September 28, 2017
MEDNAX Announces Acquisition of Leading Connecticut Radiology Practice
MEDNAX, Inc. (NYSE: MD), today announced the acquisition of Jefferson Radiology, PC and Jefferson Imaging Associates, LLC based in Hartford, Conn. This partnership meaningfully expands MEDNAX’s radiology services and further establishes MEDNAX as the partner of choice for leading radiology practices and radiology physician services by combining physician excellence with world-class technological capabilities.
Established in 1963, Jefferson Radiology is the largest private radiology group in Connecticut. Comprised of 60 physicians, the practice offers a full spectrum of diagnostic imaging and interventional services at 10 outpatient centers in Hartford County. In addition, the practice is the exclusive provider of radiology services to seven regional hospitals, including Hartford Hospital, Windham Hospital, Connecticut Children’s Medical Center, Day Kimball Healthcare, Griffin Hospital, Holyoke Medical Center and Baystate Noble Hospital.
“We are excited about the growth of radiology physician services at MEDNAX and our ability to attract leading radiology providers such as Jefferson Radiology, further enhancing our integrated physician services offering,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “The world-class technological capabilities MEDNAX offers through vRad, combined with our own practice-management expertise and physician-centric leadership, make us a valuable partner to radiology practices. We see many exciting opportunities with Jefferson Radiology, particularly given the group’s longstanding leadership position in the field and its strategic partnerships with several key regional hospitals.”
The majority of Jefferson radiologists are highly subspecialized, and they provide a full breadth of subspecialty services including: body imaging, breast imaging, chest imaging, interventional and vascular radiology, musculoskeletal imaging, onco-radiology, neuro-interventional radiology, neuroradiology and head and neck imaging, nuclear medicine and pediatric imaging.
“We were drawn to the energy and excitement of MEDNAX’S mission to build the top radiology platform nationally and beyond, and wanted to be part of a team that is leading the best practices in radiology and reshaping the next generation of how radiology services will be delivered,” said Ethan Foxman, M.D., Ph.D., President and CEO of Jefferson Radiology. “It was a natural fit to partner with MEDNAX whose platform will support the total radiology value chain in ways previously unimaginable by even the most developed regional radiology practices like Jefferson Radiology.”
This marks the third radiology services practice acquisition in 2017. Upon completion of the transaction, MEDNAX’s affiliated radiologists will read nearly nine million studies annually.
This was a cash transaction and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.
With this acquisition, eight physician group practices have become part of MEDNAX in 2017.
MEDNAX, Inc. is a national health solutions partner based in Sunrise, Fla. comprised of the nation’s leading providers of physician 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, clinical research and telemedicine to enhance patient outcomes and provide high-quality, cost-effective care. The Company was founded in 1979, and today, through its affiliated professional corporations, MEDNAX provides services through a network of more than 3,850 physicians in all 50 states and Puerto Rico. In addition to its national physician network, MEDNAX provides services to healthcare facilities and physicians in over 40 states through two complementary businesses, consisting of a revenue cycle management company and a consulting services company. 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.