The Brooklyn Hospital Center (TBHC) and Blue Wolf Capital Partners announced today the formation of a joint venture aimed at dramatically expanding the provision of community-based health care across underserved neighborhoods in Brooklyn. The partnership will provide capital to construct and operate a new network of urgent care centers that will complement the 169-year-old Fort Greene hospital’s existing neighborhood-based health facilities. The news of health care expansion comes at a time when community hospitals across the region are focused on expanding delivery of outpatient services in areas where access to ambulatory care is often limited.
“We are focused on finding innovative ways not only to continuously improve quality, efficiency and delivery of care at our full-service hospital, but also on expanding community care in underserved neighborhoods across Brooklyn,” said The Brooklyn Hospital Center’s President and CEO Dr. Richard B. Becker. “Our hospital and our health care network are strong, and this partnership will provide access to capital for urgent care centers that will expand our services in underserved Brooklyn neighborhoods that are at the core of our hospital’s mission. Because Blue Wolf Capital Partners has unique knowledge of the healthcare industry, the firm represents an ideal partner in our effort to meet the difficult financial challenges posed in our market through a joint venture developed to comply with New York’s strong regulatory environment.”
“We have a long-standing commitment of helping strong, well-managed hospitals deliver care to communities in need,” said Blue Wolf Capital Partners’ Managing Partner Adam Blumenthal. “In an era of sweeping health care transitions, through New Found Health LLC, a Blue Wolf portfolio company, we are proud to help sustainable networks of delivery best meet the community health needs of diverse neighborhoods in markets that are under increasing financial stress. We believe in sustainable, localized community health care, and we are excited to play a role in its expansion in Brooklyn.”
In addition to its main, 464-bed Fort Greene campus, The Brooklyn Hospital Center runs community health facilities in Bushwick, Greenpoint, Sunset Park, Williamsburg, and Brooklyn Heights. The joint venture with Blue Wolf Capital Partners is eyeing further expansion into Williamsburg and Sunset Park, two federally-designated primary care health professional shortage areas (HPSA) in Brooklyn, with a goal of constructing as many as six new urgent care centers by the third quarter of 2015, and operating a total of ten centers by mid-2016. The urgent care centers will be under the medical direction of The Brooklyn Hospital Center, with Blue Wolf Capital Partners working to provide private financing and real estate options that best match neighborhood needs.
“By searching for innovative ways to provide the care that our neighborhoods need, The Brooklyn Hospital Center is proving that it’s committed to our community’s health and to sustainable delivery of care well into the future,” said Ngozi Moses, Executive Director of the Brooklyn Perinatal Network. “The health care marketplace in Brooklyn faces enormous financial stress and unique challenges posed by declining utilization of hospital in-patient services as well as reforms in health care delivery. I applaud The Brooklyn Hospital Center and Blue Wolf Capital Partners for finding innovative ways to navigate this terrain and protect and expand our community’s access to care.”
About The Brooklyn Hospital Center
Founded as the borough’s first voluntary hospital, The Brooklyn Hospital Center (TBHC) has been keeping Brooklyn healthy since 1845. Today, it is a 464-bed community teaching hospital, and provides a full range of primary, specialty, diagnostic and tertiary care with a team of outstanding physicians, nurses and staff. TBHC services almost 300,000 annual patient visits throughout Brooklyn. Located in the heart of Downtown Brooklyn, TBHC is a clinical affiliate of The Mount Sinai Hospital and an academic affiliate of The Icahn School of Medicine at Mount Sinai. TBHC has fully accredited, independent residency programs in emergency medicine, internal medicine, general surgery, obstetrics and gynecology, pediatrics, pharmacy, family medicine, general dentistry and oral and maxillofacial surgery. TBHC trains more than 250 physicians each year. For more information, visit http://www.tbh.org. You can also find The Brooklyn Hospital Center on Facebook, Twitter and YouTube.
About Blue Wolf Capital Partners
Blue Wolf Capital is a private equity firm that takes control stakes in middle market companies based in the United States and Canada, and works with those companies to resolve complexities and achieve sustainable growth. Blue Wolf invests in strong businesses whose value can be increased by constructive resolutions of complex challenges, particularly those involving financial or operational distress, troubled labor relations, or governmental or regulatory issues. In July 2013, Blue Wolf closed on $300 million in limited partner equity commitments for its latest fund, Blue Wolf Capital Fund III, L.P. For additional information, please visit www.blue-wolf.com.