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.
NEW YORK, Nov. 28, 2022 /PRNewswire-PRWeb/ -- 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.
John Hui, Rendr, 1 646-630-8266 Ext: 247, [email protected]