Cano Health, Inc. (NYSE: CANO) has announced the acquisition of Doctor’s Medical Center (DMC). The firm has disclosed that it has spent $300 million to purchase Doctor Medical Center on July 2, 2021. The buying will increase Cano Health's membership, and further improves the leading position of the firm in the fragmented Florida market as Cano Health is pursuing a mission to become America's Primary Care.
The firm disclosed that the acquisition of Doctor’s Medical Center has brought the firm one step closer to that crucial goal. Cano Health has currently 15 of the 18 medical centers offering services mainly to adult and pediatric Medicaid members. The supplement of DMC also allows Cano Health to offer more targeted services to its current Medicaid and ACA members.
Furthermore, the purchase brings the Cano Health care model to DMC's Medicare, Medicaid, and ACA members. The care model is established on access, quality, and wellness. It will further place Cano Health as the provider of choice in the communities it serves. The purchase also extends Cano Health's long-standing collaboration with Humana.
Additionally, after joining forces with DMC the Cano Health's membership rises to about 197,000 members and 106 medical centers, with over 1,000 staff and associate suppliers across the country. Cano Health expects that joining hands with DMC will increase Cano Health's membership base with the addition of nearly 7,000 Medicare Advantage members, 31,000 Medicaid members, and 14,000 ACA members.
It will further expand the capacity for Medicare Advantage members at Cano Health medical centers and allow focused delivery of services customized to senior sufferers. This acquisition will enhance the management of Cano Health's current Medicaid member population by tapping into specialized services at DMC centers.