TAMPA, Fla.--(BUSINESS WIRE)--Leaders from Dedicated Senior Medical Center and its parent ChenMed joined today with executives from Turner Impact Capital, one of the nation’s largest social impact investment firms, at a festive Grand Opening celebration for an innovative new medical facility that brings affordable, concierge-style medical care to seniors.
The 10,000-square-foot primary care medical center at 1901 Fletcher Avenue is the newest Dedicated center to open as part of ChenMed’s $200 million investment in the Tampa area, as well as the first ground-up medical facility developed by Turner Impact Capital’s Turner Healthcare Facilities Fund. Since 2017, Turner Impact Capital has effectively developed a total of six medical practices in Tampa, Jacksonville, Bradenton and St. Petersburg for ChenMed.
“Our rapid expansion in greater Tampa Bay is transforming care for local seniors, who each deserve an outstanding relationship with a primary care physician that includes daily walk-in appointments and having the doctor’s cell phone number for immediate attention whenever a medical need arises,” said Christopher Chen, M.D., ChenMed Chief Executive Officer. “Turner Impact Capital’s prowess with real estate development for underserved communities allows us to better meet burgeoning demand nationwide for affordable VIP care that delivers better health.”
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 is 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 socially conscious investors.
“Today is a great day for seniors in the North Tampa area, who now have access to a modern and beautiful healthcare facility where they can receive top-quality medical care,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “Our partnership with the visionary team at ChenMed has proven to be a powerful way to fulfill our mission of improving healthcare outcomes and reducing disparities for those in underserved communities in a scalable and sustainable way.”
Today’s opening comes at a time of rapid growth for ChenMed, which recently announced a $200 million investment to open 10 Dedicated Senior Medical Centers in greater Tampa over the next five years. A provider of high-quality health care to underserved seniors since 2010, Dedicated Senior Medical Center is committed to delivering exceptional outcomes that help patients avoid unnecessary trips to the hospital and emergency room. Dedicated physicians throughout Florida (Bradenton, Clearwater, Jacksonville, Lakeland, Largo, Tampa, St. Petersburg) and in Philadelphia build strong relationships with their patients and offer same-day appointment options for seniors seeking immediate care.
The September 2018 American Journal of Managed Care published research showing how seniors served by ChenMed practices benefit from: 50% fewer in-patient hospital admissions; 28% lower total cost of care; and up to 41% higher preventive medication use. See AJMC abstract and ChenMed release to learn more. Plus, a recent report showed that ChenMed doctors spend 189 minutes face-to-face with each patient annually—more than nine times the national average. As a result, ChenMed rates of ER visits are 33.6 percent lower than the national average among Medicare beneficiaries.
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. 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. By enhancing the quality and convenience of care, facilities developed by the Turner Healthcare Facilities Fund can improve patient satisfaction and reduce the troubling disparities in health outcomes based on the income, ethnicity and location of patients.
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 http://www.turnerimpact.com or @turnerimpact on Twitter.
About Dedicated & ChenMed
For seniors most in need of care, high-quality health care too often is beyond reach. Dedicated brings concierge-style medicine—and better health outcomes—to the neediest populations. The value-based care provider primarily serves seniors with low-to-moderate incomes, most of whom are 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 50 medical centers in Florida, Georgia, Illinois, Louisiana, Kentucky, Pennsylvania and Virginia. Well-known ChenMed brands include Chen Senior Medical Center, Dedicated Senior Medical Center, and JenCare Senior Medical Center.
