By Business Wirevia The Motley Fool
Filed under: Investing
MEDNAX Announces Acquisition of Neonatology Practice in Arizona
FORT LAUDERDALE, Fla.–(BUSINESS WIRE)– MEDNAX, Inc., (NYS: MD) today announced the acquisition of Neonatology Associates, Ltd. (NAL), a neonatal physician group practice based in Phoenix, Arizona. The practice will become part of MEDNAX‘s Pediatrix Medical Group division.
NAL is a private practice that consists of 24 neonatologists, 5 pediatric hospitalists, 39 advanced practitioners, and 35 other clinical and administrative support staff who provide a wide spectrum of services, including neonatal intensive care, labor and delivery, and hearing screen services, at 27 hospitals throughout Central and Northern Arizona and in Tucson.
The practice, which has served the area for more than 40 years, performs approximately 38,000 newborn hearing screens annually and its annual NICU patient volume is approximately 60,000 days. NAL has been a leader in neonatal education through conference and training programs and several of the practice’s clinicians have been involved in research programs and clinical trials.
“We are confident that partnering with such an established leader in the industry will further advance the specialized and critical services we have provided to the community’s newborn babies for more than four decades,” said Ravi Gunawardene, M.D., who will serve as medical director for the practice. “In an evolving, uncertain and complex healthcare environment, this partnership will support our infrastructure, provide collaborative research and education, and ultimately enhance the ability of our physicians to focus on patient care.”
Pediatrix Medical Group, through its affiliated entities, is an established provider of a full spectrum of services including neonatology, maternal-fetal, pediatric cardiology, pediatric and OB/GYN hospitalist, developmental pediatric and newborn hearing screen services at locations throughout the state of Arizona.
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.
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 division 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 …read more
Source: FULL ARTICLE at DailyFinance