CityMD and Summit Medical Group Merge to Form Leading Integrated Care Platform

On August 21, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that urgent care provider CityMD and multi-specialty healthcare institution Summit Medica Group (SMG) had announced a merger. The specific financial terms of the transaction were not disclosed.

Following the merger, the new company will have more than 6,400 employees, over 1,400 suppliers, and 200 branch locations, providing patients with comprehensive, high-quality care services. Jeffrey Le Benger, MD, of SMG, has been appointed as CEO of the merged entity. Richard Park, co-founder and CEO of CityMD, will serve as Vice Chairman. Rob Connor, President of CityMD, will become President of the new company.

It is reported that the new company will combine CityMD’s strengths in urgent care with SMG’s expertise in medical care to create a leading integrated care service platform for patients in New York State and New Jersey.

SMG, established in 1919, is one of the largest and leading multi-specialty medical groups in the United States. The company operates more than 80 branches and collaborates with over 900 specialized healthcare providers, offering a wide range of services including emergency care, outpatient services, and the diagnosis and treatment of complex diseases, thereby meeting the medical needs of the majority of patients.

Founded in 2010 by emergency medicine physicians and headquartered in New York, USA, CityMD is committed to a patient-centered service philosophy that promises sincere care for every individual and delivers efficient, advanced medical services. From its origins as a single clinic in Manhattan, CityMD has grown into a leading urgent care provider in the United States, with more than 120 locations across New York, New Jersey, and Washington State. To date, CityMD has treated over 3 million patients.

Dr. Richard Park stated, “The merged company will leverage the respective strengths of CityMD and SMG to meet the healthcare needs of diverse patient populations, enabling patients to enjoy consumer-centric, high-quality healthcare services. The new entity will significantly enhance the efficiency of referral processes and establish a highly coordinated care model, delivering more comprehensive and specialized healthcare services to patients.”

Dr. Jeffrey Le Benger stated, “This merger will propel SMG into its next phase of development. CityMD and SMG share core values centered on delivering high-quality care to patients, which forms the foundation of our successful partnership. We will establish additional points of care and further expand our primary care services.”

Warburg Pincus, a leading global private equity firm, has been providing financial support to CityMD since 2017 and will hold a majority stake in the merged company. “CityMD and SMG have excellent management teams, and we are delighted to partner with them to build a world-class integrated care service platform,” said TJ Carella, General Partner at Warburg Pincus.

(Compiled by Hu Yifan)