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Author: UCA Admin/Friday, June 21, 2019/Categories: Industry News
(from Yahoo! Finance)
CityMD, the leading urgent care provider in the New York metro area, and Summit Medical Group (SMG), one of the nation's premier independent multispecialty medical practices, have entered into a definitive agreement to merge, pending regulatory approvals. The combined organization will offer patients a seamless experience across a full spectrum of high-quality primary, specialty, and urgent care.
The combined company will focus on providing high-quality medical care with exceptional convenience and value. Merging CityMD's strength in urgent care and Summit Medical Group's expertise in coordinated, value-based primary and specialty care, will create a uniquely accessible and comprehensive model for patients across the New York / New Jersey metro area.
"Since its inception in 2010, CityMD has built healthier, kinder communities by providing high-quality, convenient, and compassionate care for everyone," said Richard Park, MD, Chief Executive Officer and co-founder of CityMD. "This exciting merger will integrate our urgent care centers with an exemplary multispecialty medical organization and expand patient access to some of the best medical care in the tri-state area."
"Our companies are united by a shared belief that upholding a patient-centered philosophy in today's environment means providing convenient, on-demand access to outstanding primary care, cutting-edge specialty care, and a breadth of ancillary services," said Jeffrey Le Benger, MD, Chairman and Chief Executive Officer of Summit Medical Group.
Warburg Pincus, a leading global private equity firm focused on growth investing, partnered with CityMD in June 2017. "Warburg Pincus is pleased to support the merger of these two exceptional healthcare companies in creating the leading physician-centric and consumer-oriented integrated delivery system in the largest US healthcare market," said TJ Carella, Managing Director of Warburg Pincus.
Full story here.
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