Mednax Invests $20 Million in Brave Care;
Companies Will Pursue Robust Development Pipeline of Innovative
Pediatric Clinics
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211007005183/en/
Charles Lynch Senior Vice President, Finance and Strategy
954-384-0175 ext. 5692 charles_lynch@mednax.com
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