Attractive, Rapidly Growing Management-Services
Platform
MEDNAX, Inc. (NYSE:MD), the national medical group specializing
in neonatal, anesthesia, maternal-fetal, pediatric cardiology, and
other pediatric physician services, today announced the signing of
a definitive agreement to acquire MedData, Inc., a rapidly-growing
provider of revenue cycle management services, including
professional and facility coding, billing and collections, as well
as an industry leading early out/patient pay solution, to emergency
department, hospitalist, and other physician specialty groups, as
well as to hospitals.
Founded in 1980, MedData has emerged as a leading innovator in
technology- and offshore-enabled revenue cycle management, with a
suite of outsourced services targeted at the intersection of
reimbursement and patient engagement and satisfaction. The
company’s “patient-focused” approach has generated proven results
for its clients, while its distinctive combination of onshore and
offshore capabilities provides efficiency and additional
scalability as the company continues to grow rapidly. Driven by its
proven outcomes and customer-focused approach, MedData has
generated compound annual revenue growth of more than 25% since
2007, to a current run rate of approximately $65 million. Today,
the company serves more than 3,000 physicians at 700 facilities
across 43 states.
“This transaction marks an important step in our strategic
growth,” said Roger J. Medel, M.D., Chief Executive Officer of
MEDNAX. “We believe it will provide us with a very attractive
platform through which to provide management services to facilities
and physician groups beyond our existing footprint, a capability we
anticipate to grow in demand as reimbursement structures continue
to evolve. Having worked with MedData for several years, we
recognized the value of this organization and the services it
provides. Just as importantly, MedData’s service offerings and
client base are very complementary to our own core capabilities and
physician specialties, and this combination should thus allow us to
expand our offerings for our existing hospital relationships and to
build new relationships with unaffiliated hospitals and
physicians.”
“We’re extremely excited about what this means for our
business,” said Ann Barnes, Chief Executive Officer of MedData.
“MEDNAX is committed to helping MedData build an enhanced services
platform and expand our presence across the healthcare landscape in
a meaningful way. More than ever, we will be driving revenue cycle
management solutions that help improve our clients’ business now
and in the future.”
The transaction is expected to close in the third quarter of
2014, subject to regulatory approvals. This will be a cash
transaction and is expected to be accretive to earnings, after
non-cash amortization expense and interest expense.
ABOUT MEDDATA
MedData, Inc. is one of the nation’s leading providers of a
range of patient-focused medical revenue cycle management
services including billing, coding, collections,
and patient satisfaction. For more than 30 years, the Company
has been providing innovative billing solutions to the medical
community and serving millions of patients across numerous medical
specialties. MedData currently serves more than 3,000 physicians at
700 facilities across 43 states from its headquarters in
Brecksville, OH, as well as from offices in Grand Rapids, MI,
Roseville, CA, Bellevue, WA, and Peoria, IL. To learn more about
MedData’s patient-focused medical revenue cycle management
solutions, please visit www.meddata.com.
ABOUT MEDNAX
MEDNAX, Inc. is a national medical group that comprises the
nation's leading providers of neonatal, anesthesia, maternal-fetal
and pediatric medical and surgical subspecialty services. The
Company is reshaping the delivery of care within its 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 includes neonatal
physicians who provide services at more than 360 neonatal intensive
care units, and collaborate with affiliated maternal-fetal
medicine, pediatric cardiology, pediatric critical care and
physician subspecialists to provide a clinical care continuum.
Pediatrix is also the nation's largest provider of newborn hearing
screens. American Anesthesiology, a division of MEDNAX, was
established in 2007 and includes more than 2,150 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 approximately 2,500 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.
MEDNAX, Inc.Charles Lynch, 954-384-0175, x-5692Vice President,
Strategy and Investor Relationscharles_lynch@mednax.com
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