FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--MEDNAX, Inc. (NYSE:MD), today announced the acquisition of Millennium Anesthesia Care, a private physician group practice based in Tampa, Fla.
Millennium Anesthesia Care was incorporated in 2001 and employs 79 full-time clinicians (26 anesthesiologists, 51 anesthetists and 2 ARNPs) that provide services at five BayCare Health System/St. Joseph’s Hospital facilities including its ambulatory surgery center and the new St. Joseph's Hospital-South location which opened in February 2015. The practice’s anesthesia services include general anesthesia, neurosurgery (including spine), cardiac, vascular, pediatric, orthopedic, obstetric, gynecologic, chronic pain and acute pain management for post-operative pain.
“We saw the trend of healthcare consolidation becoming more widespread and understood the importance of having the resources, support and long-term stability a national medical group can provide our practice, as well as the value we can now bring to our hospital partner,” said Jim Gruber, M.D., who will serve as medical director for the practice. “Additionally, the access and involvement in research, education and clinical quality initiatives will help further position our practice as an anesthesia leader in Tampa and the surrounding markets.”
MEDNAX clinicians currently provide neonatology, maternal-fetal medicine, pediatric cardiology and newborn hearing screen services at many hospitals throughout the BayCare Health System.
“We have had a long term partnership with MEDNAX through its neonatology, cardiology, perinatology and newborn hearing screen practices and programs,” said Lorraine Lutton, President, St. Joseph’s Hospital. “We welcome this expanded partnership and look forward to working alongside the established anesthesia providers from Millennium to maintain our strong focus on quality, safety and an optimum patient experience in anesthesia care.”
This was a cash transaction, and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.
MEDNAX, Inc. is a national medical group comprised of the nation's leading providers of neonatal, anesthesia, teleradiology, maternal-fetal and pediatric physician subspecialty 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 division of MEDNAX, was founded in 1979 and includes neonatal physicians who provide services at more than 370 neonatal intensive care units, and collaborate with affiliated maternal-fetal medicine, pediatric cardiology, pediatric critical care and other physician subspecialists to provide a clinical care continuum. Pediatrix is also the nation's largest provider of newborn hearing screens. American Anesthesiology, a division of MEDNAX, was established in 2007 and includes more than 2,575 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 2,725 physicians in 35 states and Puerto Rico. vRad, which MEDNAX acquired in 2015, provides teleradiology services through a network of more than 350 radiologists located in all 50 states. In addition to its national physician network, MEDNAX provides services to medical providers 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.