Exhibit 99.1
Cano Health Acquires Doctor’s Medical Center for $300 Million and
Updates Guidance for 2021 and 2022
Brings the Cano Health care model to 18 Doctor’s Medical Center facilities serving approximately 52,000 members with a differentiated platform for underserved communities
MIAMI, July 6, 2021 /PRNewswire/— Cano Health, Inc. (“Cano Health”) (NYSE: CANO), a leading value-based primary care provider for seniors and underserved communities, today announced it has acquired Doctor’s Medical Center (“DMC”) for $300 million on July 2, 2021. DMC is a primary care provider offering an innovative and integrated approach to Medicare, Medicaid, and ACA (Exchange) members across 18 medical centers in South Florida. The acquisition expands Cano Health’s membership, and further enhances the company’s leading position in the fragmented Florida market. With 15 of the 18 medical centers serving predominantly adult and pediatric Medicaid members, the addition of DMC also enables Cano Health to deliver more targeted services to its existing Medicaid and ACA members.
“Cano Health is on a mission to become America’s Primary Care, and today’s acquisition brings us one step closer to that important goal,” said Dr. Marlow Hernandez, Co-Founder, Chairman, and CEO of Cano Health. “The DMC team has served the South Florida region for nearly 25 years, evolving its clinical platform to meet the diverse care needs of the community. With DMC as part of the Cano Health family, we are bringing our care model to more patients and acquiring important footprint and infrastructure to further improve the clinical outcomes of underserved patients.”
“Doctor’s Medical Center joins the Cano Health family energized by what we can accomplish together for our patients,” added Dr. Ventura de Paz, Founder, President, and CEO of DMC. “Since I founded DMC, we have operated with the belief that everyone should have access to quality health care. This union brings even more services and resources to our patients and our dedicated team members, so we can thrive for generations to come.”
The acquisition brings the Cano Health care model – built on access, quality, and wellness – to DMC’s Medicare, Medicaid and ACA members, further positioning Cano Health as the provider of choice in the communities it serves. The acquisition also expands Cano Health’s long-standing partnership with Humana.
“Cano Health’s focus on preventive care and wellness aligns with Humana Healthy Horizons and our ‘human care’ approach to serving our Medicaid members,” said Humana Florida Medicaid President Jocelyn Chisholm Carter. “Teaming with Cano Health, we continue to focus on making sure our members receive the full-service health care services they need in a welcoming environment.”
Strategic Rationale
Like Cano Health, DMC is dedicated to providing quality primary care to its members, with an emphasis on innovation. Both companies operate as critical members of the community, building bonds with their members to improve care and outcomes. Estimated standalone full year 2021 DMC revenue is $194
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