By JESSICA DaMASSA, WTF HEALTH
Healthcare SPAC-trackers interested in placing bets on value-based primary care for the lucrative Medicare Advantage market will love hearing Cano Health’s CEO Marlow Hernandez dive into the details behind his company’s $4.4B valuation and 7,000% three-year growth rate. Cano Health’s clinics provide “primary care plus” for 100,000 seniors, targeting the particular needs of underserved Latino senior markets in Florida, Texas, Nevada, and Puerto Rico. With $1.4B in revenue, Cano’s business looks similar to publicly-traded Oak Street Health – which boasts a market cap of $14B.
Hoping to replicate what they’ve started in Florida (where Cano Health boasts a long-standing relationship serving Humana’s Medicare Advantage members) the company is building partnerships with major national MA plan providers like UnitedHealthcare, Anthem, Centene and Devoted and scaling up its network of more than 550 primary care physicians. A surprising component of the business plan? Cano Health’s health tech stack! Marlow explains how the care delivery co developed its own practice management software for care navigation, billing, and back-office admin and is already licensing it to more than 1,000 independently owned medical centers.
Tune in for more on the scale-up and scale-out plans for Cano Health before it starts trading at $CANO. The planned merger with Jaws Acquisition Corp (the SPAC led by Barry Sternlicht of Starwood Capital fame) is “imminent.”