MEDNAX Announces Acquisitions of Anesthesiology Practice in Tennessee and Pediatric Surgery Practice in Texas
Conference Call/Webcast Scheduled for January 3rd at 10 a.m. EST to Summarize 2012 Acquisitions
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- MEDNAX, Inc., (NYS: MD) today announced the acquisitions of Anesthesiologists Associated, P.C., a private physician group practice that provides anesthesia services in the Chattanooga, Tenn. metropolitan area, and Pediatric Surgical and Associates, a pediatric surgery physician group practice serving the Dallas-Fort Worth Metroplex and surrounding North Texas area. The due diligence process for these two acquisitions was ongoing over the last several months, resulting in both acquisitions being closed and effective as of December 31, 2012.
Anesthesiologists Associated consists of 34 anesthesiologists, 100 anesthetists and 24 other clinical and administrative staff, providing anesthesia care at four hospitals and two surgery centers. The practice, which is one of the longest standing physician group practices in Tennessee, offers anesthesia services across a wide spectrum of subspecialty areas, including orthopedic, cardiac, and oncology.
"Faced with an uncertain healthcare environment, we were looking to partner with an established national medical group with a long track record of successful practice management," said Chris Yetter, M.D., who will serve as medical director of the practice. "The resources American Anesthesiology will provide, such as research and education, clinical support, and administrative infrastructure, will allow us to provide the highest quality care to our patients moving forward."
The physicians joining as a result of this transaction will now be part of MEDNAX's American Anesthesiology division, which consists of more than 1,475 anesthesia providers, including more than 600 physicians and 875 anesthetists practicing in North Carolina, Florida, Georgia, Michigan, New Jersey, Tennessee, Texas and Virginia, with administrative offices in Sunrise, Fla. and Raleigh, N.C.
The acquisition of Plano-based Pediatric Surgical and Associates brings six pediatric surgeons and 15 other clinical and administrative staff who provide pediatric general and thoracic surgical care of infants, children, and adolescents, to MEDNAX's Pediatrix Medical Group division. This is the second pediatric surgery group to join the division.
The practice, which has been serving its community for approximately 50 years, has seven office locations, and is affiliated with nine hospitals and three certified ambulatory surgery centers throughout the Dallas-Fort Worth Metroplex and surrounding North Texas area.
Pediatric surgeons provide specialized care for patients ranging from newborns to adolescents, for all problems or conditions affecting children that require surgical intervention. They work closely with neonatologists, pediatric cardiologists, and other pediatric specialists.
"Partnering with a national medical group that provides us with the resources and stability we need to achieve long-term growth is a necessity given today's healthcare environment," said Darrell Hermann, M.D., who will serve as medical director for the practice. "We look forward to incorporating Pediatrix research, education and clinical initiatives into the day-to-day operations of our practice to positively impact patient care."
The physicians and employees joining as a result of this transaction will now be part of MEDNAX's Pediatrix Medical Group, a national medical group consisting of the nation's leading neonatal, maternal-fetal medicine, pediatric cardiology, and other pediatric specialty physicians.
These practices were acquired for cash and the transactions are expected to be immediately accretive to earnings. No additional terms of these transactions were disclosed.
With these acquisitions, 16 physician group practices have become part of MEDNAX in 2012, eight as part of American Anesthesiology, and eight as part of Pediatrix Medical Group.
A conference call/webcast to summarize the 2012 acquisitions is scheduled for Thursday, January 3, 2013 at 10 a.m. EST. To access the call, dial (800) 230-1085. This call will be webcast on MEDNAX's website at www.mednax.com/investors.
MEDNAX, Inc. is a national medical group that comprises the nation's leading provider 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 300 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 1,475 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 2,000 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.
David T. Parker, 954-384-0175, ext. 5300
Vice President, Investor Relations & Corporate Communications
KEYWORDS: United States North America Florida Tennessee Texas
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