Private equity firm Ascend Capital Partners made an investment in a large value-based care physician group.
Medical Specialists of Palm Beach is an 85-provider multispecialty physician group focused on primary care. The practice, based in Boynton Beach, Fla., has more than 25 offices offering cardiology, neurology, hematology and oncology, as well as lab and concierge medicine services in addition to primary care.
CareAbout, a management company and service provider focused on helping physicians grow and scale their practices, also made an equity investment in Medical Specialists of Palm Beach. The practice will use funds raised to expand its footprint and value-based care offerings. It will also boost patient education efforts and invest in additional clinical specialty services.
"MSPB is now positioned to take its forward-thinking business model to the next level," said Carlos Lira, MD, chief medical officer of the practice. "In a healthcare world where big corporations are taking over private practices and hospital systems are continuing their dominance, the partnership with Ascend will ensure that our physicians can maintain their high level of quality, values and standards of care while fulfilling our mission to our patients and community."