Business

Cano Health (NYSE: CANO) Parts with $300 million to Purchase Doctor Medical Center (DMC)

Cano Health, Inc. (NYSE: CANO) is proud of having built a long history of adequate care. The institution, which is very enthusiastic about enhancing patient well-being, feels responsible for delivering a proactive wellness and preventive care approach. It is no wonder that it is available to its members day and night, morning, evening, and weekend hours, for urgent walk-ins, same-day appointments, and online appointment scheduling.

Delivering on its Strategic Objective to Build, Buy, and Manage Medical Practices

Cano Health, Inc. is seeking to become the national leader in primary care. This means focusing and embracing every opportunity, which would align with its core services. As a result, the value-based primary care provider for seniors and underserved communities is quickly expanding its membership to bout 197,000. In addition, Cano Health has acquired Doctor’s Medical Center (“DMC”) to enhance its position in the fragmented Florida market.

“… 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… so we can thrive for generations to come.” Dr. Ventura de Paz, Founder, and President of DMC recounted.

The acquisition costs $300 million, and according to the CEO of Cano Health, Dr. Marlow Hernandez, it is one way of expanding their footprint, infrastructure to underserved patients. Currently, Cano Health has 18 medical centers, and 15 of them offer services mainly to adult and pediatric Medicaid members. In addition, they will now have access to targeted services based on DMC’s model of specialized Medicaid medical centers.

Cano Health Provides an Update for 2021

Cano Health is pursuing three key initiatives; organic growth, new market entry, and targeted acquisitions. And with the closure of the DMC’s acquisition, the company has provided an update for its 2021 projections. It is anticipating to close the year with a membership of 205,000-210,000 from the previous 154,000-162,000. In addition, it is looking forward to increased revenue of approximately $1.5 billion from $1.4-$1.5 billion.

The company has had 95-105 medical centers, and the expectation is to end 2021 with 121-126 centers. Meanwhile, the acquisition pipeline remains steady. Cano Health has operations in Nevada, Texas, Florida, and Puerto Rico.

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