Cano Health has acquired Doctor's Medical Center, a primary care network based in Miami with 18 centers throughout south Florida, for $300 million in cash.
Cano, a primary care provider for seniors and underserved communities, is expected to increase its membership by 52,000 members on Medicaid, Medicare or Affordable Care Act exchange plans to approximately 197,000 members total and 106 health centers through the deal announced July 6. The company is backed by billionaire Barry Sternlicht and operates value-based primary care centers in Florida, Texas, Nevada and Puerto Rico.
Cano said the expansion "further enhances the company's leading position in the fragmented Florida market," according to the news release. The acquisition of Doctor's Medical Center comes on the heels of Cano scooping up Miami-based University Health Care for $600 million in June.
The deal makes Cano the largest independent value-based primary care provider for Medicare and Medicaid patients in Florida.