A Medical Device Daily

Pediatrix Medical Group (Fort Lauderdale, Florida) has completed the acquisition of a physician group practice serving patients in the neonatal intensive care unit (NICU) at Southern Regional Medical Center (Riverdale, Georgia). Pediatrix paid cash in the transaction, which is expected to be immediately accretive to earnings. Specific terms were not disclosed.

The practice consists of two physicians and annual NICU volume exceeds 8,000 patient days.

“I want to practice medicine, and Pediatrix brings a host of administrative tools that reduce the complexities associated with managing a practice, making it easier for us to take care of fragile newborns,“ said Francisco Velez, MD, who will serve as Pediatrix's medical director at Southern Regional. “Pediatrix has built a community of physicians dedicated to improving the care of sick newborns. Their educational program is directed by people who are recognized leaders in the field, and the group is comprised of excellent clinical professionals across the nation. We look forward to employing these resources to help us to improve care for patients at Southern Regional.“

Pediatrix has completed three neonatal physician group practice acquisitions since the beginning of 2005. Last year, Pediatrix added 12 physician group practices, including eight neonatal physician groups, two pediatric cardiology practices as well as a maternal-fetal medicine and pediatric intensive care practices.

Standard Management (Indianapolis), a financial holding company, reported that it has terminated the definitive purchase agreement it signed for the previously announced acquisition of iCare Medical Supply (Jupiter, Florida), a full-service diabetic supply company, and its affiliated companies.

Standard said it intends to continue to pursue other acquisitions to continue to expand its healthcare segment.