Urgent care was one of private equity’s earliest healthcare fixations. Now, more than two decades later, investors may have found the ceiling in some markets. Experts following the urgent-care industry—which now stands at more than 10,400 locations—say that not only are some cities becoming oversaturated with clinics, private equity owners face a growing list of competitors who want to run them, namely health systems and health insurers. Telehealth’s swelling popularity also poses a looming challenge, as patients are increasingly comfortable getting their sore throats or rashes diagnosed over video in lieu of a clinic visit.
ConvenientMD (“the Company”), New England’s leading urgent care provider, today announced that it has secured an investment to support its continued growth from Bain Capital Double Impact, a leading social impact investor. Founded in 2012 and headquartered in Portsmouth, New Hampshire, ConvenientMD operates 26 urgent care clinics in suburban and rural areas across New Hampshire, Maine, and Massachusetts, with a focus on markets that have been underserved by primary care providers and urgent care centers.
Mountainside Medical Center has announced its acquisition of Immedicenter offices in Bloomfield and Clifton. The offices will be renamed Hackensack Meridian Mountainside Immedicenter. Serving the community for over 35 years, Immedicenter provides patients with immediate care for injuries and acute illness. The center also offers primary care and chronic care services. The acquisition solidifies a long-standing relationship between Mountainside Medical Center and Immedicenter, further strengthening the entities’ abilities to provide a full range of services to the communities they serve.
FastMed announced Friday that it has completed the transaction to purchase Tenet Healthcare’s urgent care platform that includes 87 CareSpot and MedPost clinics in Arizona, California, Florida and Texas. With this expansion, FastMed is now one of the nation’s largest urgent care providers with 192 total clinics. The addition of CareSpot and MedPost urgent care clinics enables FastMed to increase patient access to its unique model of high-quality, convenient, affordable and compassionate care in Arizona and Texas, where FastMed has an existing presence, while expanding this model to Florida and California where the majority of the acquired clinics are located.
For years, many women with common but urgent conditions like painful urinary tract infections or excessive bleeding in the aftermath of a miscarriage have faced a grim choice between waiting weeks for an appointment with their regular OB-GYN or braving hours in an ER waiting room. Urgent care OB-GYN clinics have begun popping up around the country in recent years, and the covid pandemic has increased demand. While no data is available on the number of urgent care clinics for women, they are part of a surge of interest in urgent care clinics in general and other alternative models like retail clinics and so-called digital-first health care startups.
A new report calls attention to the lack of regulation surrounding urgent-care clinics—a popular source of COVID-19 tests during the pandemic—and implores states to boost their oversight. Not-for-profit consumer advocacy groups Community Catalyst and the National Health Law Program found that there’s no way to ensure low-income patients are able to access and afford services at urgent-care clinics or retail health clinics. Most states don’t license the facilities, and don’t require them to serve uninsured patients or those with Medicaid.
Greg Metz, co-head of McDermott’s Private Equity Practice Group, joined Simon Bachleda, co-founder and managing partner at Revelstoke Capital Partners; Richard Park, MD, founding chief executive officer of CityMD and co-founder of Ascend Partners; and John Randazzo, senior advisor, Warburg Pincus, to discuss how urgent care practices are expanding their service offerings and driving value.
Setting the course for continued health care innovation and unified growth, Summit Medical Group, the premier physician-owned and governed multispecialty group, and CityMD, the leading urgent care provider in the New York metropolitan area, today announced a new brand identity and positioning that reflects the enterprise formed by their 2019 merger. Beginning today, the combined organization’s corporate identity, as well as the century-old brand name of the multispecialty group, is Summit Health.
Mednax, Inc. (NYSE: MD), the national medical group specializing in prenatal, neonatal and pediatric services, today announced its affiliation with NightLight Pediatric Urgent Care (NightLight), a private eight-clinic practice based in Houston. Founded in 2007, NightLight is a well-established practice that cares for families in the greater Houston metro area. The practice provides screening, diagnosis and treatment for a variety of minor non-emergent health issues, working in partnership with community pediatricians. Comprising seven physicians, 14 advanced practice providers and 20 nurses and medical assistants, the group serves more than 90,000 patients annually at eight locations throughout Houston.
Trinity Health, one of the largest multi-institutional Catholic health care delivery systems in the nation, announced Wednesday that it acquired a majority ownership stake in Premier Health, a recognized national leader in urgent care. In this new partnership, Premier Health will operate approximately 20 existing Trinity Health urgent care locations. Premier Health currently operates more than 70 urgent care clinics across seven states, each with consistently high patient satisfaction scores. Over the next few years, Premier Health will double the number of clinics it operates across several states.
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