Blue Wolf’s joint venture with The Brooklyn Hospital Center has allowed the not-for-profit hospital to develop outpatient facilities throughout its service area and become a showcase for 21st century patient care.
New York City is home to some of the nation’s greatest medical institutions—but convenient access to high quality care for low and middle income families is difficult to find, especially in the City’s boroughs outside of Manhattan. A part of this issue stems from a regulatory structure that restricts access to capital for providers. The Brooklyn Hospital Center, a leading community and academic medical center in Brooklyn, provides excellent care and has deep market knowledge and strong community relationships. Despite its stable financial position though, the hospital lacked the resources to build modern, efficient outpatient facilities.
Blue Wolf, through its New Found Health LLC healthcare management platform, and The Brooklyn Hospital Center formed a joint venture to provide the hospital with urgently needed capital. Because the hospital was a not-for-profit, careful consideration was given to its long term objectives, and the investment was designed to meet the Board’s fiduciary standards.
The joint venture’s first project was the development of ModernMD Urgent Care, a network of urgent care centers throughout the hospital’s service area. Through this and similar efforts, the joint venture merges our capital and managerial expertise with the hospital’s medical and community knowledge to expand a proven model of care to drastically underserved communities.
All constituencies benefit from easy access to affordable, community-based healthcare utilizing advanced management and medical approaches. In collaboration with us, The Brooklyn Hospital Center is able to bring patients high quality, affordable care close to home integrated with a world class hospital. The hospital can provide better care because emergency rooms are saved for emergency cases, with less acute care provided in a more appropriate setting. Payers—whether individuals, government agencies or insurance companies—benefit because every instance of a patient treated at an urgent care site improves patient satisfaction and delivers care at a lower cost than is possible in a hospital setting. In addition, the community benefits because population health improves with better access to care.
ModernMD Urgent Care has numerous sites under development with strong ambitions to expand its geographic reach. Meanwhile, together with The Brooklyn Hospital Center, we are exploring additional outpatient models for growth. The Brooklyn Hospital Joint Venture is strengthening the hospital’s healthcare delivery network while creating value for both the hospital and its investors.