FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--MEDNAX, Inc. (NYSE: MD), today announced the acquisition of New Jersey Anesthesia Associates (NJAA), a private physician group practice based in Livingston, N.J.
NJAA employs 90 full-time clinicians (70 anesthesiologists, 13 anesthetists, two nurse practitioners and five physician assistants) that provide a full spectrum of anesthesia services at Saint Barnabas Medical Center (SBMC), a 577-bed non-profit teaching hospital, and Newark Beth Israel Medical Center. SBMC is the oldest and largest non-profit, nonsectarian hospital in New Jersey, serving more than 32,500 inpatients annually and together with Barnabas Health Ambulatory Center, more than 300,000 outpatients annually.
Both hospitals are part of Barnabas Health, New Jersey's largest integrated health care delivery system. In addition, the practice provides anesthesia services at four ambulatory surgery centers and five outpatient facilities, and chronic pain services at five pain centers.
NJAA provides services in collaboration with highly advanced acute-care programs at Barnabas Health. The practice’s anesthesia services include general anesthesia, cardiac, obstetric, transplant, critical care, chronic pain and acute pain management for post-operative pain. More than 20 of NJAA's physicians hold advanced training in anesthesia sub-specialties, particularly cardiac and pediatric anesthesia, or multiple board certifications. NJAA also supports the health system's advanced care programs through cardiac anesthesia fellowships, residency programs, management of post-operative care of cardiac surgery patients, and participation in a perioperative surgical home collaborative.
“MEDNAX’s leadership team and structure was the strongest of all of the groups we met,” said H. Rae Pak, D.O, who will serve as medical director for the practice. “It was essential for us to partner with a national medical group with leadership that understands the complexity and diversity of our group, and shares our same vision for the future. Additionally, MEDNAX’s research, education and quality initiatives will support our practice’s goals and ultimately help us to better respond to the needs of our hospital partners.”
As part of this transaction, MEDNAX will also acquire Health Network Management, LLC, a comprehensive billing management company which is affiliated with NJAA through common shareholder ownership.
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 2,650 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 2,825 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.