ChenMed and Turner Impact Capital Expand Investments in New Dedicated Senior Medical Centers to Help Aging Floridians
July 25, 2018
MIAMI–(BUSINESS WIRE)–ChenMed, a leading primary care provider, and Turner Impact Capital, one of the nation’s largest social impact investment firms, are expanding their relationship by opening several new Dedicated Senior Medical Centers in Florida this year. The new facilities will bring affordable, concierge-style medical care to thousands of low- and moderate-income Bradenton, Jacksonville and Tampa Bay seniors.
The rapid expansion of Dedicated centers builds on last year’s successful opening of a Dedicated Senior Medical Center in St. Petersburg, Fla., developed by Turner Impact Capital’s Turner Healthcare Facilities Fund. Growth of that Dedicated practice has exceeded all expectations – benefiting the community, ChenMed, and Turner Impact Capital investors.
The ongoing partnership between ChenMed and Turner Impact Capital enabled three Dedicated primary care practices to open doors to patients on July 2 in Bradenton and Jacksonville. A fourth Dedicated center developed independently also opened on July 2 in Jacksonville. Turner Impact Capital investments will be instrumental in helping ChenMed establish two additional Dedicated centers in Tampa Bay this fall.
Hundreds of seniors are expected to attend each of the following Grand Opening celebrations:
- Dedicated Bradenton (1505 53rd Avenue East) – July 26-27
- Dedicated Jacksonville Westside (3059 Edgewood Avenue West) – August 9-10
- Dedicated Jacksonville Northside (6841 Blanding Blvd.) – August 14-15
- Dedicated Jacksonville Arlington (9422 Arlington Expressway) – August 16-17 (Developed independently)
“We are delighted to be deepening our relationship with ChenMed, a world-class healthcare provider that shares our mission of positive and lasting social impact,” said Bobby Turner, CEO of Turner Impact Capital. “By connecting our financial, real estate and development expertise with ChenMed’s track record of sustainable clinical success, we can provide best-in-class healthcare facilities that have a measurable impact on improving health care access and outcomes for low-income seniors.”
Dedicated and its parent company, ChenMed, honor seniors with affordable VIP care that delivers better health. For more than 30 years, ChenMed primary care physicians and specialist doctors have been earning the trust needed to transform health outcomes for Medicare-eligible seniors. The results are as impressive as they are scalable. ChenMed patients have rates of Emergency Room visits that are 34 percent lower than the national average among Medicare beneficiaries. ChenMed patients also average 28 percent fewer in-patient hospital admissions and 25 percent fewer in-patient days in the six states where the innovative medical practice serves seniors.
“Our doctors are passionate about delivering VIP service, detecting and managing high-risk diseases, and reducing hospital sick days,” said Christopher Chen, MD, CEO of ChenMed. “Thanks to Turner Impact Capital, we keep accelerating the transformation of care of the neediest populations.”
The Turner Healthcare Facilities Fund is a pioneering social impact fund with a focus on developing high-quality medical facilities for proven healthcare providers in communities with underserved patient populations. The fund will be positioned to invest up to $500 million in healthcare facilities focused on primary care, transitional care, ambulatory care and other specialties, while generating superior risk-adjusted returns for investors.
About Dedicated & ChenMed
For seniors most in need of care, high-quality health care too often is beyond reach. Dedicated Senior Medical Center – which currently operates nine medical practices in Bradenton, Clearwater, Jacksonville, Lakeland, Tampa, and St. Petersburg, Fla. – will, within months, further expand its Tampa Bay presence and enter Philadelphia. Part of the ChenMed family of companies, Dedicated brings concierge-style medicine – and better health outcomes – to the neediest populations. The value-based care provider serves seniors primarily with low-to-moderate incomes, most managing multiple chronic conditions.
Dedicated’s (ChenMed’s) mission is to honor seniors with affordable VIP care that delivers better health. To do that, Dedicated relies on innovative technology and a talented, resourceful and compassionate team of providers. Founded by Dr. James Chen, a Taiwanese immigrant and cancer survivor, ChenMed operates more than 40 medical centers in Florida, Georgia, Illinois, Louisiana, Kentucky, and Virginia. Well-known ChenMed brands include Chen Senior Medical Center, Dedicated Senior Medical Center, and JenCare Senior Medical Center. To learn more about Dedicated Senior Medical Center and its locations, visit www.dedicated.care.
About Turner Impact Capital
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 $3 billion in investment potential to address some of the most pervasive social issues challenging urban neighborhoods, such as healthcare, workforce housing and education, while delivering superior risk-adjusted returns for its investors.
For more information about Turner Impact Capital and the Turner Healthcare Facilities Fund, visit www.turnerimpact.com or @turnerimpact on Twitter.