Pediatrix To Manage Neonatal Physician Services at Kansas City Hospitals
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 3, 2003--Pediatrix Medical Group, Inc. (NYSE:PDX), the nation's largest provider of neonatal and maternal-fetal physician services, has expanded its presence in the Kansas City metropolitan area by assuming management of the neonatal intensive care units (NICUs) at two Kansas City-area hospitals that are owned by HCA, Inc. (NYSE:HCA).
"We continue to expand our national group practice because our integrated model provides the value-added services that are important to a variety of constituents including patients, hospital administrators and referring physicians," said Roger J. Medel, M.D., President and Chief Executive Officer of Pediatrix. "Pediatrix's focus on patient care, including our constant emphasis on improving patient outcomes, is a philosophy that is consistent with the mission of our hospital partners."
As part of the agreement, Pediatrix now employs three neonatologists who staff both the Level III NICU at Research Medical Center and the Level II NICU at Baptist-Lutheran Medical Center. Combined annual NICU patient volume at those Kansas City hospitals exceeds 6,000 NICU patient days. The physicians who staff the unit were previously-employed by HCA.
"This new relationship with Pediatrix brings to our hospital the best of two worlds - the resources of the nation's leading physician group focused on newborn intensive care, coupled with the continuity of dedicated service that our patients and referring physicians have come to expect from this group of physicians who have been an integral part of this hospital and this community," said Steven R. Newton, President and Chief Executive Officer of Research Medical Center. "We look forward to opportunities to expand what has already been a very long and fruitful relationship between these neonatal physicians and our hospitals."
Pediatrix also announced today that it began providing neonatal physician services at West Hills Hospital and Medical Center in West Hills, California, effective October 1, as a result of internal growth. The Level II NICU is expected to have annual volume of approximately 1,400 patient days.
Pediatrix has acquired and integrated five physician group practices during 2003 and expanded through internal growth. Neonatal physician group acquisitions include practices in Knoxville, Tennessee, Cleveland, Ohio, and Tampa, Florida. In addition to the Kansas City NICUs, the company was awarded a contract to manage a large NICU in Corpus Christi, Texas. Pediatrix also acquired a pediatric cardiology practice in West Palm Beach, Florida, and a pediatric intensive care practice in Chicago this year. In addition, Pediatrix Screening was formed earlier this year following the acquisition of the nation's largest independent laboratory for newborn metabolic screening, which was combined with Pediatrix's existing newborn hearing screen program.
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 645 physicians in 30 states and Puerto Rico. Additional information is available at http://www.pediatrix.com
Matters discussed in this release may include forward-looking statements within the meaning of the securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Pediatrix intends, expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements 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 relevant. Any forward-looking statement is not a guarantee of future performance and is subject to various risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statement. Such risks and uncertainties include, among others: pending and future billing and other investigations by government authorities; Pediatrix's ability to comply with laws and regulations applicable to the healthcare industry; limitations of, reductions in or retroactive adjustments to reimbursement amounts or rates by government-sponsored healthcare programs; whether physicians appropriately record the services they provide; Pediatrix's ability to find suitable acquisition candidates and to successfully integrate future or recent acquisitions; laws protecting the privacy of patient healthcare information; federal and state healthcare reform or changes in government-sponsored healthcare programs; Pediatrix's ability to successfully recruit and retain qualified physicians; malpractice and other lawsuits; the value of Pediatrix's intangible assets, such as goodwill; Pediatrix's ability to manage growth; fluctuations in quarterly results; and competition in the healthcare industry.
Pediatrix more fully describes these and other risk factors in its Annual Report on Form 10-K for the year ended December 31, 2002, filed with the Securities and Exchange Commission. Any forward-looking statements in this press release are made as of the date hereof based on management's current beliefs and expectations and Pediatrix has no obligation to update and revise any such statements, whether as a result of new developments, information or otherwise.
CONTACT: Pediatrix Medical Group, Inc., Fort Lauderdale Bob Kneeley, 954/384-0175, x-5300 email@example.com SOURCE: Pediatrix Medical Group, Inc.