Seoul Medical Group (SMG) and Korean American Medical Group (KAMG), the two leading Asian-American-focused medical groups and physician networks in the United States, announced that they have merged. Ascend Capital Partners (Ascend), a healthcare focused private equity firm dedicated to improving the access, affordability and quality of healthcare for vulnerable and underserved populations, is sponsoring the transaction. Ascend previously invested in SMG in 2023.
The partnership between SMG, KAMG and Ascend forms one of the leading physician-led networks in the United States, dedicated to providing both high-quality clinical and non-clinical healthcare services. Combined, SMG and KAMG serve nearly 100,000 patients and more than 5,000 primary care and specialist physicians across California, Georgia, Hawaii, New Jersey, New York, Virginia and Washington. The merger expands SMG’s position as the largest Asian-American-focused medical group and physician network, building on SMG’s and KAMG’s long-standing histories of serving Asian-American physicians, patients and communities.
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Through the partnership, Ascend will provide the combined company with additional capital to invest in infrastructure, technology and operational processes.
“As a leading national medical group, SMG is committed to improving care quality, affordability and outcomes for patients across the markets we serve,” said Dr. Richard Park, Executive Chairperson of the SMG board and Co-Founder of Ascend Partners. “Consistent with that focus, the partnership between SMG, KAMG and Ascend is a milestone in enhancing the healthcare landscape for Korean-American and Asian-American communities in the U.S.”
“We are thrilled to partner with SMG and Ascend, both of which share our deep-rooted mission of supporting underserved communities,” said Dr. James Hahn, President of KAMG. “We look forward to enhancing our operations with SMG’s technology and administrative capabilities, while utilizing Ascend’s resources to further expand access for patients.”
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“The U.S. healthcare system is complex, fragmented and can be difficult to navigate, particularly for those who need to overcome language and cultural barriers,” said In Seon Hwang, Co-Founder and Managing Partner of Ascend Partners. “Partnering with both SMG and KAMG reaffirms our commitment to advancing healthcare for Asian-American communities.”
SMG also owns Advanced Medical Management (AMM), a management services organization (MSO) that provides comprehensive administrative services to physicians, including claims processing, care management, compliance, quality training, utilization management and credentialing.
“We are bringing innovation to the physician network space and driving transformation at SMG, and we are excited to welcome KAMG’s providers, patients and their partners, to help empower these physicians to continue delivering the quality healthcare we all deserve,” said Myong Lee, Chief Executive Officer of AMM.
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Source – businesswire
