FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Mednax, Inc. (NYSE: MD) and privately owned Brave Care today announced an agreement through which the two companies will develop new, innovative pediatric primary and urgent care clinics throughout the United States, with the goal of significantly enhancing the provision of pediatric care.
Founded in 2019, Brave Care provides a revolutionary pediatric care platform, utilizing its proprietary, modern technology and powerful data to create timely care and consistent communication for both pediatric patients and parents. Its clinics, which provide the full spectrum of both primary and urgent care to children, are open 12 hours a day, seven days a week, with remote care access available 24/7 through its nurse line and mobile app.
Mednax and Brave Care share a commitment to delivering exceptional pediatric care enhanced by technology driven by data, science and research. The companies believe that this combination of a national clinical organization dedicated to delivering exceptional care, and a technology company run by empathetic people with a passion for children, will better the lives of pediatric patients and their parents.
“We’re excited to move forward with our partnership with Brave Care,” said Mark S. Ordan, Chief Executive Officer of Mednax. “I was thrilled when my colleagues and I visited Brave Care clinics this past summer. We saw their thoughtfully designed care environments and comprehensive, proprietary technology creating a one-of-a-kind patient and family experience. We believe that combining the Brave Care team’s insights and access to their operating and communications systems, with our world-class clinical expertise, will help propel us forward to provide broad access to Pediatrix’s unmatched patient-first care. This is another major step to solidify our focus as the leader in women’s and children’s specialty services.”
Under the terms of the agreement, Mednax has invested $20 million to acquire a minority ownership stake in Brave Care, and Dr. Jim Swift, a pediatric intensivist and Mednax’s Executive Vice President and Chief Development Officer, will serve on Brave Care’s board of directors.
Following this transaction, with support from Brave Care, Mednax will develop a robust growth plan to pursue a multi-year opportunity to open and operate more than 100 clinics across Mednax’s existing geographic span. This growth will entail both de novo clinic development and the acquisition and renovation of existing clinics, all under the Company’s Pediatrix brand. Mednax’s existing NightLight clinics, which joined us earlier this year, will also be rebranded as Pediatrix, so that all of the Company’s operations, including Pediatrix Medical Group’s existing, and growing, organization of pediatric subspecialty clinicians, will be branded under one name.
“With this exciting investment, Brave Care is now even better positioned to help open more pediatric facilities around the country, elevating care experiences and dramatically increasing the chance that every child reaches their full potential,” said Darius Monsef, CEO of Brave Care. “We created Brave Care from the experience that every parent needs a trusted partner in their child’s medical team, and that every child deserves access to excellent care regardless of their family's financial position.”
ABOUT BRAVE CARE
Brave Care is the modern pediatric primary and urgent care medical platform dedicated to improving healthcare for kids. Founded in 2018, Brave Care boasts an NPS score of 92, over 400 five-star reviews on Google while delivering high quality care to more than 17,000 patients, and earning “Inc.’s Best Places to Work” award two years in a row. Rooted in groundbreaking technology, thoughtfully designed clinics, and its emphasis on empowering kids, Brave Care’s mission is to provide impactful pediatric care that’s fueled by empathy, research and trust. It currently operates three brick-and-mortar clinics in Portland, OR and Fayetteville, NC, with more clinics opening soon in Austin, TX and Portland, OR, with 24/7 medical advice via their Nurse Line and Brave Care Parent Mobile App. Brave Care is led by founders Dr. Corey Fish, Darius Monsef, Maryam Taheri and Asa Miller. It has backing of $43M from mission-aligned investors including Mednax, Y Combinator, City Light Capital, Gaingels, AV8, Interplay, Founder’s Co-op, Refactor, Collaborative Fund, Indicator, Fifty Years and Greycroft. For more information, visit: www.bravecare.com.
ABOUT MEDNAX
Mednax, Inc. is a national medical group comprised of the nation’s leading providers of physician services. Physicians and advanced practitioners practicing as part of Mednax’s Pediatrix and Obstetrix Medical Groups are reshaping the delivery of care within their specialties and subspecialties, using evidence-based tools, continuous quality initiatives, clinical research and telehealth programs to enhance patient outcomes and provide high-quality, cost-effective care. The Company was founded in 1979, and today, through its affiliated professional entities, Mednax provides services through a network of more than 2,300 physicians in 39 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 (the “Securities Act”), 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 the Company’s 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 the Company’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 the Company 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 the Company’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 the Company’s current reports on Form 8-K, filed with the Securities and Exchange Commission, and include the impact of the COVID-19 pandemic on the Company and its financial condition and results of operations; the effects of economic conditions on the Company’s business; the effects of the Affordable Care Act and potential changes thereto or a repeal thereof; the Company’s relationships with government-sponsored or funded healthcare programs, including Medicare and Medicaid, and with managed care organizations and commercial health insurance payors; the Company’s ability to comply with the terms of its debt financing arrangements; the Company’s transition to a third-party revenue cycle management provider; the impact of the divestiture of the Company’s anesthesiology and radiology medical groups; the impact of management transitions; the timing and contribution of future acquisitions; the effects of share repurchases; and the effects of the Company’s transformation initiatives, including its reorientation on, and growth strategy for, its pediatrics and obstetrics business.
