Pediatrix Expands Denver-Area Patient Services With Acquisition of Pediatric Cardiology Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--March 31, 2004--Pediatrix Medical Group, Inc. (NYSE:PDX) has completed the acquisition of Rocky Mountain Pediatric Cardiology, P.C., a physician group practice based in Denver, expanding the continuum of care its physicians provide to patients throughout the region.
The physician group includes three pediatric cardiologists who practice at two HealthOne hospitals in the Denver area where Pediatrix physicians also practice, including Presbyterian St. Luke's Hospital. The physicians also provide patient services at several outreach clinics covering an area that includes communities in rural Colorado, Kansas, Nebraska and Wyoming.
Physicians in this group provide comprehensive cardiology services to fetal, pediatric and adult patients with congenital heart disease, including echocardiography and interventional cardiac catheterizations and pacemaker therapies.
Physicians have been practicing as part of Pediatrix Medical Group in Denver since 1996, when several established neonatal physician group practices joined Pediatrix's national group practice. Over the past eight years, Pediatrix's services in Denver have grown to include pediatric intensive care, maternal-fetal medicine and pediatric hospitalists. Pediatrix also provides neonatal and pediatric intensive care physician services in Colorado Springs.
"For years, we've enjoyed a strong working relationship with Pediatrix's neonatologists and Obstetrix Medical Group's maternal-fetal physicians practicing in Denver," said Reginald L. Washington, M.D., pediatric cardiology medical director. "This transaction will only improve what is already a good and effective clinical care model. We would expect to see better synergies including better communications across the physician subspecialists. In addition, as Pediatrix continues to develop a national group practice of pediatric cardiologists, there will be opportunities to work closely with colleagues who practice in other markets to develop clinical information systems and conduct clinical research."
In addition to his clinical duties, Dr. Washington is Co-Chair of the American Academy of Pediatrics' Task Force on Obesity, which was formed late last year to identify the causes of and treatment for obesity in children, and he is Chair of the AAP's Committee on Sports Medicine and Fitness.
With the completion of this transaction, Pediatrix Medical Group provides pediatric cardiology physician services in several markets in Arizona, including Phoenix and Tucson, as well as in South Florida, and Denver. Pediatrix paid cash for the Denver group practice, and specific terms were not disclosed.
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 690 physicians in 30 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 under "Risk Factors" in Pediatrix's most recent Annual Report on Form 10-K.
Pediatrix Medical Group, Inc., Fort Lauderdale
Bob Kneeley, 954-384-0175, x-5300
SOURCE: Pediatrix Medical Group, Inc.