September 21, 2022
Modern MD was founded in 2014 to help ensure equitable access to high-quality healthcare. In neighborhoods across Brooklyn and Queens in New York City, the mission-driven company is working to close a glaring medical care gap for thousands of people.
As an early-stage business, Modern MD needed additional capital to grow and expand its impact. The New Markets Tax Credit program provided a financing option for Modern MD that reflected its own mission—drive equitable access to disadvantaged communities.
Learn more about why NMTCS provided the perfect solution to empower Modern MD’s growth.
There is a healthcare shortage in Brooklyn and other economically distressed areas of New York City that is not being met by existing treatment options. The average wait time to see a doctor in Brooklyn emergency rooms is 264 minutes and the average cost of an emergency room visit nationwide is $1,423. Studies indicate that 56-percent of emergency room visits can be treated at urgent care clinics. Due to increased convenience and lower costs, urgent care facilities have sprung up all over Manhattan and booming areas of the city. Few, however, have targeted the minority, immigrant heavy, and economically distressed areas of the outer boroughs.
Modern MD opened its first location in Brooklyn early 2015. By 2018, the company’s five locations were generating revenue but lacked the cash flow to self-fund expansion. Modern MD’s senior management wanted to access this capital in a socially responsible and ethical way that reflected its commitment to its community. The federal NMTC program provided exactly that opportunity.
Modern MD Senior Vice President of Business Growth & Innovation Melissa Cohen said that knowing the NMTC program is going to continue to provide additional funding and support to the communities Modern MD has integrated into was absolutely essential.
Today, the urgent care chain operates in seven locations in New York’s outer boroughs—five of which are located in severely distressed census tracts.
Modern MD prides itself on its customer and community focus–hiring locally to ensure employees reflect the linguistic, ethnic and economic diversity of patients, while offering accessible, high-quality jobs within the surrounding community. Despite being a medical practice, more than half of jobs—care coordinators, medical scribes, medical assistants—are accessible to those with only a high school degree or equivalent.
With the NMTC program, Modern MD is able to continue expanding its impact on its community with a funding option that reflects this commitment.
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