FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--MEDNAX, Inc. (NYSE: MD), today announced the acquisition of Pediatric Cardiology Associates, PC, a private physician group practice based in Fairfax, Va.
Pediatric Cardiology Associates, established in 1987, was the first full-time pediatric cardiology practice in Northern Virginia as well as the first to receive accreditation from the Intersocietal Commission for the Accreditation of Echocardiography Laboratories (ICAEL). The practice provides a full spectrum of inpatient and outpatient cardiovascular care covering diagnosis and treatment of fetuses, infants and children, as well as adults with congenital heart disease. Services include echocardiography, cardiac catheterizations, stress tests and event monitoring.
The practice employs six physicians and four sonographers that provide services to 10 office-based locations and eight hospitals in Northern Virginia and Maryland, including Inova Fairfax Hospital, an 833-bed, nationally recognized regional medical center serving the Washington, DC, metro area.
“We chose to join MEDNAX because of the support and infrastructure that comes with being part of a national medical group. We are comfortable knowing we will have clinical autonomy but be relieved of some of the regulatory and reimbursement responsibilities that have become so complex in today’s healthcare environment,” said Sharon Karr, M.D., who will serve as medical director for the practice. “In addition, MEDNAX’s research, education and quality initiatives will give us the opportunity to engage with other pediatric subspecialty groups and strengthen the continuum of care we offer to our patients.”
This acquisition adds to the services MEDNAX provides in the Northern Virginia and Maryland markets across multiple specialties which include anesthesiology, maternal-fetal, neonatology, pediatric intensive care, pediatric hospitalist, cardiology, audiology, hearing screen and radiology services.
This was a cash transaction, and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.
With this acquisition, eight physician group practices have become part of MEDNAX in 2016.
ABOUT MEDNAX
MEDNAX, Inc. is a national health solutions partner 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 3,400 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.
