MEDNAX, Inc., (NYSE: 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. adds five 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.
ABOUT MEDNAX
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 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. 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 could cause
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.
Copyright Business Wire 2013