Pediatrix Expands Pediatric Intensive Care Services With Tacoma Group Practice Acquisition
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 6, 2004--Pediatrix Medical Group, Inc. (NYSE:PDX) has expanded its pediatric intensive care physician services with the acquisition of Pediatric Specialty Care, P.S., a pediatric intensive care physician group practice based in Tacoma, WA, serving patients at Mary Bridge Children's Hospital, which is on the same campus as Tacoma General Hospital. Both hospitals are owned by Multi-Care Health System, a not-for-profit healthcare organization.
The practice includes six pediatric intensivists who provide 24-hour in-house patient services at a pediatric intensive care unit (PICU) with annual volume in excess of 3,000 patient days.
"We're very pleased to be part of an organization that allows physicians to focus more time on patient care and lets us shed a lot of the administrative burdens associated with running a practice," said Gary S. Park, M.D., Pediatrix's PICU medical director at Mary Bridge Children's Hospital following the acquisition.
The Level III neonatal intensive care unit (NICU) at Tacoma General is managed by a group practice that has been part of Pediatrix's national group since 1997, and patient services were expanded in 1999 when a maternal-fetal medicine physician group practice that cares for expectant mothers with complicated pregnancies joined the Obstetrix Medical Group of Pediatrix.
"We've seen first hand the benefits of physicians working as part of Pediatrix," said Dr. Park. "By practicing together, we will have an opportunity to combine several critical care services and work with our hospital partner to make additional clinical infrastructure investments in a way that should improve care within this region while reducing the number of costly and clinically risky transports to other medical centers."
With the completion of the Tacoma group practice acquisition, Pediatrix employs more than 40 pediatric intensivists who staff PICUs at hospitals located in Colorado, Florida, Illinois, Washington, West Virginia and Puerto Rico.
Pediatrix paid cash for the practice and the transaction is expected to be accretive to 2004 earnings per share. Specific terms were not disclosed.
During 2004, Pediatrix has completed the acquisition of five physician group practices in subspecialties that include neonatal intensive care, maternal-fetal medicine, pediatric intensive care and pediatric cardiology.
Pediatrix was founded in 1979. Pediatrix physicians are reshaping the delivery of maternal-fetal, newborn and pediatric subspecialty 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 neonatal intensive care units, and through Obstetrix, its maternal-fetal 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 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".
Pediatrix Medical Group, Inc., Fort Lauderdale
Bob Kneeley, 954-384-0175, x-5300
SOURCE: Pediatrix Medical Group, Inc.