Novamed Expands Portfolio With Acquisition of CHS Hospital Medical Associates

KINGSTON, Jamaica – Novamed Inc. acquired Medical Associates Hospital through a St. Lucia-based company known as Caribbean Health Systems (CHS) in partnership with First Rock Capital Holdings. This follows Novamed’s acquisition of the neighboring Knutsford Court Hotel, now renamed “Summit‘.

CHS’s registered shareholders are Novamed Inc, First Rock Real Estate Investments and Health Ventures Limited, with funding provided by Roots Investing. The group is set to transform private healthcare in Jamaica with massive expansion plans for the 64-year-old hospital.

Dr. David Walcott Novamed
Dr. David Walcott

M.D. and businessman, Dr. David Wolcott, has been appointed Executive Co-Chairman and Managing Director of the Medical Associates Hospital, making him the youngest person to serve as Chairman of a medical hospital in Jamaica. He is accompanied by Doctor of Primary Health Care and Diabetology Dr. Michael Banbury, who has also been named Co-Chair. Directors include Kirk-Anthony Hamilton, Kevin Donaldson, Ravi Rambarran, Ryan Reid and Douglas Halsall.

Dr. Walcott joins Medical Associates as an experienced physician, businessman and investor. “I am honored to be part of the team leading this distinguished institution and we hope to prudently guide the organization to a higher level of performance, purpose and patient-centered care.Dr. Walcott said.

Co-Chair Dr. Michael Banbury

He will chair the Board of Directors of Medical Associates, along with Dr. Michael Banbury, Primary Health Care Doctor and Diabetes Physician, who has also been named co-chairman. “I am delighted to return to Medical Associates as co-chair. The hospital has tremendous potential for significant growth and expansion and I am confident that the CHS team will bring this to life.” commented Dr. Banbury.

Novamed, CHS’s leading shareholder, is a healthcare and real estate investment company dedicated to driving the adoption of world-class healthcare and transforming urban real estate across the Caribbean. Novamed also sought growth through inorganic funds, acquiring a majority stake in Windward Medical Center (InterMed Co) prior to acquiring its stake in Medical Associates.

Since being acquired by Windward Corporation, Novamed has funded over $13 million for an institution that primarily serves the low-income population and directed over J$100 million towards healthcare in low-income communities. The doctor was open about his desire to join Medical Associates. The move gives him another opportunity to build on Jamaica’s existing health care practice with the knowledge gained from years of experience in both local and regional industries. This post also allows him to bring other board members to innovative first world medical ideas for inclusion in the services offered by Medical Associates.

“Medical Associates has gone through many changes in recent months and I look forward to helping this institution in the future,” said Dr. Wolcott.

It is planned that under the management of CHS, the hospital in Kingston will be transformed into the largest private medical facility in the Caribbean. The full-service medical institution is supported by a team of experienced and highly qualified consultants, physicians and surgeons.

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