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MEDNAX's CEO Discusses Q1 2012 Results - Earnings Call Transcript

In addition to this, also in late March we completed the acquisition of a pediatric cardiology practice in Orange, California. This is a well respected practice of 2 physicians that is affiliated with 11 hospitals in the area and has an extensive outreach program including multiple clinic locations throughout Orange County.

Focusing on American Anesthesiology, in early April we completed the acquisition of Burlington Anesthesia in Burlington, North Carolina. Burlington Anesthesia consists of 6 anesthesiologists who practice as part of a care team model that includes 12 full time equivalent CRNAs providing a wide spectrum of anesthesia services. Founded in 1978, they have long-standing relationships in their community. Many [ph] and physicians serve in leadership roles at their facility and are active in their local communities. As a practice, they felt that with the changing health care climate, it was the right time for them to join a national group practice like American Anesthesiology whose goals are aligned with theirs.

Each of these practices as a commitment to quality of care, customer service and patient [Audio Gap] very much aligned with MEDNAX's core values and will provide an opportunity to share best practices among our entire medical group. We're managing a very full and robust acquisition pipeline. Throughout all of 2012, we anticipate investing approximately $300 million to complete practice acquisitions across all of MEDNAX's physician specialties. While our goal has not changed on the $300 million, the timing of the acquisitions may be impacted by the complexity and the size of some of these deals. I'll [Audio Gap] to Vivian to discuss the financial specifics in a few minutes. But first, I want to spend some time discussing how we're enhancing the value proposition that I've just mentioned.

We recently completed one of our most important and largest meetings of the year, our annual medical directors meeting. This is a meeting where our physicians and clinicians in leadership roles come together to share best practices across all of our specialties and to benefit from the resources, team work, collaboration and leadership that come with our successful national group model. As a matter fact, the theme for the meeting this year was teamwork and collaboration and the value that this brings to us as a national group model.

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