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Dedicated Senior Medical Center, Turner Impact Capital and Local Dignitaries Welcome Community to Innovative New Medical Facility in St. Petersburg

Press Release

October 20, 2017

Dedicated Senior Medical Center, Turner Impact Capital and Local Dignitaries Welcome Community to Innovative New Medical Facility in St. Petersburg

Hundreds of seniors gather for festive ribbon-cutting at former retail center on 22nd Avenue South, the first investment of Turner Impact’s pioneering new healthcare fund

PETERSBURG, Fla. (Oct. 19, 2017) – Leaders from Dedicated Senior Medical Center and its parent ChenMed joined with representatives from Turner Impact Capital and a variety of elected officials, community leaders and local residents today to celebrate the grand opening of St. Petersburg’s first Dedicated Senior Medical Center – the first investment of the Turner Healthcare Facilities Fund.

Dedicated Senior Medical Center is a fast-growing medical practice that brings affordable, concierge-style medicine to low-income seniors through an innovative preventive care model. The 13,000-square-foot center opened today is the result of a strategic alliance with the Turner Healthcare Facilities Fund, a pioneering social impact fund operated by Turner Impact Capital that will initially invest up to $100 million in community-serving healthcare facilities in high-need areas in Florida and around the United States.

Today’s festive ribbon-cutting was attended by some 250 community members, government officials and local dignitaries. The Salvation Army also distributed food care packages of fresh and nutritious food to local seniors at no cost.

Dedicated Senior Medical Center provides improved health outcomes to seniors by offering industry-leading access to primary care physicians and specialist doctors, including walk-in appointments. The adaptive re-use of the former retail center is the fifth ChenMed practice in the greater Tampa Bay area, the 17th in Florida, and the 43rd in the United States across six states.

Additional facilities financed and developed by the fund are slated to open next year in the Tampa/St. Petersburg metropolitan area, and elsewhere in Florida.

“We are delighted to expand our services to St. Petersburg, as we continue our mission to be America’s leading primary care provider, transforming care of the neediest populations,” said Christopher Chen, M.D., ChenMed Chief Executive Officer. “Thanks to our relationship with Turner Impact Capital, we are reaching even more seniors, more quickly, with affordable VIP care that delivers better health.”

The Turner Healthcare Facilities Fund is driven by a number of long-term trends in the U.S. healthcare industry, including the rapid aging of the nation’s population. The U.S. population over 65 years old will increase by 70 percent by 2030. This cohort is more likely to have at least one chronic medical condition, which can be effectively managed through proximate preventative care facilities. Additionally, the industry is undergoing a transition from a fee-for-service payment model – focused on treating illness – to a value-based payment model focused on keeping patients healthy. Quality preventative care has the potential to lower overall healthcare costs and relies upon community-based facilities, such as primary care clinics and ambulatory surgery centers, that are proximate to the communities they serve.

Dedicated to generating “profits with a purpose,” Turner Impact Capital is an acknowledged leader and innovator in the growing field of social impact investing – an investment approach that takes into account two goals: generating positive, risk-adjusted financial returns and creating purposeful, measurable, and positive social and environmental impact through those investments. Founded in 2014, the firm is on course to surpass $2.5 billion in investment potential to address a multitude of challenges facing urban neighborhoods while delivering superior risk-adjusted returns for its investors.

“Accelerating the smartest approaches to improving healthcare outcomes in the United States – particularly among underserved populations – is the core mission of the Turner Healthcare Facilities Fund and a prime example of the daunting challenges we are committed to addressing,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “We couldn’t ask for a more impressive organization than Dedicated Senior Medical Center and ChenMed to be our partners for the first investment of our fund.”

U.S. Rep. Charlie Crist was one of numerous elected officials and dignitaries to attend the celebration.

“We welcome this new, innovative medical center to St. Petersburg, providing Pinellas seniors access to high-quality, affordable medical care they can depend on,” said Congressman Crist, who also formerly served as Florida’s governor. “Preventive care facilities are critical to improving health outcomes while reducing overall medical costs – putting patients first. I applaud Dedicated Senior Medical Center and the Turner Healthcare Facilities Fund for their long-term investment in the health of our community.”

About ChenMed
For seniors most in need of care, high-quality health care is too often beyond reach. ChenMed was founded to bring concierge-style medicine – and better health outcomes – to the neediest populations. ChenMed serves seniors with low-to-moderate incomes, most managing multiple chronic conditions, in 10 U.S. markets in six states. ChenMed’s goal is to improve health outcomes and create value for patients, physicians, and the health care system. To do that, ChenMed relies on innovative technology and a talented and resourceful team of providers. Founded by Dr. James Chen, a Taiwanese immigrant and cancer survivor, the company provides unrivaled care to seniors – particularly those enrolled in a broad range of Medicare Advantage plans in Florida, Georgia, Illinois, Louisiana, Kentucky, and Virginia.

 

About Turner Impact Capital
Turner Impact Capital is an investment management firm based in Los Angeles focused on creating sustainable solutions for many of today’s societal problems by developing and investing in community-enriching infrastructure in densely-populated, underserved communities. The firm seeks to generate superior risk-adjusted financial returns by investing in markets with large existing supply/demand mismatches of relevant community infrastructure (i.e. workforce housing, public schools and community-serving healthcare facilities) and a lack of institutional capital. The firm seeks “profits with a purpose,” recognizing the interdependence between the two and the central role that improving property and the lives of people can play in achieving superior risk-adjusted returns. The Turner Impact Capital leadership team has over 100 years of relevant experience in facilitating more than $6 billion of socially impactful and environmentally responsible real estate investments over the past two decades.

Turner Impact Capital seeks profits with a purpose. Learn more at: www.turnerimpact.com or @turnerimpact on Twitter.

 

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