Pediatrix Medical Group Expands Neonatal Physician Services To Central California
MADERA, Calif. & FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Jan. 18, 2005--Pediatrix Medical Group, Inc. (NYSE: PDX), the nation's largest provider of newborn and maternal fetal physician services, announced the expansion of its national group practice to include management of the neonatal intensive care unit (NICU) at Central California Children's Hospital in Madera, California, effective January 15, 2005.
Pediatrix acquired neonatal physician practices that staff the Level III NICU at Central California Children's Hospital, as well as two hospitals with Level II NICUs. Pediatrix expects volume of approximately 8,500 annual patient days provided by these physicians.
"Children's Hospital is pleased to have entered into a Medical Director and Professional Services Agreement with Pediatrix Medical Group, Inc. to promote high quality care and excellent patient outcomes for the newborns of Central California and to continue building on our history of clinical leadership in neonatal services," said Todd Suntrapak, Executive Director of Strategic Planning and Business Development at Central California Children's Hospital.
Pediatrix will provide 24 hour-a-day, seven-day-a-week in-house physician coverage of the hospital's 65-bed, Level III NICU, which supports Central California Children's vision for clinical excellence.
"The Children's Hospital NICU is an essential service with a well-deserved reputation for providing high quality care to critically ill newborns in Central California," says Nad Visveshwara, who will serve as the NICU Medical Director. "Pediatrix has a well-established commitment to research, continuing education, and quality assurance. In addition, its vast clinical resources will help our physicians as we continually strive to improve care for our patients."
Pediatrix provides all its physicians with extensive clinical tools including the world's largest neonatal outcomes database, which serves as a vital resource for clinical trials, clinical quality initiatives, and peer reviewed articles. Also, Pediatrix's continuing online medical education program, www.pediatrixu.com, is open to all physicians, nurses, and parents interested in the best neonatal outcomes. Pediatrix clinicians routinely tap into the expertise of an integrated community of colleagues in 31 states and Puerto Rico, adding value to the neonatal services available to the Central California communities.
Pediatrix paid cash to complete the transaction, and specific terms were not disclosed. The Central California physicians are expected to contribute immediately to Pediatrix's earnings.
Pediatrix was founded in 1979. Pediatrix physicians and advanced nurse practitioners 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 775 physicians in 31 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 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
Children's Hospital Central California
Micheline Golden, 559-353-7049
SOURCE: Pediatrix Medical Group, Inc.