Seoul Medical Group held an event to celebrate SMG’s 30th-anniversary and the launch of their M&A (Merger and Acquisition) partnership with Ascend Partners at the InterContinental Los Angeles Downtown on the evening of October 5.
The event was attended by more than 300 doctors and guests. The organizers explained the details of the recently announced merger and acquisition partnership between Seoul Medical Group (SMG, President Min Y. Cha) and Ascend Partners (co-founders In Seon Hwang and Richard Park) and emphasized that SMG will transform into an Asian American medical group that goes beyond serving just the Korean American community.
Seoul Medical Group and Ascend Partners jointly announced on October 3, through a press release, that they have merged into a partnership aimed at providing high-quality healthcare services to the Asian American community, including the Korean American community.
Seoul Medical Group stated that this partnership will strengthen its nationwide network of physicians and drive innovation in its systems. Ascend Partners will provide financial, operational, and medical technology support to assist SMG physicians in delivering the best possible care and treatment experience to their patients.
“Through our partnership with Ascend Partners, we are bringing in new capital, innovative technology, enhanced IT capabilities, streamlined processes, and expertise,” said Seoul Medical Group.
“Our partnership with Ascend will enable Seoul Medical Group to leverage its national network in the healthcare industry and provide patients with the highest level of care,” said Hank Lee, President of Advanced Medical Management, Seoul Medical Group’s medical management organization.
“We are grateful for the opportunity to continue providing better healthcare and well-being for Seoul Medical Group’s patients,” said Ascend Partners co-founder and physician Dr. Richard Park. “With new resources and enhanced services, Seoul Medical Group will be able to overcome language and cultural barriers across the United States. We will be even more dedicated to ensuring our patients receive the highest quality care.”
According to Seoul Medical Group, the parties signed a merger and acquisition (M&A) agreement in July. Ascend Partners will hold two-thirds of Seoul Medical Group, while the original Seoul Medical Group will maintain a one-third stake. The company will continue to independently operate under the SMG’s name and its existing network systems, including medical services.
Founded in 1993, Seoul Medical Group is a physician network serving more than 70,000 patients and operating 4,800 medical centers across the United States. It is recognized for building its scale and strength with first-generation Korean American physicians, including President Min Y. Cha.
Ascend Partners, founded in 2019 by In Seon Hwang (a 1.5-generation Korean American) and Richard Park (a second-generation Korean American), collaborates with major medical groups to provide patient-centered care. Dr. Park, in particular, founded CityMD urgent care centers in 2010 and grew them to 150 centers, treating more than 4 million patients.
BY HYOUNGJAE KIMÂ Â [kim.ian@koreadaily.com]
