Pediatrix Acquires Richmond Neonatal Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Aug. 7, 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 neonatal physician group practice based in Richmond, Virginia.
James River Neonatology consists of three physicians and three neonatal nurse practitioners who staff three neonatal intensive care units (NICUs), including two Level III units at CJW Medical Center and one Level II unit at Southside Regional Medical Center. Combined annual patient volume exceeds 9,000 NICU patient days. The group also provides well-baby physician services.
"As we see more of Pediatrix's research appearing in medical journals, we appreciate that we're becoming part of a group that is consistently contributing to the body of knowledge in the neonatal field," said Sandy Tarant, M.D., who will serve as Pediatrix's Medical Director. "Moving forward, we expect that Pediatrix's clinical and business expertise will benefit every clinician in our practice and assist us in continuing to provide our patients with excellent care."
Since 2000, Pediatrix's Center for Research and Education has submitted more than 30 articles focused on improving neonatal medicine to peer-reviewed publications. Clinicians also participate in Pediatrix's clinical trials and collaborative quality improvement initiatives. Pediatrix University, Pediatrix's online learning center, also offers continuing medical and nursing education, available at http://www.pediatrixu.com.
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 860 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.
CONTACT: Pediatrix Medical Group, Inc., Fort Lauderdale
Bob Kneeley, 954-384-0175, x-5300