MEDNAX Announces Acquisition of Neonatology Practice in Texas
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- MEDNAX, Inc., (NYS: MD) today announced the acquisition of a neonatal physician group practice based in Odessa, Texas. The acquisition of Sanjay P. Patel, M.D., P.A. addsfive neonatologists, three neonatal nurse practitioners, and three administrative support staff to MEDNAX's Pediatrix Medical Group division, a national medical group consisting of the nation's leading neonatal, maternal-fetal medicine, pediatric cardiology, and other pediatric specialty physicians.
Established in 2004, this private practice provides a wide spectrum of services, including neonatal intensive care and labor and delivery, to Odessa Regional Medical Center and Southwest General Hospital in San Antonio, both Level III neonatal intensive care units (NICUs), and at Wadley Regional Medical Center in Texarkana. The total annual NICU volume of the practice is approximately 18,000 days.
In addition, the practice provides hearing screen services at Odessa Regional Medical Center, and has an active transport program, with over 70 patients transported each year.
"As a leading provider of newborn care in the Odessa-Midland area, our patients count on us to focus on achieving the best possible outcomes for the babies in our care," said Sanjay P. Patel, M.D., who will serve as medical director for the practice. "We knew that we could help ensure this superior level of care by partnering with a national medical group that makes research, quality and education initiatives a top priority, and provides the practice infrastructure we need in an ever-changing healthcare environment."
The practice was acquired for cash and the transaction is expected to be immediately accretive to its earnings. No additional terms of the transaction were disclosed.
With this acquisition, six physician group practices have become part of MEDNAX in 2013, three as part of Pediatrix Medical Group, and three as part of American Anesthesiology.
MEDNAX, Inc. is a national medical group comprised of the nation's leading providers of neonatal, maternal-fetal and pediatric physician subspecialty services as well as anesthesia services. Physicians and advanced practitioners practicing as part of MEDNAX are reshaping the delivery of care within their specialties and subspecialties, using evidence-based tools, continuous quality initiatives and clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Pediatrix Medical Group, a unit of MEDNAX, was founded in 1979 and now includes neonatal physicians who provide services at more than 330 neonatal intensive care units, who collaborate with affiliated maternal-fetal medicine, pediatric cardiology and pediatric critical care physician subspecialists to provide a clinical care continuum. Pediatrix is also the nation's largest provider of newborn hearing screens. In 2007, MEDNAX expanded into anesthesia services. Today, American Anesthesiology includes more than 1,650 anesthesiologists and advanced practitioners who provide anesthesia care to patients in connection with surgical and other procedures as well as pain management. MEDNAX, through its affiliated professional corporations, employs more than 2,175 physicians in 34 states and Puerto Rico. Additional information is available at www.mednax.com.
Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.Forward-looking statementsmay 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. 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 MEDNAX'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 MEDNAX 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 couldcause actual results, developments, and business decisions to differ materially from forward-looking statements are described in MEDNAX's most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled "Risk Factors", as well MEDNAX's current reports on Form 8-K,filed with the Securities and Exchange Commission.
David T. Parker, 954-384-0175, x 5300
Vice President, Investor Relations & Corporate Communications
KEYWORDS: United States North America Florida Texas
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