FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--MEDNAX, Inc. (NYSE: MD), today announced the acquisitions of Commonwealth Neonatology, Inc., a private neonatal physician group practice based in Richmond, Va., and Natchez Trace Neonatology, Inc., a private neonatal physician group practice based in Tupelo, Miss.
Commonwealth Neonatology, one of the largest neonatal providers in the mid-Atlantic, was incorporated in 2001 and employs 19 full-time clinicians (10 neonatologists and nine advanced practitioners). Practice locations include the Bon Secours Health System facilities of St. Mary’s Hospital, a Level III, 21-bed neonatal intensive care unit (NICU) in Richmond, Memorial Regional Medical Center, a Level III, nine-bed NICU in Mechanicsville, St. Francis Medical Center, a Level III, six-bed NICU in Midlothian and Mary Immaculate Hospital, a Level III, six-bed NICU in Newport News. Additionally, the practice provides services at Southside Regional Medical Center in Petersburg.
“Bon Secours is pleased to bring to our NICUs the resources and knowledge base derived from MEDNAX’s experience nationwide,” said William Lennarz, M.D., Chief Medical Officer, Pediatrics and Vice President, Children’s Services at Bon Secours Health System. “We are confident that our patients will benefit from our partnership with a patient-focused, outcomes-driven company that invests in collecting and implementing quality data.”
Four neonatologists have joined MEDNAX with the acquisition of Tupelo-based Natchez Trace Neonatology, which was established in 1994. The practice provides neonatal intensive care services at North Mississippi Medical Center, a 650-bed regional referral center with a Level III, 34-bed neonatal intensive care unit that can expand to 50 beds. The hospital is the largest, private, not-for-profit hospital in Mississippi and the largest non-metropolitan hospital in America. North Mississippi Medical Center is the flagship hospital of North Mississippi Health Services, which serves 24 counties in north Mississippi and northwest Alabama and was a 2012 recipient of the prestigious Malcolm Baldrige National Quality Award.
“MEDNAX was particularly attractive to our practice, not only because of the infrastructure and long-term stability a national medical group can provide, but also because of the impact its research, education and quality initiatives will have on our physicians, hospital partner and most importantly, our patients,” said Bryan Darling, M.D., who will serve as medical director for the practice. “We look forward to collaborating with a distinguished national leader in neonatal care that encompasses the expertise and resources we need to navigate this rapidly changing healthcare environment.”
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.
ABOUT MEDNAX
MEDNAX, Inc. is a national medical group comprised of the nation's leading providers of neonatal, anesthesia, 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 2,400 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 2,675 physicians in 35 states and Puerto Rico. 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.
