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MEDNAX Announces Acquisition of Anesthesiology Practice in Virginia

MD | January 21, 2016

MEDNAX, Inc. (NYSE: MD), today announced the acquisition of West End Anesthesia Group, Inc., a private physician group practice based in Richmond, Va. as well as its related entities, Hanover Anesthesia Group, Inc. and West End Anesthesia Group, LLC.

Together the entities employ 94 full-time clinicians (25 anesthesiologists and 69 anesthetists) who provide anesthesia services including general anesthesia, cardiac, endoscopic, orthopedic, obstetric and gynecologic, neurologic, pediatric and vascular.

West End Anesthesia Group was established in 1969 and provides exclusive anesthesia services to St. Mary’s Hospital, a 391 bed community hospital and Memorial Regional Medical Center, a 234 bed community hospital. Both are part of the Bon Secours Virginia Health System, which is the largest faith-based health system in the state. MEDNAX provides neonatology services at both of these hospitals as well as at St. Francis Medical Center and Mary Immaculate Hospital, also part of the Bon Secours Health System. The practice also provides anesthesia services to the Virginia Endoscopy Group in Midlothian and Richmond.

“Our group is truly ingrained within this community, so it was important for us to partner with an organization that would further strengthen relationships with our staff, hospitals and most importantly, our patients who expect and deserve the highest level of care,” said Joshua Weiss, M.D., who will serve as medical director for the practice. “As the healthcare industry becomes more and more complex, we know that we need MEDNAX’s infrastructure, standardized access to quality metrics as well as their research, education, quality and safety initiatives to ensure we are meeting and exceeding all of our stakeholders’ expectations.”

This was a cash transaction, and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.

ABOUT MEDNAX

MEDNAX, Inc. is a national medical group comprised of the nation's leading providers of physician 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, clinical research and telemedicine to enhance patient outcomes and provide high-quality, cost-effective care. The Company was founded in 1979, and today, through its affiliated professional corporations, MEDNAX provides services through a network of more than 3,275 physicians in all 50 states and Puerto Rico. In addition to its national physician network, MEDNAX provides services to healthcare facilities and physicians in over 40 states through two complementary businesses, consisting of a revenue cycle management company and a consulting services company. 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.