Kain Capital Invests in Essen Health Care to Increase Access to Healthcare in the Bronx
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Alliance will assist Essen in its transition to value-based care
NEW YORK, April 30, 2024-- Kain Capital LLC, a leading private equity firm focused on the technology enablement of healthcare services companies, today announced that it has made an investment in Essen Health Care ("Essen" or "the Company"), the largest independent healthcare provider in the Bronx with over 450 practitioners and over 1.7 million patient encounters per year. This is the third primary care/multi-specialty care group investment for Kain Capital.
The funding will allow Essen to open new clinics to expand medical coverage across the Bronx, a large, underserved market with a substantial poverty rate and 80% fewer physicians than Manhattan, despite a similar population size. Kain's newly formed Kain Analytics team will bring data science and analytics to Essen to help identify care gaps and find and treat chronic diseases.
"There is a huge unmet need in the Bronx to identify and address chronic and acute diseases, including cancer, at an earlier stage," said Kain Capital Managing Partner Kunal Kain. "Given the shortage of healthcare providers in the Bronx, patients are often diagnosed when an illness is farther along. Kain Analytics will help Essen engage with patients and get them the proper care they need sooner."
Essen has been operating successfully in a complex, underpenetrated and fragmented environment with high barriers to entry, providing high-quality care to the high-needs population of the Bronx through the ACO Reach program, which has very high patient satisfaction. Kain's investment will enable Essen to build on this foundation and continue to transition to a value-based care model.
"Kain Capital shares our commitment to health equity, and we are thrilled to have them as a partner," said Dr. Sumir Sahgal, Founder and Chief Medical Officer of Essen. "The capital will enable Essen to open new, large-scale centers with primary care, specialties and urgent care under one roof, and to grow our House Calls service, which currently serves over 20,000 patients, to bring all of these services into the homes of patients who cannot make it into an office. This partnership will help expand Essen's outreach to a vulnerable population through increased access to all facets of healthcare and incorporating new technologies as part of overall and ongoing care management. We look forward to working with Kain Capital and Kain Analytics."
About Kain Capital LLC
Kain Capital is a private equity firm focused on investments in healthcare services and information technology companies. The firm partners with founders and entrepreneurs seeking additional capital, technology capability and resources to enhance and grow their existing services. Kain Capital does not utilize debt in its investments so that capital can be focused on maximizing growth and the quality of services to patients. More information about Kain Capital can be found at www.kaincap.com.
About Essen Health Care
Essen Health Care is an integrated, multi-specialty healthcare delivery organization that provides quality, compassionate, and accessible medical care to many of the most under-served residents of New York State. Guided by a population health model of care delivery, Essen's patient-centric approach is focused on meeting patient needs in all care settings. For more information, visit https://www.essenhealthcare.com.
Contact:
Lambert
Joanne Lessner, jlessner@lambert.com, 212-222-7436
Caroline Luz, cluz@lambert.com, 203-570-6462
Kain Capital
Harry Zirinsky, Head of Business Development
Harry.z@Kaincap.com
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