MEDNAX, Inc. (NYSE: MD), the national medical group specializing in neonatal, maternal-fetal, pediatric cardiology, other pediatric subspecialties and anesthesia physician services, today reported earnings of 98 cents per share for the three months ended March 31, 2012.
“Our most recent results reflect an organization that continues to grow, while at the same time, they represent a Company that continues to execute on a durable and proven growth strategy that attracts physicians and delivers ongoing value,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “We are encouraged by the continued interest of physician groups that want to practice as part of our national medical group, and are excited about the progress we’re making to expand our national anesthesia group practice, as well as our ability to grow through acquisitions across each of our physician specialties.”
MEDNAX’s net patient service revenue for the three months ended March 31, 2012, increased by 10.6 percent, to $422.6 million, from $382.3 million for the comparable prior-year period, largely driven by contributions from acquisitions completed since January 2011.
Overall same-unit revenue growth for the 2012 first quarter was 2.4 percent. Same-unit growth attributable to patient volume grew by 1.8 percent for the 2012 first quarter when compared to the prior-year period, driven by growth across all our specialties. For the 2012 first quarter, same-unit neonatal intensive care unit (NICU) patient days increased by 1.2 percent when compared to the prior-year period.Same-unit growth from net reimbursement-related factors was 0.6 percent. This was principally due to continued modest improvements in reimbursements received from third-party commercial payors as a result of the Company’s ongoing contract renewal processes, and an increase in the administrative fees received from our hospital partners due to the expansion of our services as a result of internal growth initiatives, offset by a shift in payor mix to government payors, from commercial payors, year-over-year.