The Turner Healthcare Facilities Fund is initially positioned to invest up to $100 million in community-serving healthcare facilities, beginning with a patient-centered
senior care center in St. Petersburg, Florida
LOS ANGELES (August 23, 2017) – Turner Impact Capital, one of the nation’s largest social impact investment firms, has launched a new investment initiative to address the large and growing need for community-serving healthcare facilities that can improve access to quality care, reduce costs and ultimately improve health outcomes for residents of low- and moderate-income urban communities throughout the U.S.
The Turner Healthcare Facilities Fund will invest in and develop high-quality medical facilities for proven healthcare providers in communities with underserved patient populations. Initially, the fund is positioned to invest up to $100 million in facilities focused on primary care, transitional care, ambulatory care and other specialties, while generating market-rate financial returns for investors.
The fund’s first investments will be in facilities developed for Dedicated Senior Medical Centers, a family-owned primary and specialty care practice operated by ChenMed, an innovative Florida-based physician practice that brings concierge-style medicine and improved health outcomes to low- and moderate-income seniors. The first Turner-funded center, opening this month, is an adaptive re-use of a 13,000-square-foot former retail space in St. Petersburg, FL. Additional sites financed and developed by the fund are slated to open next year in the Tampa/St. Petersburg metropolitan area, and elsewhere in Florida.
The Turner fund is driven by a number of long-term trends in the U.S. healthcare industry, including the ongoing transition from a fee-for-service payment model – focused on treating illness – to a value-based payment model focused on keeping patients healthy. Preventative care lowers costs and increases demand for community-based facilities, such as primary care clinics and ambulatory surgery centers.
Another of the fund’s key drivers is the rapid aging of the nation’s population. The U.S. population over 65 years old will increase by 70 percent by 2030, from approximately 40 million to nearly 73 million. This cohort is more likely to have one or more chronic medical conditions and proximate preventative care facilities are critical to the effective management of these conditions.
“The United States spends more than any other nation on healthcare, yet we rank in the bottom 25 percent of developed nations in key outcomes such as life expectancy and infant mortality,” said Bobby Turner, CEO of Turner Impact Capital. “We can do better. The Turner Healthcare Facilities Fund is a sustainable and scalable solution to ensure that communities in need can access top-quality healthcare more conveniently and affordably.”
Harnessing the Turner team’s extensive real estate experience, the fund will deliver resources and expertise to providers like ChenMed, who have proven track records of financial and clinical success. By enhancing the quality and convenience of care, the facilities that Turner develops will reduce the troubling disparities in health outcomes based on the income, ethnicity and geography of patients.
“Low-income individuals and people of color often lack access to care, receive poorer quality care, and experience worse health outcomes than the general population,” said Dan Millman, Principal and Chief Operating Officer for Turner Impact Capital. “By developing top-quality healthcare facilities directly where they are needed, we can have a measurable impact in reducing these disparities and improving health and patient satisfaction in a meaningful way. This is exactly the approach ChenMed is taking.”
ChenMed’s unique approach consistently provides affordable care and a superior experience for patients. ChenMed primary care physicians focus on prevention, early interventions, patient behavior modification, and practical solutions. ChenMed physicians earn trust by being highly accessible and accountable to the seniors they serve. In addition to encouraging patient walk-in appointments when needed, ChenMed makes it easy for patients to see specialist doctors; fill prescriptions on-site; get timely labs and imaging on-site; and access courtesy transportation.
“ChenMed is excited to work with Turner Impact Capital to develop more of our convenient, patient-centered medical centers for seniors across the U.S.,” said Christopher Chen, M.D., ChenMed Chief Executive Officer. “Turner Impact Capital is a natural partner for us. We are both mission-driven organizations committed to improving access to high-quality healthcare where it’s needed most.”
Dr. Chen added that the strategic partnership with Turner offers a unique opportunity to change the dynamics of U.S. healthcare. “While the industry focuses investment on serving higher-income patients with expensive tertiary care, there is a real need to help at-risk seniors in neighborhoods across America. As an industry leader in value-based care, we salute Turner Impact Capital for helping us transform healthcare for the neediest populations.”
Dedicated to generating “profits with a purpose,” Turner Impact Capital is an acknowledged leader and innovator in the growing field of social impact investing – an investment approach that takes into account two goals: generating positive, risk-adjusted financial returns and creating purposeful, measurable, and positive social and environmental impact through those investments. Founded in 2014, the firm is on course to surpass $2.5 billion in investment potential to address a multitude of challenges facing urban neighborhoods while delivering superior risk-adjusted returns for its investors.
In addition to healthcare, Turner Impact Capital is focused on two complementary investment strategies to help address some of the country’s most pervasive social issues through real estate infrastructure-related solutions. The firm’s targeted education strategy – the Turner-Agassi Charter School Facilities Fund, a partnership with tennis legend Andre Agassi – seeks to meet the growing demand for quality charter school facilities, improving the educational achievement and life outcomes for underserved students. The firm’s housing strategy – the Turner Multifamily Impact Fund – is dedicated to preserving housing affordability for working individuals and families by acquiring, preserving and enriching workforce housing communities in urban areas. Basketball star Chris Paul and actress Eva Longoria both serve as investors and ambassadors for the housing fund.
About Turner Impact Capital
Turner Impact Capital is an investment management firm based in Los Angeles focused on creating sustainable solutions for many of today’s societal problems by developing and investing in community-enriching infrastructure in densely-populated, underserved communities. The firm seeks to generate superior risk-adjusted financial returns by investing in markets with large existing supply/demand mismatches of relevant community infrastructure (i.e. workforce housing, public schools and community-serving healthcare facilities) and a lack of institutional capital. The firm seeks “profits with a purpose,” recognizing the interdependence between the two and the central role that improving property and the lives of people can play in achieving superior risk-adjusted returns. The Turner Impact Capital leadership team has over 100 years of relevant experience in facilitating more than $6 billion of socially impactful and environmentally responsible real estate investments over the past two decades.
Turner Impact Capital seeks profits with a purpose. Learn more at: www.turnerimpact.comor @turnerimpact on Twitter.
For seniors most in need of care, high-quality health care is too often beyond reach. ChenMed was founded to bring concierge-style medicine – and better health outcomes – to the neediest populations. ChenMed serves seniors with low-to-moderate incomes, most managing multiple chronic conditions, in 10 U.S. markets in six states. ChenMed’s goal is to improve health outcomes and create value for patients, physicians, and the health care system. To do that, ChenMed relies on innovative technology and a talented and resourceful team of providers. Founded by Dr. James Chen, a Taiwanese immigrant and cancer survivor, the company provides unrivaled care to seniors – particularly those enrolled in a broad range of Medicare Advantage plans in Florida, Georgia, Illinois, Louisiana, Kentucky, and Virginia.
Dedicated Senior Medical Center patients enjoy industry-leading access to their physicians, and more personalized medical care. The popular Florida-based medical practice with two centers in Lakeland, and one in East Tampa, effectively provides concierge-type medical care with primary care physicians being supported in center by cardiologists, podiatrists, and other specialist doctors. Dedicated is seeing patients at its new Clearwater and St. Petersburg locations beginning in August 2017.
# # #