Marlow Hernandez, the founder and former CEO of Cano Health, was set to face a trial over allegations that he fraudulently enriched himself and his family while managing the senior-focused primary care company. Cano filed for bankruptcy last year — an event many industry experts attributed to Hernandez’ poor governance.
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.
At the ViVE conference in LA, Smarter Technologies Chief Medical Officer Ruben Amarasingham MD talked with Katie Adams about the company's larger goals for AI: to improve the accuracy of data and make healthcare less burdensome for physicians and clinicians.
Here is a selection of recent executive hires, exits, promotions and layoffs occurring across the healthcare industry.
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.
Artera President Tom McIntyre talks about the practical application of AI in healthcare.
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.