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MEDNAX Announces Acquisition Of Pediatric Cardiology Practice In Austin, Texas

Stocks in this article: MD

MEDNAX, Inc., (NYSE:MD) today announced the acquisition of Pediatric Cardiology of Austin, a physician group practice that provides pediatric cardiology services throughout the central Texas region.

The addition of Pediatric Cardiology of Austin to MEDNAX’s Pediatrix Medical Group division brings four cardiologists and 10 other clinical and administrative staff members to the national group practice. The practice is affiliated with 11 hospitals within the Seton Medical System and St. David’s Medical System throughout Austin and surrounding counties, including Dell Children’s Medical Center. Both the Pediatrix and American Anesthesiology divisions of MEDNAX are already established providers of specialty services in the Austin area.

Pediatric Cardiology of Austin was established in 2001 by Ronald Shapiro, M.D. and provides a full spectrum of inpatient and outpatient services including consultations, echocardiography, fetal echocardiography, interventional cardiac catheterizations, treatment of adult congenital heart disease, and pre- and post-operative care for cardiac surgery.

“Our practice’s core values of quality care, customer service and patient satisfaction, are very much aligned with those of Pediatrix Medical Group,” said Ronald Shapiro, M.D., founder and president of Pediatric Cardiology of Austin, “We look forward to being a part of this leading national medical group and collaborating with more than 100 pediatric cardiologists throughout the country. This partnership not only supports our growth prospects but also our infrastructure, and will in turn, benefit our patients within the community.”

The physicians and employees joining as a result of this transaction will now be part of MEDNAX’s Pediatrix Medical Group, a national group practice consisting of the nation’s leading neonatal, maternal-fetal medicine, pediatric cardiology, and other pediatric specialty physicians.

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 Pediatrix Medical Group and five group practices have become part of American Anesthesiology in 2012.

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