Rendr and Excelsior Agree to Form Leading Integrated Medical Group to Serve the Asian American Community in NYC
New company will be uniquely positioned to provide high-quality, culturally appropriate, value-based care to NYC’s more than one million Asian residents who have historically been underserved by the healthcare system.
Excelsior Integrated Medical Group (“Excelsior”) and Rendr have announced today that they will combine to form New York City’s leading integrated multi-specialty medical group and related professional management service organization dedicated to providing world-class, value-based healthcare to the medically underserved Asian community.
The combined enterprise, which will operate under the name Rendr, will include approximately 200 providers operating out of nearly 100 medical sites across Brooklyn, Manhattan, Queens and Staten Island. The new venture is backed by Ascend Capital Partners and Kain Capital, two healthcare focused private equity firms. Dr. Richard Park will serve as the company’s Chief Executive Officer with Dr. Henry Chen and Dean Lin serving as co-presidents.
“Excelsior’s goal is to hire the best community physicians to provide high-quality, value-based medical care,” says Dr. Henry Chen, Chief Executive Officer of Excelsior and practicing internal medicine physician. “We want to reduce healthcare costs and improve the patient experience by enhancing our physicians’ ability to share information, making it easier for them to manage patient outcomes more efficiently and effectively. Our merger with Rendr will help us achieve our mission on an accelerated pace and a larger scale.”
Excelsior started in 2013, as a financially integrated multi-specialty medical group, with three primary care physician practices. Currently, Excelsior has more than 80 providers from 12 clinical specialties across 21 divisions at 59 sites in Brooklyn, Manhattan, Queens, and Staten Island. Since 2016, the medical group has seen an average revenue growth rate of 35% per year and rebounded from the COVID-19 pandemic with a revenue growth rate of 52% from 2020 to 2021.
“The financial investments from Ascend Capital Partners and Kain Capital will allow our combined medical group to expand its clinical services, invest in state-of-the-art facilities and medical technologies,” says Dr. Jianwei Zhang, Chairman of Rendr’s Board of Directors. “It will also allow us to expand our patient education, community outreach, care management programs, and partner with other community healthcare providers and equip them with expert resources to deliver value-based care more effectively.”
Rendr is a primary care focused, multi-specialty medical group, providing 11 clinical specialties through its 40 locations in Brooklyn, Manhattan, and Queens to serve a predominantly Asian patient population of approximately 100,000. The medical group started in 2019 through a merger of 17 physician practices in the New York City Chinese community. Its founding executives include several former top executives from CityMD, the leading urgent care group in the New York and New Jersey Tri-state Area.
In 2021, both Excelsior and Rendr earned top CMS quality scores from most government-funded insurance plans in New York City, along with entering into risk-sharing contracts with several major Medicaid and Medicare payors.
The merger between Rendr and Excelsior will enable both medical groups to use each other’s complementary clinical and operational strengths to provide world-class, value-based health care to the medically underserved Asian community. “With the combined scale of Rendr and Excelsior, we have the resources, medical capabilities, and technology to represent and to care for our underserved, overlooked Asian community. We are excited to deliver the high-quality, affordable, culturally aligned, integrated healthcare that our patients deserve,” says In Seon Hwang, Co-Managing Partner of Ascend Capital Partners.
In addition to focusing on primary care, the combined enterprise will provide approximately 20 clinical specialties to manage the health of a patient population of more than 200,000 at close to 100 clinical offices throughout Brooklyn, Manhattan, Queens and Staten Island.
“We believe the combined enterprise is incredibly valuable to a large segment of New York City, and our backing of the expanded medical group reinforces our commitment to value-based care that benefits payors, providers and patients,” says Kunal Kain, Managing Partner at Kain Capital, who will also join the board of the new entity.
Rendr is the largest primary care focused, multi-specialty medical group dedicated to serving medically underserved Asian populations in New York City. The physician group was founded in 2019 with a mission to provide world-class health care services and serve kindness to immigrant communities. Currently, Rendr has more than 100 medical providers serving a patient population of approximately 100,000 at its 40 locations throughout Brooklyn, Manhattan, and Queens. Rendr is a member ofmanaged services organization CareAbout’s network and is financially backed by Ascend Capital Partners, a healthcare focused private equity firm.
About Excelsior Medical:
Excelsior Medical is committed to high quality, value-based medical care, by allowing physicians to share information about patient outcomes more efficiently and effectively. Founded in 2013, Excelsior’s more than 80 providers care for more than 80,000 people across Brooklyn, Manhattan, Queens, and Staten Island in New York City. Excelsior is financially backed by Kain Capital, a healthcare focused private equity firm.
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合併之後的醫療集團將命名為「百康仁德」，旗下的近200名醫生和助理醫生將在位於布魯克林、曼哈頓、皇后區和史丹頓島的近100個診所提供醫療服務。樸俊醫生將擔任百康仁德的首席執行官，陳治年醫生和林鼎貴先生將擔任聯席總裁。合併後的百康仁德獲得了Ascend Capital Partners 和Kain Capital的資金支持，這是兩家專註於醫療保健領域的私募基金。
百康醫療集團成立於2013年，最初由三家全科醫生診所合併而成。目前，百康擁有80多位醫生和助理醫生，提供12種專科服務，旗下的21個部門、59家診所分佈在布魯克林、曼哈頓、皇后區和史丹頓島。自 2016 年以來，該集團的平均營收增長率為每年 35%。2020 年至 2021 年的營收增長率達到 52%，已從新冠疫情中快速恢復。
「來自 Ascend Capital Partners 和 Kain Capital 的投資將使合併後的醫療集團有能力擴大門診服務，投資最先進的設施和醫療技術。」 仁德醫生集團董事會主席、執業內科醫生張建威說：「這些投資還將使我們拓展針對病人的健康教育、社區外展和健康管理計劃，並與其他社區醫療人員合作，為他們提供專業的資源，以更有效地提供醫療服務。」
仁德醫生是一家專註於全科服務的多專科醫療集團，在位於布魯克林、曼哈頓和皇后區的 40 家診所提供 11 種專科服務，服務大約 10萬名以亞裔為主體的民眾。該醫療集團始於 2019 年，由紐約市華人社區的 17 家醫生診所合併而成。仁德醫生的創始管理團隊包括幾位來自著名的緊急護理公司—— CityMD 的前高管。
「在合併之後，我們將有更多醫療資源、實力和技術去為資源不足、易被忽視的亞裔社區提供服務。我們將為病人們提供高質量、可負擔、符合他們文化習慣的綜合性醫療保健，這是他們應當享受的服務。」 Ascend Capital Partners聯席管理合夥人黃仁宜說。
除了專註於全科醫療服務，合併後的企業將在位於布魯克林、曼哈頓、皇后區和史丹頓島的近100家診所，為超過 20萬名患者提供 19 種專科服務。
「我們相信，合併後的企業對於紐約市很多區域而言都大有裨益。我們對合併後的醫療集團加以支持，也加強了我們對以醫療結果為導向的醫療護理的承諾，使健保公司、醫療人員和患者受益，」 Kain Capital的管理合人Kunal Kain 說。他也將加入新企業的董事會。