FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--MEDNAX, Inc. (NYSE: MD), today announced the acquisition of Synergy Radiology Associates, PA, a private radiology physician group based in Houston, Texas. This marks the Company’s fourth radiology services practice acquisition in 2017, further establishing MEDNAX as the partner of choice for leading radiology practices and radiology physician services by combining physician excellence with world-class technological capabilities.
Established in 2011 through the combination of three established radiology groups, Synergy is the largest private radiology group in the Houston metropolitan area. Comprising more than 90 physicians, the practice offers a full spectrum of diagnostic imaging and interventional services at 160 sites, consisting of 15 hospitals, 105 free standing emergency rooms and 40 sites, including urgent care facilities, convenient care centers, clinics and imaging centers. SRA has established relationships with Memorial Hermann Health System and HCA Healthcare.
“As we continue to attract leading radiology providers like Synergy Radiology Associates, MEDNAX further expands its radiology physician services and enhances its integrated physician services offering,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “We are a valuable partner to radiology practices, offering world-class technological capabilities through vRad combined with MEDNAX’s own practice-management expertise and physician-centric leadership. Our partnership with Synergy is very exciting, particularly given the group’s prominent position in the field and its strategic partnerships with several key health care systems.”
Synergy radiologists provide a broad range of radiology services, including: body imaging, breast imaging, interventional and vascular radiology, musculoskeletal radiology, neuroradiology, cardiac radiology, pediatric radiology, nuclear medicine and image guided therapy.
“Synergy has experienced unprecedented organic growth since 2011 with expansion throughout Texas, Arizona and Colorado, which has propelled us from a group of 54 to a group of 92 radiologists,” said Walid K. Adham, M.D., President and CEO of Synergy Radiology Associates. “A partnership with MEDNAX is the natural next step as it will allow us to continue on a path of growth while gaining the support of the most technologically advanced PACS and RIS system in the industry, the vRad platform. We also share a common vision of creating the most advanced radiology practice in the country, which combines reputable radiology groups in an integrated practice supported by technology to harness the best assets on the ground and in the cloud. We look forward to collaborating with our new partners across the country, which will facilitate large scale data collection, clinical research, and quality initiatives that will impact the health of the population in a way that could never be achieved by any radiology practice individually, no matter how large.”
Upon completion of the transaction, MEDNAX’s affiliated radiologists will read more than 11 million studies annually.
This was a cash and equity transaction and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.
With this acquisition, 10 physician group practices have become part of MEDNAX in 2017.
MEDNAX, Inc. is a national health solutions partner based in Sunrise, Fla. 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 4,075 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.