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Michael Kasper, who led a major expansion of Downers Grove-based DuPage Medical Group as its CEO, died unexpectedly Saturday at age 46, a spokeswoman said Monday.
With Kasper at the helm, DuPage Medical expanded its reach across the suburbs as one of the state's largest independent physician practices, while maintaining its autonomy in an era of mergers between doctors groups and larger hospital systems.
Michael Kasper, 45, is CEO of DuPage Medical Group, a rapidly growing physicians group that prides itself on being the go-to place for independent-minded docs who don't want to work for hospitals. May 09, 2019 Following the death of its CEO, DuPage Medical Group has named two interim leaders to run the organization. The group’s president, Dr. Paul Merrick, and its chief financial officer, Michael. “For an independent, physician-led group of DMG’s scale and size to retain its majority ownership after such a significant investment is unprecedented,” said DuPage Medical Group CEO Mike Kasper. “Summit Partners understands that our patient-focused, doctor-directed culture is crucial to our mission, and they are completely supportive of it. A board-certified physician in critical care, sleep medicine and pulmonary medicine and Treasurer of DuPage Medical Group, Dr. John Porcelli is a Chicago native who brings extensive experience to DMG. Porcelli’s clinical interests include lung cancer, emphysema, chronic cough, sarcoidosis, acute lung injury, adult asthma, sleep disorders and many other pulmonary diseases. Michael may you rest in peace. You are in so many memories of Tucson and McGregors. We enjoyed you sooo much. The stories of early childhood will never be forgotten. And of course the jokes!! Del and Wanda Giem, Hudsonville, Mi. My condolences to friends and family of Michael Kasper. Micheal was my. Over the past decade, DuPage Medical Group has quietly grown from a few hundred doctors to more than 700 today, its signs sprouting up across the west and southwest suburbs. Kasper's family. Aug 25, 2015 Mike Kasper is CEO of DuPage Medical Group, the largest independent physicians group in Chicago. DMG recently announced a partnership with Blue Cross & Blue Shield of Illinois that will enable its 425 physicians to access BCBSIL data on the cost and quality of services patients receive when they receive care outside of the group.
DuPage Medical spokeswoman Marianne Geiger released a statement that did not give a cause of death, but said Kasper 'passed away tragically' Saturday.
'We are shocked and saddened by the tragic passing of our beloved leader and colleague, Mike Kasper,' the statement read. 'DMG's leadership team, board of directors, physicians, employees, patients and the entire health care community mourn his loss. We extend our deepest sympathies to his wife and children and ask that you respect their privacy during this difficult time.'
Kasper helped propel DuPage Medical's growth through medical group acquisitions and a $1.45 billion funding boost from a Los Angeles-based private equity group in 2017. DuPage Medical Group has more than 700 practitioners, up from about 290 physicians when Kasper became CEO in 2010.
'As an organization, we are strong and thriving because of Mike's vision and leadership,' Dr. Paul Merrick, DuPage Medical president, said in the statement. 'We are committed to continuing the great work that he so passionately believed in -- striving to make health care better for our patients and community by offering high quality and compassionate care.'
News of Kasper's death spread quickly throughout the industry.
'Mike Kasper made a dramatic and positive impact on Illinois healthcare that will be felt for a long time,' Mary Lou Mastro, Edward-Elmhurst Health CEO said. 'We in the health industry should make it our mission to push forward in pursuit of Mike's goal of providing high quality and compassionate care to the communities we serve.'
DOWNERS GROVE, Ill. & LOS ANGELES--(BUSINESS WIRE)--DuPage Medical Group, one of the nation’s largest independent, multi-specialty physician groups, announced the closing of a strategic partnership with funds managed by the private equity group of Ares Management, L.P. (NYSE:ARES), the global alternative asset management firm. The investment by Ares will enable continued support for growth initiatives across the entire organization, including DMG’s practice management company, DMG Practice Management Solutions, and DMG’s subsidiary, Boncura Health Solutions. The $1.45 billion transaction closed on August 15, 2017.
Under the terms of the transaction, DMG’s physician group, DuPage Medical Group Ltd., will remain 100% physician-owned-and-directed, and DMG physicians will retain a significant ownership stake in the practice management company. As part of its investment, Ares also acquired Summit Partners’ stake in DMG Practice Management Solutions, and Summit will exit as an investment partner.
“As DMG continues to grow in size and scale, it is critically important for our organization to remain independent and physician-led,” said DMG CEO Mike Kasper. “Ares understands and supports our core mission, which is to maintain and enrich our patient-focused, doctor-directed culture. This partnership, which will particularly benefit our subsidiary Boncura, provides unprecedented access to capital and strategic backing for DMG’s growth initiatives, such as population health, expansion into new geographies and additional service offerings. We believe this endeavor will ultimately enhance our ability to reach and treat patients. This is our path forward.”
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Mr. Kasper specified that DMG patients should expect to see additional service lines, sites of care and physicians as a result of the partnership. This growth will allow DMG to enhance its integrated outpatient delivery model and further enhance its efforts to provide quality, efficiency and access to patients.
“We are extremely excited to welcome Ares as our partner, as DMG continues to grow to become the best group for all physicians and patients both within the Chicago area as well as nationally,” commented Dr. Paul Merrick, President and Chairman of DMG. 'Our partnership with Ares will allow us to maintain our physician-oriented culture and clinical autonomy. More importantly, we are well positioned to expand and enhance our management service offerings and continue providing our patients the highest quality care.”
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About DuPage Medical Group
Founded in 1999, DuPage Medical Group is the largest independent, multi-specialty physician group with more than 600 physicians in over 80 suburban Chicago locations. DMG is a patient-centered organization focused on improving access to convenient, quality health care using the latest technology and treatment options. For more information, visit www.dupagemedicalgroup.com.
About Boncura Health Solutions
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Since its inception in 2011, Boncura Health Solutions has remained a physician-owned and directed organization aimed at improving patient outcomes, efficiently managing at-risk populations to reduce unnecessary healthcare costs, delivering services in a cost-effective manner, and providing unique and convenient ways for patients, providers, and clients to access key support services. Its expertise allows hospitals and health systems, independent physician groups, and accountable care organizations to provide value-based care through efficient and intelligent administrative and clinical services. Today, Boncura serves more than 5,500 physician providers and partners, managing upwards of 350,000 lives, and processing more than seven million claims annually.
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About Ares Management, L.P.
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Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $104 billion of assets under management as of June 30, 2017 and more than 15 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com.