Pediatrix Expands in Atlanta with Maternal-Fetal Medicine Group Practice Acquisition
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 3, 2004--Pediatrix Medical Group, Inc. (NYSE:PDX) has expanded its maternal-fetal medicine physician group practice into Georgia with the acquisition of Atlanta Maternal-Fetal Medicine, a four-physician group practice that cares for patients with complicated and high-risk pregnancies.
The physician subspecialists will practice as part of Obstetrix Medical Group, Pediatrix's maternal-fetal medicine group practice. They have privileges at several hospitals in the Atlanta metropolitan area, including DeKalb Medical Center where they work closely with the Pediatrix physicians who staff the neonatal intensive care unit (NICU) there. The neonatologists joined Pediatrix in 2001.
"We're excited about the opportunity to work with a clinical partner that is committed to research and having a business partner that can help us to expand our practice in this market," said Paul C. Browne, M.D., who founded the maternal-fetal medicine practice in 1993 and will serve as Obstetrix's medical director in Atlanta. "The experience of the neonatologists working with Pediatrix was one of the reasons for our joining this group."
In many of its markets, Pediatrix has developed a clinical model in which Obstetrix physicians practice in the same hospitals as Pediatrix physicians who staff NICUs, providing a continuum of care for families.
The Atlanta Maternal-Fetal Medicine physicians serve patients from five locations in the Atlanta metropolitan area, including offices in DeKalb, Gwinnett, Rockdale, Clayton and Carroll counties. The group accepts transfers of high-risk patients from obstetricians throughout Georgia, eastern Tennessee, western North Carolina and eastern Alabama. Services include prenatal ultrasound, genetic testing and management of pregnant patients with high-blood pressure, diabetes and other medical conditions.
Pediatrix paid cash for the practice and the transaction is expected to be accretive to 2004 earnings per share. Specific terms were not disclosed. Including the Atlanta group practice, Pediatrix has completed four physician group practice acquisitions during 2004, including neonatal intensive care, pediatric intensive care, maternal fetal medicine and pediatric cardiology physician subspecialty groups.
Pediatrix was founded in 1979. 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. 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 700 physicians in 31 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens and the largest private provider of newborn metabolic screening. Additional information is available at 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.
Bob Kneeley, 954-384-0175, ext. 5300
SOURCE: Pediatrix Medical Group, Inc.