FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--MEDNAX, Inc. (NYSE: MD), today announced the acquisition of Radiology Associates of South Florida (RASF), based in Miami, Fla., as it continues to execute on its strategy to become the partner of choice for radiology physician services by combining physician excellence with world-class technological capabilities.
Founded in 1960, RASF is one of the largest independent radiology groups in the United States. Comprised of more than 70 physicians, the practice provides diagnostic radiology, interventional radiology and vascular surgery services at Baptist Health South Florida (BHSF), the largest healthcare system in South Florida inclusive of seven hospitals and more than 50 outpatient facilities, and performs approximately one million studies per year.
“We are excited about our ability to attract leading radiology providers such as RASF to our integrated physician services offering and national radiology group,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “We believe the technological capabilities MEDNAX offers through vRad, combined with our own practice-management expertise and physician-centric leadership, makes us an extremely valuable partner to radiology practices. I am excited at the opportunities we face with RASF, particularly given this group’s longstanding leadership position in radiology and its partnership with Baptist Health South Florida. Moreover, we continue to believe that the combination of on-site physician excellence and world-class technological capabilities will enable us to deliver on our vision of becoming the recognized leader in radiology services.”
RASF physicians are highly subspecialized, including cardiovascular imaging; neuroradiology; body imaging; nuclear medicine; onco-radiology; musculoskeletal radiology; ultrasonography; pediatric radiology; breast imaging; emergency radiology; interventional radiology; neuro-interventional; and vascular surgery. The group’s Chairman and CEO, Ricardo C. Cury, M.D., also serves as Director of Cardiac Imaging at Baptist Hospital of Miami and Miami Cardiac & Vascular Institute.
“Our partnership with MEDNAX will allow RASF to not only maintain and enhance the strong on-site physician footprint engaged in all the activities with our hospital partners, but will also provide the much needed information technology platform and remote technology to expand our after-hours coverage in an efficient and highly specialized manner,” said Dr. Cury. “In addition, it will provide size and scale to expand our initial efforts with machine learning and artificial intelligence in radiology and a robust data analytics platform to ensure success in new payment models and prove the value of appropriate imaging to the care of patients.”
“MEDNAX and vRad will be of significant value to RASF and Baptist Health by adding remote technology infrastructure and expanding subspecialty expertise after-hours,” added Patricia Rosello, Chief Executive Officer for Baptist Outpatient Services.
Upon completion of the transaction, MEDNAX’s radiology group will read more than eight 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, seven physician group practices have become part of MEDNAX in 2017.
ABOUT MEDNAX
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 nearly 3,800 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.
