2024-09-18 (Wed)
Los Angeles, CA – As part of its community outreach initiative, Seoul Medical Group (SMG), one of the country’s leading physician-run Independent Physician Associations, is partnering with private equity firm, Ascend Capital Partners, and the Korean American Community Foundation (KACF) to fund and support Korea Town Senior and Community Center (KSCC) and Somang Society.
Founded in Los Angeles 30 years ago by dedicated Korean American physicians, SMG has grown to become one of the largest and most important medical groups serving Asian American patients across the United States with high quality healthcare. Since its partnership with Ascend in 2023, SMG has launched a program to give back to under-resourced community members.
KACF is a trusted partner that serves under-resourced Korean American individuals and families by mobilizing the community to engage in a culture of giving. “As KACF expands nationally, we are excited to work with SMG and Ascend in a new donor-advised partnership to support the Korean American community in Los Angeles. We look forward to directing crucial funding and support to ensure that local nonprofits get the resources they need to continue their vital work,” said Kyung B. Yoon, KACF President & CEO. “The grants, administered by KACF on behalf of SMG, exemplify our shared commitment to giving back to the communities we serve, with KACF providing guidance and resources to maximize the impact of these funds.”
KSCC is a non-profit organization building a supportive community for seniors with cultural, educational and social community activities. KSCC has been dedicated to providing opportunities for seniors to socialize with community members and friends to keep the mind, body, and spirit engaged in meaningful activities. Funding will also support its Parent’s Day festival taking place in 2025.
The funds donated to the Somang Society will be utilized as part of their “Well Aging” initiatives that provide educational tools and resources to educate and help Asian American seniors and their caretakes address and cope with Alzheimer’s and dementia. Somang Society has been instrumental in empowering Asian American seniors since 2007.
These donations are part of SMG’s mission and dedication to giving back to the communities it serves by building a culture of health and wellness. “As a son of Korean immigrants, I have seen firsthand the hard-work, dedication and sacrifices immigrants have made for our future generations,” said Myong Lee, SMG Chief Executive Officer. “We are honored to be in a position to help organizations like KSCC and Somang to put the needed resources in place to help care for them just as much as they have cared for others.”
SMG and Ascend continue to be dedicated to showing their appreciation for the Korean community and beyond by providing cultural care and compassion for patients and their families as well as supporting organizations to build a healthier and brighter future for the underserved.
About 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 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 4,800 primary care and specialist physicians dedicated to helping patients with both clinical and non-clinical healthcare services. Visit SeoulMedialGroup.com to learn more.
About Ascend
Ascend Partners is a growth-oriented, healthcare-focused private equity partnership whose mission is to build thriving communities by investing in companies and entrepreneurs who are improving healthcare access, affordability, and quality for vulnerable and underserved populations. Founded in 2019, Ascend is led by co-founders In Seon Hwang, former global head of Healthcare at Warburg Pincus and member of the Executive Management Group, and Dr. Richard Park, founder, and former CEO of CityMD, a leading patient-centric healthcare services company in New York and New Jersey. For more information, please visit www.ascendpartners.com.
About KACF
The Korean American Community Foundation (KACF) is the leading organization in the United States mobilizing Korean American philanthropy to drive positive change in our communities. Since 2002, KACF has invested $14 million in strengthening the economic security of Korean and Asian Americans by fostering a culture of giving that has brought together thousands of Korean American donors. For more information visit www.kacfny.org
About KSCC
Korea Town Senior and Community Center is a non-profit organization with a mission to bring people together in Los Angeles. KSCC has been supporting and providing cultural, educational and communities for seniors since 2011. For more information visit www.ksccla.com
About Somang Society
Somang Society empowers Asian American seniors to impact communities by fostering programs and assistance that fall under their umbrellas of “Well Being, Well Aging and Well Dying.” Programs include education to help improve knowledge, attitudes and behaviors of Korean American serios about aging, dementia prevention/care, and advanced care planning. To donate visit www.somangsociety.org/donate