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FORT LAUDERDALE, Florida – (BUSINESS WIRE) – Privately held Mednax, Inc. (NYSE: MD) and Brave Care today announced an agreement whereby the two companies will develop new, innovative primary and emergency pediatric clinics in the United States with the goal of clearing the offering improve pediatrics.
Founded in 2019, Brave Care offers a revolutionary pediatric care platform that leverages its proprietary, cutting-edge technology and powerful data to ensure timely care and consistent communication for both pediatric patients and parents. The clinics, which offer the full spectrum of primary and emergency care for children, are open 12 hours a day, seven days a week, with remote access to care around the clock via the nurse line and the mobile app.
Mednax and Brave Care share a commitment to deliver exceptional pediatric care powered by technology powered 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 led by empathetic people with a passion for children will improve the lives of pediatric patients and their parents.
“We are excited to continue our partnership with Brave Care,” said Mark S. Ordan, Mednax Chief Executive Officer. “I was thrilled when my colleagues and I visited Brave Care clinics last summer. We have seen how their thoughtful care environments and comprehensive, proprietary technology created a unique patient and family experience. We believe that combining the insights of the Brave Care team and access to their operating and communication systems with our world-class clinical expertise will move us forward to provide broad access to Pediatrix’s unmatched patient care. This is another important step in consolidating our focus as the market leader in special services for women and children. ”
Under the terms of the agreement, Mednax has invested $ 20 million to acquire a minority stake in Brave Care, and Dr. Jim Swift, a pediatric critical care physician and executive vice president and chief development officer of Mednax, will serve on the board of directors of Brave Care.
Following this transaction, Mednax, with support from Brave Care, will develop a robust growth plan to pursue a multi-year opportunity to open and operate more than 100 clinics in Mednax’s existing geographic area. This growth will involve both new clinic development and the acquisition and renovation of existing clinics, all of which operate under the company’s Pediatrix brand. Mednax’s existing NightLight clinics that joined us earlier this year will also be renamed Pediatrix, bringing all of the company’s operations, including the Pediatrix Medical Group’s existing and growing pediatric specialist organization, under one name.
“With this exciting investment, Brave Care is now even better positioned to open more pediatric facilities across the country, enhance the nursing experience and dramatically increase the chance for every child to reach their full potential,” said Darius Monsef, CEO of Brave Care. “We founded Brave Care from the experience that all parents need a trustworthy partner in their child’s medical team and that every child deserves access to excellent care regardless of their family’s financial situation.”
ABOUT BRAVE CARE
Brave Care is the advanced medical platform for primary and emergency pediatric care dedicated to improving child health care. Founded in 2018, Brave Care has an NPS score of 92, over 400 five-star reviews on Google, provides quality care to more than 17,000 patients, and has been named Inc.’s Best Places to Work for two consecutive years ” excellent . Rooted in breakthrough technology, thoughtful clinics, and an emphasis on child empowerment, Brave Care’s mission is to deliver impactful pediatric care that is driven by empathy, research, and trust. It currently operates three inpatient clinics in Portland, OR and Fayetteville, NC. Additional clinics will soon open in Austin, TX and Portland, OR with 24/7 medical advice through their Nurse Line and the Brave Care Parent Mobile App. Brave Care is founded by the founders Dr. Corey Fish, Darius Monsef, Maryam Taheri and Asa Miller. It is backed with $ 43 million from mission-minded investors including Mednax, Y Combinator, City Light Capital, Gaingels, AV8, Interplay, Founder’s Co-op, Refactor, Collaborative Fund, Indicator, Fifty Years, and Greycroft. Further information is available at: www.bravecare.com.
ABOUT MEDNAX
Mednax, Inc. is a national medical group comprised of the country’s leading health care providers. Physicians and advanced physicians practicing as part of Mednax’s child and obstetrics medical groups are reshaping care in their specialties and subdivisions using evidence-based tools, ongoing quality initiatives, clinical research, and telemedicine programs to drive patient outcomes improve and ensure high quality, inexpensive maintenance. Founded in 1979, the company today provides services through its affiliated professional societies to a network of more than 2,300 physicians in 39 states and Puerto Rico. Further information is available at www.mednax.com.
Certain statements and information in this press release may 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 in the currently valid version. Forward-looking statements may include, but are not limited to, statements about the company’s goals, plans, and strategies, as well as all statements, other than statements of historical fact, relating to activities, events or developments that we intend, expect, project, believe or anticipate will result in the future will or can happen. These statements are often accompanied by terms such as “believe”, “hope”, “can”, “foresee”, “should”, “intend”, “plan”, “will”, “expect”, “estimate”, “project” , “Positions”, “strategy” and similar expressions and are based on assumptions and estimates made by management in the light of their experience and perception of historical trends, current conditions, expected future developments and other factors that they believe are reasonable. All forward-looking statements in this press release speak as of the date of this press release, and the company assumes no obligation 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 “Risk Factors” sections and the current reports from the company on Form 8-K filed with the Securities and Exchange Commission, including the impact of the COVID-19 pandemic on the company and its financial position and results of operations; the impact of economic conditions on the company’s business; the effects of the Affordable Care Act and possible changes to it or its repeal; the company’s relationships with government sponsored or funded health programs, including Medicare and Medicaid, as well as managed care organizations and commercial health insurance carriers; the company’s ability to meet the terms of its debt financing agreements; the company’s transition to an external provider of revenue cycle management; the impact of the divestment of the company’s anesthesiology and radiology medical groups; the effects of management changes; Time and contribution of future acquisitions; the effects of share buybacks; and the impact of the company’s transformation initiatives, including the realignment and growth strategy of the pediatric and obstetrics businesses.
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