MEDNAX Announces Acquisition of Neonatology Practice in Texas
MEDNAX, Inc., (NYSE: MD) today announced the acquisition of Neonatal Intensive Care Associates, a neonatal physician group practice based in Lubbock, Texas. The practice will become part of MEDNAX's Pediatrix Medical Group division, a national group practice consisting of the nation's leading neonatal, maternal-fetal medicine, pediatric cardiology, and other pediatric specialty physicians.
Established in 1990, Neonatal Intensive Care Associates is a private practice that consists of three neonatologists who provide a wide spectrum of services, including neonatal intensive care, labor and delivery, newborn nursery, and maternal consults at Covenant Women's & Children's Hospital. The hospital has a Level III, 38-bed neonatal intensive care unit (NICU).
“Pediatrix will provide our practice with the office infrastructure and support we need to focus fully on patient care and outcomes,” said Edwin Contreras, M.D., who will serve as medical director for the practice. “In today's complex healthcare environment, partnering with a leading national medical group with a proven track record of neonatal excellence and a commitment to quality, research and education is the best decision we can make for our patients.”
The practice was acquired for cash and the transaction is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.
With this acquisition, five physician group practices have become part of MEDNAX in 2013, two as part of Pediatrix Medical Group, and three as part of American Anesthesiology.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.