MEDNAX Announces Acquisition of Anesthesiology Practice in New Jersey; Terms Undisclosed
MEDNAX (NYSE: MD) today announced the acquisition of Summit Anesthesia Associates, P.A., a physician group practice primarily based in Summit, New Jersey. The practice will become part of MEDNAX's American Anesthesiology division and is the second New Jersey-based anesthesiology practice to join this division.
Established in 1993, Summit Anesthesia Associates is a private group practice that employs 37 anesthesiologists, eight anesthetists and three other clinical and administrative staff, providing anesthesia services across a wide spectrum of subspecialty areas at Overlook Medical Center as well as at several ambulatory and radiology centers. Services include, but are not limited to, neurosurgery (including spine), pediatric, obstetric, gynecological, orthopedic, cosmetic, general surgery and acute pain management.
“Joining American Anesthesiology is a great fit for us, both clinically and culturally because our goals are very much aligned,” said Glen Paris, M.D., who will serve as medical director for the practice. “American Anesthesiology's clinical research, education and quality initiatives will serve to further support the high quality care we have provided our patients for more than 20 years. And, the stability of a national medical group with a reputation for strong back-office infrastructure and efficiencies will enhance our business operations, as our country's healthcare environment continues to become more complex.”
MEDNAX's American Anesthesiology division consists of more than 1,750 anesthesia providers, including more than 750 physicians and 1,000 anesthetists practicing in Florida, Georgia, Michigan, New Jersey, New York, North Carolina, Tennessee, Texas, and Virginia.
This was a cash transaction, and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.
With this acquisition, 11 physician group practices have become part of MEDNAX in 2013, six as part of American Anesthesiology, and five as part of Pediatrix Medical Group.
MEDNAX, Inc. is a national medical group comprised of the nation's leading providers of neonatal, maternal-fetal and pediatric physician subspecialty services as well as anesthesia 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 unit of MEDNAX, was founded in 1979 and now includes neonatal physicians who provide services at more than 330 neonatal intensive care units, who collaborate with affiliated maternal-fetal medicine, pediatric cardiology and pediatric critical care physician subspecialists to provide a clinical care continuum. Pediatrix is also the nation's largest provider of newborn hearing screens. In 2007, MEDNAX expanded into anesthesia services. Today, American Anesthesiology includes more than 1,750 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 2,250 physicians in 34 states and Puerto Rico. 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.
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