Cano Health filed for bankruptcy this week — about three years after going public $4.4 billion SPAC merger. The industry reacted without surprise, with experts calling the bankruptcy a direct result of mismanagement, a quixotic growth strategy and poor market selection.
Here is a selection of recent executive hires, exits, promotions and layoffs occurring across the healthcare industry.
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
Three of Cano Health's board members recently resigned in protest of the company's management strategy and announced they will form a group to enact comprehensive changes at Cano, including replacing the CEO. They said Cano's governance structure has caused the company’s stock price “to be decimated, dropping over 90% from its debut” and has saddled the firm with a "crippling debt burden."
Senior-focused primary care provider Cano Health acquired Doctor's Medical Center for $300 million, which adds around 54,000 new members and 18 medical centers to its roster. This is the second major acquisition for Cano Health in less than a month. The company bought University Health Care for $600 million in mid-June.
Cano Health, which provides primary care services for seniors, bought Miami-based University Health Care for $600 million. University Health Care serves approximately 24,000 Medicare Advantage members, which will bring Cano Health's membership to around 143,000.
Seniors in the U.S. are among the hardest hit by the Covid-19 pandemic and providing them with primary care proved to be a major challenge. But several organizations rose to the occasion, deftly changing their care delivery strategies as the pandemic evolved.
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.