First-of-its-kind merger enabling greater access to coordinated primary, specialty and urgent care
CityMD, the leading urgent care provider in the New York metro area, and Summit Medical Group, one of the nation’s premier independent multispecialty medical practices, today announced the completion of their merger – the first-of-its-kind between an urgent care provider and an independent physician-owned multispecialty medical group. The combined organization, which has more than 1,400 providers, over 6,400 employees, and nearly 200 locations in New Jersey and New York, will offer patients a seamless experience across a full spectrum of high-quality primary, specialty, and urgent care. Warburg Pincus, a leading global private equity firm focused on growth investing, has supported CityMD since 2017 and will assume a majority interest in the combined company. Consonance Capital Partners, a healthcare-focused private equity fund, is also making an investment in the combined company. Terms of the transaction were not disclosed.
By leveraging CityMD’s strength in urgent care and Summit Medical Group’s expertise in coordinated, value-based primary and specialty care, the combined entity will create a uniquely accessible comprehensive care delivery model for patients in the NY/NJ metro area. Initial patient benefits will include co-located physicians and specialists in New Jersey, the growth of primary care providers in the New York market, and urgent care expansion.
Jeffrey Le Benger, MD, who was at the helm of Summit Medical Group, has been appointed Chief Executive Officer of the combined organization. Richard Park, MD, CityMD’s co-founder and CEO, will serve as its Vice Chairman. Rob Connor, CityMD’s President, will become President of the combined group.
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“The combined organization will leverage the strengths of each entity to seamlessly manage the medical needs of various patient populations who deserve and expect exceptional consumer-oriented health care and customer service,” said Richard Park, MD. “The combined company will have the ability to treat more comprehensive and specialty-specific medical needs of patients through quicker, more reliable referrals and a highly coordinated care model.”
“The next chapter of Summit Medical Group’s long-standing history begins today with the formation of this unique entity,” said Jeffrey Le Benger, MD. “Our shared core value of taking excellent care of the patient will remain the cornerstone of our success as we set out to provide more access points for care, expand our primary care offering at a rapid pace, and grow our base of patients who will receive comprehensive care.”
“We are excited to partner with CityMD and Summit Medical Group in establishing a world class integrated delivery network,” said T.J. Carella, Managing Director of Warburg Pincus. “We look forward to supporting this exceptional physician-led management team as they and the company’s clinicians deliver the high-quality care our communities deserve.”
Date: August 19, 2019
Source: Prnews Wire
