Mednax invests $ 20 million in Brave Care; Companies will pursue a robust development pipeline of Innovative pediatric clinics
FORT LAUDERDALE, Florida– (BUSINESS WIRE) –
Mednax, Inc. (NYSE: MD) and privately held Brave Care today announced an agreement whereby the two companies will develop innovative new pediatric primary and emergency care clinics across United States, with the aim of considerably improving the supply of pediatric care.
Founded in 2019, Brave Care provides a revolutionary pediatric care platform, using its proprietary, modern technology and powerful data to create timely care and consistent communication for pediatric patients and parents. Its clinics, which provide the full range of 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 line of nurses. and its mobile application.
Mednax and Brave Care share a commitment to providing exceptional pediatric care enhanced by technology driven by data, science and research. The companies believe this combination of a national clinical organization dedicated to delivering exceptional care and a technology company led by people who are empathetic and passionate about children, will improve the lives of pediatric patients and their parents.
“We are delighted to move forward with our partnership with Brave Care,” said Mark S. Ordan, CEO of Mednax. “I was thrilled when my colleagues and I visited the Brave Care clinics last summer. We have seen their carefully designed care environments and proprietary, comprehensive technology create a unique experience for patient and family. We believe that the combination of the knowledge of the Brave Care team and access to their operating and communication systems, along with our world-class clinical expertise, will help us move forward to provide broad access. unmatched patient-centered care from Pediatrix. This is another important step in consolidating our focus as a leader in specialist services for women and children.
Under the terms of the agreement, Mednax invested $ 20 million to acquire a minority stake in Brave Care, and Dr. Jim swift, Pediatric Intensivist and Executive Vice President and Chief Development Officer of Mednax, will serve on the Brave Care Board of Directors.
Following this operation, with the support of Brave Care, Mednax will develop a robust growth plan to pursue a multi-year opportunity to open and operate more than 100 clinics within Mednax’s existing geographic scope. This growth will result in both the development of de novo clinics 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 renamed Pediatrix, so all of the company’s operations, including Pediatrix Medical Group’s existing and growing organization of pediatric clinicians, will be grouped under one name.
“With this exciting investment, Brave Care is now even better positioned to help open more pediatric facilities across the country, improving care experiences and dramatically increasing the chances that every child reaches their full potential,” said declared 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 great care, regardless of the condition. his family’s financial situation. ”
ABOUT BRAVE CARE
Brave Care is the modern pediatric primary and urgent care medical platform dedicated to improving health care for children. Founded in 2018, Brave Care has an NPS score of 92, over 400 five-star reviews on Google while providing high-quality care to over 17,000 patients and winning the Inc.’s Best Places to Work award two years in a row. Rooted in revolutionary technology, carefully designed clinics and a focus on empowering children, Brave Care’s mission is to provide impactful pediatric care that is fueled by empathy, research and trust. It currently operates three brick and mortar clinics in Portland, OR and Fayetteville, North Carolina, with the upcoming opening of other clinics in Austin, Texas and Portland, OR, with 24/7 medical advice through their line of nurses and their Brave Care Parent mobile app. Brave Care is led by founders Dr. Corey Fish, Darius monsef, Maryam taheri and Asa miller. It has the support of $ 43 million mission-aligned investors, including Mednax, Y combiner, City of Light Capital, Gaingels, AV8, Interplay, Founder’s Co-op, Refactor, Collaboration Fund, Indicator, Fifty Years and Greycroft. For more information, visit: www.bravecare.com.
IN REGARDS TO MEDNAX
Mednax, Inc. is a national medical group made up of the country’s leading medical service providers. Physicians and advanced practitioners in Mednax’s Pediatrix and Obstetrix medical groups are reshaping the delivery of care in their specialties and subspecialties, using evidence-based tools, ongoing quality initiatives, research agendas clinic and telehealth to improve patient outcomes and provide cost-effective, 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 Porto Rico. Additional information is available at www.mednax.com.
Certain statements and information contained 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, without limitation, statements relating to the objectives, plans and strategies of the Company, and all statements, other than statements of historical fact, that relate to the activities, events or developments that we have taken. intention, expect, plan, believe or anticipate will or could occur in the future. These statements are often characterized by terms such as “believe”, “hope”, “can”, “anticipate”, “should”, “intend”, “plan”, “will”, “expect”. to ”,“ estimate ”,“ ”project”, “positioned”, “strategy” and similar expressions, and are based on assumptions and evaluations made by the management of the Company in the light of their experience and their perception historical trends, current conditions, expected future developments and other factors they believe to be appropriate. All forward-looking statements contained in this press release are made as of the date hereof, and the Company assumes no obligation to update or revise 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 most recent annual report of the Company on Form 10-K and its quarterly reports on Form 10 -Q, including the sections entitled “Risk Factors”, as well as the Company’s current reports on Form 8-K, filed with the Security and Trade Commission, and include the impact of the COVID-19 pandemic on the Company, its financial position and its operating results; the effects of economic conditions on the activities of the Company; the effects of the Affordable Care Act and its potential amendments or repeal; the Company’s relationships with government sponsored or funded health care programs, including Medicare and Medicaid, and with managed care organizations and commercial health insurance payers; the Company’s ability to comply with the terms of its debt financing agreements; the Company’s transition to a third-party revenue cycle management provider; the impact of the sale of the Company’s medical anesthesiology and radiology groups; the impact of management transitions; the timing and contribution of future acquisitions; the effects of share buybacks; and the effects of the Company’s transformation initiatives, including its reorientation and growth strategy for its pediatrics and obstetrics businesses.
src = “https://cts.businesswire.com/ct/CT?id=bwnewssty=20211007005183r1sid=acqr8distro=nxlang=en” style = “width: 0; height: 0” />
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211007005183/en/
Senior Vice President, Finance and Strategy
954-384-0175 ext 5692
Source: Mednax, Inc.