Pediatrix Medical Group, Inc. Forms Platform for National Leadership in Newborn Screenings; Further Positions Company for Growth
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 30, 2003--Pediatrix Medical Group, Inc., (NYSE:PDX), the nation's largest physician group specializing in maternal-fetal newborn and pediatric subspecialties, today announced the formation of Pediatrix Screening, Inc. This wholly-owned subsidiary combines under one name the resources of Neo Gen Screening, Inc., the company's recently acquired metabolic screening business, and Newborn Hearing Screen, its internally developed hearing screen program.
"Our patients will benefit from the integrated services that Pediatrix Screening will be able to provide by bringing together our specialized physicians and basic scientists," said Roger J. Medel, M.D., President and Chief Executive Officer of Pediatrix. "By integrating these businesses, the company is positioning itself for additional growth and leading the way to identify other screening opportunities for newborns."
Pediatrix Screening, Inc. is well positioned to provide babies with highly significant screens through a single network. With its metabolic screening capabilities, the company operates a state-of-the-art laboratory recognized for providing the world's most comprehensive screening program for newborns. The program can identify more than 50 metabolic disorders and various biochemical deficiencies for early treatment or management. Pediatrix screens approximately 300,000 babies annually.
The metabolic screen complements Pediatrix's newborn hearing screen program that focuses on early detection and intervention as the standard of care. The newborn hearing screen program served more than 200,000 babies last year at more than 100 hospitals across the nation. Pediatrix developed the newborn hearing screen program internally, and since it was launched in 1994 the company has become the largest provider of this service in the U.S. The Pediatrix hearing screen program is noted for its commitment to parent education, community involvement, audiology collaboration and follow-up for infants identified with potential hearing loss.
All states require the screening of a select number of metabolic conditions before babies are discharged from the hospital. A total of 38 states mandate newborn hearing screens before babies are discharged, and another five states voluntarily screen all newborns for possible hearing loss. Pediatrix has long been an advocate for improved screening and early intervention for newborns in order to impact patients' long-term quality of life and reduce long-term healthcare costs.
Pediatrix was founded in 1979. 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 635 physicians in 30 states and Puerto Rico. Additional information is available on the Internet 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 (Investor Relations)
SOURCE: Pediatrix Medical Group, Inc.