FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--MEDNAX, Inc. (NYSE: MD), today announced the acquisition of a private multi-specialty physician group practice based in Spring, TX from Newborn Intensive Care Specialists, P.A. (NICS).
Established in 2000, NICS is a private practice that employs 27 full time clinicians (14 physicians, 12 advanced practitioners and 1 audiologist). The practice provides neonatology (Level II and Level III), maternal-fetal medicine, newborn hearing screen and pediatric services to seven hospitals and one office-based practice across the Houston and Dallas markets including Cypress Fairbanks Medical Center, Lake Pointe Medical Center and Methodist Richardson Medical Center.
The practice has more than 40,000 annual patient days across its hospitals and provider specialties.
“The practice is excited to be joining MEDNAX’s national network and look forward to the value and quality this will bring from a continuum of care perspective to the many communities we serve across multiple specialties,” said Tung Giep, M.D., NICS President and CEO. “In addition, as health care consolidation becomes the norm, we know that MEDNAX’s leadership and infrastructure as well as its national research, education and clinical quality initiatives will enhance our strategic market growth throughout the state of Texas.”
This acquisition adds to the services MEDNAX provides in Texas through its affiliated network of physicians across multiple specialties which include anesthesiology, neonatology, maternal fetal medicine, pediatric cardiology, pediatric hospitalist, pediatric ophthalmology, pediatric surgery, plastic surgery, pediatric urology, developmental pediatrics, pediatric ENT and radiology.
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 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 3,650 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.