2023-10-03 (Tue)
LOS ANGELES, California – Seoul Medical Group (SMG) and Ascend Partners announced today a new partnership that will provide SMG with new resources, innovative technologies, enhanced IT capabilities, refined processes, and the expertise to enhance services to meet the needs of patients and families in Asian American communities Los Angeles and across the United States.
Over the past 30 years, SMG has experienced significant growth, expanding beyond California to become a leading healthcare provider in the U.S. SMG will continue operating as a physician-run, independent physician association (IPA) dedicated to helping patients with both clinical and non-clinical healthcare services. “This is a tremendous opportunity for us to partner with Ascend. This will help SMG leverage its national-level connections in the healthcare industry and provide the additional expertise and resources to deliver the highest standard of care for Asian American patients across the country,” stated Hank Lee, Chief Executive Officer, SMG.
Ascend Partners is a private equity firm dedicated to working with companies to improve the lives of patients, physicians and providers. Results from the California Community Health Survey revealed that Asian American seniors particularly need of compassion and understanding, stating that these seniors experience significantly lower life satisfaction and have received less emotional support than other racial counterparts.
“We are grateful for the opportunity to assist SMG in enhancing its dedication to continually improving the health and well-being of its patients,” said Dr. Richard Park, co-founder of Ascend Partners. “Older Asian American adults and their caretakers often face challenges navigating what can seem like a complicated and confusing healthcare system due to language skills and cultural backgrounds. With these new resources and enhanced services, SMG will be able to be even more effective to meet the growing needs of Asian American communities throughout the country.
As a son of Korean immigrants, Dr. Park has dedicated his life to transforming and redefining healthcare. He founded a company called CityMD, which grew from a single location in 2010 to nearly 150 sites treating more than 4 million patients. Dr. Park has since co-founded Ascend Partners to help companies improve the lives of patients, physicians, and providers. “We are driven to make it easier for SMG to provide better care not just for the patients, but also for physicians. We all deserve to feel like we are accepted and belong. And it is as simple as starting with caring and kindness.”
About Seoul Medical Group (SMG):
Seoul Medical Group (SMG) is a national network of independent community physicians who share a vision of improving the health and well-being of Asian American patients. Their network of Primary Care Physicians and Specialist Providers promote patient wellness while coordinating comprehensive care. Founded in 1993, Seoul Medical Group is one of the country’s leading physician-run IPAs with 4400 primary care and specialist physicians dedicated to helping patients with both clinical and non-clinical healthcare services. Visit SeoulMedicalGroup.com to learn more.
About Ascend Partners:
With a vision to transform the delivery of healthcare to those in need, private equity firm Ascend Partners was founded in 2019 by In Seon Hwang, former global head of Healthcare at Warburg Pincus, and Dr. Richard Park, founder and former CEO of CityMD. Dedicated to partnering with entrepreneurs and companies that are working to improve the lives of patients, physicians and providers, Ascend Partners supports physicians with resources, coordination, operational support, and technology to deliver the exceptional care every patient and family deserves. Visit AscendPartners.com to learn more.