatrix physicians 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.
Pediatrix continues to execute its strategy of expanding its pediatric subspecialty niche. During 2003, Pediatrix has acquired neonatal physician group practices in Knoxville, TN, and Cleveland, OH, and assumed the management of the NICU at a large children's hospital in Corpus Christi, TX. Other physician group practice acquisitions completed this year include a pediatric intensive care practice serving Chicago-area patients and a pediatric cardiology practice based in West Palm Beach, FL. Pediatrix also added to its existing newborn screening platform with the acquisition of the nation's largest independent laboratory specializing in newborn metabolic screening, which now operates as Pediatrix Screening.
Pediatrix was founded in 1979. Its neonatal physicians provide services at more than 200 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 640 physicians in 30 states and Puerto Rico. Additional information is available at http://www.pediatrix.com
Matters discussed in this release may include forward-looking statements within the meaning of the securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Pediatrix intends, expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements 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 relevant. Any forward-looking statement is not a guarantee of future performance and is subject to various risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statement. Such risks and uncertainties include, among others: pending and future billing and other investigations by government authorities; Pediatrix's ability to comply with laws and regulations applicable to the healthcare industry; limitations of, reductions in or retroactive adjustments to reimbursement amounts or rates by government-sponsored healthcare programs; whether physicians appropriately record the services they provide; Pediatrix's ability to find suitable acquisition candidates and to successfully integrate future or recent acquisitions; laws protecting the privacy of patient healthcare information; federal and state healthcare reform or changes in government-sponsored healthcare programs; Pediatrix's ability to successfully recruit and retain qualified physicians; malpractice and other lawsuits; the value of Pediatrix's intangible assets, such as goodwill; Pediatrix's ability to manage growth; fluctuations in quarterly results; and competition in the healthcare industry.
Pediatrix more fully describes these and other risk factors in its Annual Report on Form 10-K for the year ended December 31, 2002, filed with the Securities and Exchange Commission. Any forward-looking statements in this press release are made as of the date hereof based on management's current beliefs and expectations and Pediatrix has no obligation to update and revise any such statements, whether as a result of new developments, information or otherwise.
CONTACT: Pediatrix Medical Group, Inc., Fort Lauderdale Investor Relations: Bob Kneeley, 954/384-0175, x-5300 email@example.com SOURCE: Pediatrix Medical Group, Inc.