CityMD, an urgent care provider in the New York metro area, and Summit Medical Group, operator of independent multispecialty medical practices, on Wednesday 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 1400 providers, over 6400 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 health care-focused private equity fund, is also making an investment in the combined company. Terms of the transaction were not disclosed.
Dr. Jeffrey Le Benger, who was at the helm of Summit Medical Group, will serve as chief executive officer of the combined organization. Dr. Richard Park, CityMD’s co-founder and CEO, will serve as its vice-chairman. Rob Connor, CityMD’s president, will become president of the combined group.
Summit Medical Group said that by leveraging CityMD’s strength in urgent care and its own 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 New York/New Jersey 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.
“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 Park, “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 Le Benger. “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.”