Pediatrix Acquires Neonatal Physician Practice Group
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 2, 2005--The nation's largest provider of neonatal and maternal-fetal physician services, Pediatrix Medical Group, Inc., (NYSE:PDX), has expanded its national group practice with the acquisition of a neonatal group based in Texas' Rio Grande Valley.
The three physicians and three nurse practitioners of the acquired group provide services at the Level III neonatal intensive care unit (NICU) at Valley Baptist Medical Center in Harlingen and Level II NICU and well-baby physician services at Harlingen Medical Center. The practice has annual patient volume in excess of 10,000 NICU patient days.
"Pediatrix's patient-focused model for care will allow us to expand our NICU services and referral base, supporting the efforts at our hospital and among referring physicians to significantly enhance the level of care available to patients throughout the rapidly growing communities of the Rio Grande Valley," said Rodolfo A. Saca, M.D., one of the physicians who founded the Harlingen practice in 1987 and who will serve as Pediatrix's medical director. "Pediatrix's online neonatal community will connect our practice to more than 700 specialist partners who are available to consult with on challenging medical cases, providing an invaluable service to our patients."
Pediatrix's patient-centric approach and advanced clinical resources support its physicians nationwide, relieving them of the administrative tasks associated with running a practice and freeing them to focus time and energy on their patients. One resource, the world's largest database of neonatal outcomes is an ongoing source of clinical quality and research initiatives to improve patient outcomes. In addition, all physicians and nurse practitioners can complete continuing medical education through Pediatrix's on-line university, http://www.pediatrixu.com.
Pediatrix has completed four physician group practice acquisitions, all within the neonatology subspecialty, 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 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 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.