MEDNAX, Inc., (NYSE: MD) today announced the acquisition of South Oakland Anesthesia Associates, P.C., a physician group practice that provides anesthesia care and pain management services at three hospitals, four ambulatory surgery centers, one eye center, and four pain management centers throughout Oakland, Wayne and Macomb counties in Michigan. The practice will become part of MEDNAX’s American Anesthesiology division and is the first Michigan-based practice to join the division, which now consists of 16 practices throughout eight states. South Oakland Anesthesia Associates was established in 1967 and is a private group practice that employs 73 anesthesiologists that provide services across a wide spectrum of subspecialty areas, including orthopaedic, neurosurgical, pediatric, obstetric, cardiac, trauma, and critical care as well as acute and chronic pain medicine. The physicians practice in the anesthesia care-team model, which includes both residents and anesthetists. “We are looking forward to partnering with a national group practice that will provide us with the resources we need to expand our services, and continue improving the quality of care we provide our patients,” said Rhonda Marvar, M.D., who will serve as medical director for the American Anesthesiology practice. “We believe American Anesthesiology’s research, education and clinical initiatives, along with its back-office infrastructure and administrative support will provide us with long-term stability in an uncertain healthcare environment.” South Oakland physicians serve as the faculty for the Beaumont Health System residency program in anesthesiology. The fully accredited residency program consists of 24 residents over four years. The department’s demonstrated focus on teaching and research is well-aligned with MEDNAX’s commitment to leadership in clinical quality, research and education. “Being part of a national medical group practice offers collaborative opportunities to develop and exchange best practices that will positively impact patient care,” said James D. Grant, M.D. who serves as the health system chair for the Department of Anesthesiology at Beaumont Health System.
The physicians joining as a result of this transaction will now be part of MEDNAX’s American Anesthesiology division, which consists of more than 1,350 anesthesia providers, including more than 570 physicians and 780 anesthetists practicing in North Carolina, Florida, Georgia, Michigan, New Jersey, Tennessee, Texas, Virginia and, with administrative offices in Sunrise, Fla. and Raleigh, N.C.This practice was acquired for cash and the transaction is expected to be immediately accretive to earnings. No additional terms of the transactions were disclosed. With this acquisition, 14 physician group practices have become part of MEDNAX in 2012, seven as part of American Anesthesiology, and seven as part of Pediatrix Medical Group. ABOUT MEDNAX MEDNAX, Inc. is a national medical group that comprises the nation's leading provider 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 300 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 1,350 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 1,975 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.