Pediatrix Acquires Pediatric Cardiology Practice in Missouri
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 20, 2006--Pediatrix Medical Group, Inc., (NYSE:PDX), the nation's leading provider of neonatal, maternal-fetal and pediatric subspecialty physician services, today announced the acquisition of a pediatric cardiology practice based in Springfield, Missouri.
Pediatric Cardiology of the Ozarks was founded by James Shapiro, M.D. in 1988 and now consists of three pediatric cardiologists. The group collaborates with a Pediatrix neonatal intensive care unit (NICU) at a nearby hospital, thus bringing Pediatrix's continuum of care model to Springfield's communities.
"Our philosophy is to put the patient first and strive for the highest possible quality of care, and that's why Pediatrix's patient-focused approach to practicing medicine is very important to us," said Armin J. Wagman, M.D., who will serve as Pediatrix's Medical Director. "By joining Pediatrix, we see the opportunity to continue enhancing patient outcomes and cultivating the relationships we've built with our referring physicians and hospital partners. We are excited about becoming a part of Pediatrix's national network of doctors."
Physicians in the Springfield practice provide non-invasive pediatric cardiology services to patients with congenital and acquired heart disease including echocardiograms, electrocardiograms, stress tests and fetal cardiology assessments.
The group serves patients throughout the surrounding southwest Missouri, northern Arkansas, northeast Oklahoma and southwest Kansas communities. They also maintain an outreach clinic at a local hospital in Joplin, Missouri. Dr. Shapiro attributes the success and growth of their practice to the importance they place on patient care.
With the completion of this transaction, more than 50 pediatric cardiologists practice as part of Pediatrix Medical Group.
Pediatrix paid cash for the practice and the transaction is expected to be immediately accretive to earnings.
Pediatrix Medical Group, Inc., is the nation's leading provider of newborn, maternal-fetal and pediatric physician subspecialty services. Pediatrix physicians and advanced nurse practitioners are reshaping the delivery of maternal-fetal and newborn care by identifying best demonstrated processes and participating in clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Founded in 1979, its neonatal physicians provide services at more than 240 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 850 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 results of operations, 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".
CONTACT: Pediatrix Medical Group, Inc., Fort Lauderdale
Bob Kneeley, 954-384-0175, x-5300
SOURCE: Pediatrix Medical Group, Inc.