MEDNAX, Inc., (NYSE: MD) today announced the acquisition of Summit Anesthesia Associates, P.A., a physician group practice primarily based in Summit, New Jersey. The practice will become part of MEDNAX's American Anesthesiology division and is the second New Jersey-based anesthesiology practice to join this division.
Established in 1993, Summit Anesthesia Associates is a private group practice that employs 37 anesthesiologists, eight anesthetists and three other clinical and administrative staff, providing anesthesia services across a wide spectrum of subspecialty areas at Overlook Medical Center as well as at several ambulatory and radiology centers. Services include, but are not limited to, neurosurgery (including spine), pediatric, obstetric, gynecological, orthopedic, cosmetic, general surgery and acute pain management.
"Joining American Anesthesiology is a great fit for us, both clinically and culturally because our goals are very much aligned," said Glen Paris, M.D., who will serve as medical director for the practice. "American Anesthesiology's clinical research, education and quality initiatives will serve to further support the high quality care we have provided our patients for more than 20 years. And, the stability of a national medical group with a reputation for strong back-office infrastructure and efficiencies will enhance our business operations, as our country's healthcare environment continues to become more complex."
MEDNAX's American Anesthesiology division consists of more than 1,750 anesthesia providers, including more than 750 physicians and 1,000 anesthetists practicing in Florida, Georgia, Michigan, New Jersey, New York, North Carolina, Tennessee, Texas, and Virginia.
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, 11 physician group practices have become part of MEDNAX in 2013, six as part of American Anesthesiology, and five as part of Pediatrix Medical Group.
SOURCE MEDNAX, Inc.
