Implementing Innovative Multispecialty
Solutions to Lead Early Detection Efforts and Enable Safe,
Uninterrupted Care
Taking Action to Preserve Financial
Flexibility
MEDNAX, Inc. (NYSE: MD), a leading health solutions partner
specializing in prenatal, neonatal, pediatric, anesthesiology and
radiology services, today announced the proactive steps it has been
taking in response to the rapidly evolving Coronavirus (COVID-19)
pandemic. Clinicians are collaborating across the continuum of care
to develop innovative solutions and best practices that are leading
early detection efforts and enabling safe, uninterrupted patient
care.
“Amid the growing COVID-19 concerns, our affiliated clinicians
are on the frontlines in hospitals throughout the country,
continuing to care for their patients, many of whom require
critical specialty care,” said Roger Medel, M.D., Chief Executive
Officer of MEDNAX. “We are committed to our mission to take great
care of the patient, every day and in every way, and will continue
to support our clinical and non-clinical workforce as we take every
precaution possible to ensure their safety, and in turn our
patients’ access to care.”
Supporting Clinicians and Patients
The Company has implemented a variety of solutions across
specialties, including:
- Clinician Shortage Support
Anesthesiologists and anesthesia clinicians
are assisting with critical care needs while non-emergent and
elective surgical procedures are on hold, and pediatric clinicians
are lending their expertise to help fulfill the need for added
adult care.
- Strengthening of Supply Chain
MEDNAX is helping to address the shortage of
PPE by partnering with vendors across industries to source high
filtration respirators, surgical masks and other forms of PPE for
protective use.
- Expanded Virtual Care Offerings
Utilizing VSee, an internationally-recognized
telehealth platform, MEDNAX has deployed a national multi-specialty
virtual clinic to expand its telehealth offerings and make virtual
care available to its clinical workforce, enabling continued
patient consults and clinician collaboration while minimizing
COVID-19 exposure. For more information, visit
mednax.com/telehealth.
- Early Virus Detection Using Cutting-Edge Imaging Diagnostic
Tools
MEDNAX Radiology Solutions is leading early
detection efforts through chest imaging. vRad, a MEDNAX company,
diagnosed one of the first COVID-19 patients in the United States
via chest computed tomography (CT), which showed findings
consistent with a severe acute respiratory viral infection. In the
absence of laboratory testing kits, chest CT can serve as a
diagnostic tool. For more information, visit vRad’s blog.
In addition, MEDNAX Radiology Solutions is
refining natural language processing (NLP) to identify the
incidence of viral pneumonia and typical findings of the COVID-19
virus in the lungs via chest CT across the proprietary MEDNAX
Imaging Platform and inference engine, which is connected to more
than 2,000 partner facilities across the country. The NLP is run
retrospectively to monitor the amount and rate of increase of
suspected chest CT findings for COVID-19 and viral pneumonia,
supporting faster treatment. If successful, this cutting-edge
diagnostic tool could serve as an effective tracker of the
disease’s progression throughout the country and provide new
insights for imaging findings for COVID-19 patients.
- Virtual Forum to Provide Clinician Support
To support frontline clinicians while abiding
by social distancing recommendations, MEDNAX has created a virtual
doctors’ lounge for clinicians across specialties to connect and
socialize in the absence of typical in-person lounges, helping to
boost morale and preserve a sense of normalcy.
MEDNAX continues to follow the guidance of the Centers for
Disease Control and Prevention (CDC) and work alongside the
Company’s hospital partners nationwide to ensure affiliated
clinicians are best able to continue providing vital specialized
patient care. Company-wide and specialty-specific task forces are
in place to monitor daily CDC and state and local developments, as
well as review the latest clinical data from COVID-19 stricken
countries. Updates are regularly communicated to staff via a
dedicated employee resource page.
For more information, please visit mednax.com/COVID-19.
Operational Response
MEDNAX has also implemented a number of actions to preserve its
financial flexibility and partially mitigate the significant
anticipated impact of COVID-19 on the Company. Steps taken to
reduce expenditures include:
- Temporarily reduced executive and key management base salaries,
including 50% reductions in salaries for the Company’s most senior
executive officers;
- MEDNAX’s Board of Directors have agreed to forego their annual
cash retainer and cash meeting payments, until further notice;
- Enacting a combination of salary reductions and furloughs for
non-clinical employees;
- Enacting significant operational and practice-specific expense
reduction plans across the Company’s clinical operations; and
- Significantly reducing third-party expenditures - including a
suspension of most activities related to the Company’s
transformational and restructuring programs - limiting these
expenditures to those that provide essential support for our
response to the Coronavirus pandemic.
“These decisions were not made easily, but we are confident that
they will help enable us to weather this unprecedented and
challenging period,” continued Dr. Medel. “The steps we have taken,
and are taking, are a meaningful part of our plan to position
MEDNAX to be here for our patients, our healthcare partners and our
employees long into the future.”
ABOUT MEDNAX
MEDNAX, Inc. is a national health solutions partner 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, consulting services, 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 more than 4,325 physicians in all 50
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, 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 as
MEDNAX’s Current Reports on Form 8-K, filed with the Securities and
Exchange Commission, and include the impact of the COVID-19
outbreak on the Company and its financial condition and results of
operations; the effects of economic conditions on MEDNAX’s
business; the effects of the Affordable Care Act and potential
changes thereto or a repeal thereof; MEDNAX’s relationships with
government-sponsored or funded healthcare programs, including
Medicare and Medicaid, and with managed care organizations and
commercial health insurance payors; the timing and contribution of
future acquisitions; the effects of share repurchases; and the
effects of MEDNAX’s transformation and restructuring
initiatives.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200410005039/en/
Charles Lynch Vice President, Strategy & Investor Relations
954-384-0175 ext. 5692 charles_lynch@mednax.com
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