By OPEN MINDS Circle
Value-based primary care and population health management company Cano Health sold the assets associated with its senior-focused primary care centers in Texas and Nevada to CenterWell Senior Primary Care, a unit of Humana. Cano Health said the value of the transaction is about $66.7 million, including about $35.4 million in cash paid at closing, plus the release of certain liabilities owed by Cano Health. According to Cano Health, the Texas and Nevada centers served 15,200 people as of August 1, 2023.
During August 2023, Cano Health reported it was trying to sell the company. It said it planned to exit operations in California, New Mexico, and Illinois by the fall of 2023, and Puerto Rico by January 1, 2024. During the third quarter of 2023, Cano Health expects to reduce its workforce by approximately 700 employees, or 17% of its workforce. Approximately 40% of the workforce reductions will be attributable to exiting operations in certain markets, with the remainder attributable to consolidation efforts and other administrative operations.
Contact information: Georgi Morales Pipkin, Media Relations, Cano Health, 9725 NW 117 Ave., Miami, FL 33178; 786-206-3322; Email: mediarelations@canohealth.com; Website: https://www.canohealth.com