Pediatrix Acquires Neonatal Practice in Washington
FORT LAUDERDALE, Fla., Sep 01, 2005 (BUSINESS WIRE) -- Pediatrix Medical Group (NYSE:PDX) today announced that it has acquired a neonatal physician group practice based in Spokane, Washington. Pediatrix is the nation's leading provider of neonatal and maternal-fetal physician services.
Seven physicians and one neonatal nurse practitioner, who were part of Northwest Neonatology Associates, P.S., have joined Pediatrix's national group practice. The group provides physician services to premature and critically ill newborns admitted to the Level III neonatal intensive care units (NICUs) at Deaconess Medical Center and Sacred Heart Medical Center.
The combined annual volume for patients cared for by the physician group exceeds 15,000 NICU patient days.
"We manage a busy practice and joining Pediatrix will enhance our ability to focus on clinical activities by relieving us of many of the administrative tasks that currently occupy so much of our time," said Erik L. Strandness, M.D., who will serve as the NICU Medical Director. "Pediatrix's commitment to neonatal research and education will also add value to our physicians and enhance our outreach efforts by allowing us to bring their vast resources to referring physicians in the community and throughout our region."
Through their physician outreach efforts, the neonatologists provide educational tools to help referring physicians improve patient care. The physician group also sees patients referred from throughout Eastern Washington State and neighboring cities in Idaho and Montana.
Including Spokane, Pediatrix has completed 12 physician group practice acquisitions during 2005.
Pediatrix paid cash for the practice and the transaction is expected to be 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 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 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."
SOURCE: Pediatrix Medical Group
Pediatrix Medical Group, Fort Lauderdale
Bob Kneeley, 954-384-0175, x-5300