Pediatrix Medical Group is the largest national physician services company focused on newborn, maternal-fetal, and pediatric subspecialty care in the U.S. Pediatrix does not own hospitals; instead, it staffs and manages specialized units within hospitals under exclusive one-to-three year contracts that auto-renew. Neonatology is the core of the business — Pediatrix manages over 360 NICUs across 32 states, with roughly 1,350 affiliated neonatologists providing 24/7 coverage to premature or medically complex newborns. Maternal-fetal medicine is the second major service line, with over 475 affiliated physicians providing care to high-risk expectant mothers; Pediatrix co-locates these physicians in markets where it operates NICUs to create a coordinated care model. Smaller service lines include pediatric intensive care, pediatric hospitalists, and pediatric surgery. Pediatrix completed a portfolio restructuring in 2024, exiting most office-based practices and its primary and urgent care line to sharpen focus on hospital-based care. Revenue comes primarily from billing patients and third-party payors directly (~86% of net revenue), with the remainder from hospital administrative and medical director fees (~14%). Key revenue drivers include NICU patient volume and acuity, payer mix (Medicaid is a large share, though commercial and exchange plans pay materially more), and revenue cycle management efficiency. Physician salaries are the largest cost, and Pediatrix argues its national scale in recruiting, billing, credentialing, and clinical IT provides an advantage that local or regional physician groups cannot easily replicate.