CareMax Closes Acquisition of DNF Medical Centers
02 September 2021 - 8:55PM
Business Wire
CareMax, Inc. (“CareMax”) (NASDAQ: CMAX; CMAXW), a
leading technology-enabled provider of value-based care to seniors,
announced today that it has closed the previously announced
acquisition of DNF Medical Centers (“DNF”), a leading medical
practice in the Orlando Metro area.
DNF operates six conveniently located medical centers serving
approximately 4,000 Medicare Advantage members in its network. With
this acquisition, CareMax now operates 42 medical centers, serving
approximately 66,000 patients, including approximately 26,000
Medicare Advantage members. CareMax intends to use DNF as the
foundation to further expand in the Central Florida and Tampa Bay
region, a market with more than 2 million Medicare-eligible
beneficiaries.
“We are excited to welcome the DNF physicians, patients and
employees to the CareMax family and grow our presence in Central
Florida by providing high-quality, compassionate care to seniors,”
said Carlos de Solo, Chief Executive Officer of CareMax. “This is
an important acquisition for CareMax and is a step forward in
executing our multi-pronged expansion strategy focused on de novo
growth and strategic M&A.”
CareMax plans to build upon DNF’s track record of high-quality
clinical care and member satisfaction, and accelerate the growth of
the DNF network through multiple strategic avenues, including:
- Working with the DNF leadership team to identify additional
underserved communities in the Central Florida and Tampa Bay
markets that would benefit from the CareMax model and new de novo
buildouts;
- Utilizing CareMax’s proprietary technology platform,
CareOptimize, to provide data, analytics and rules-based decision
tools/workflows for DNF care teams to customize high-touch, whole
person care and improve medical loss ratios; and
- Driving further organic growth by utilizing CareMax’s sales and
marketing infrastructure and additional health plan relationships
to fill existing patient capacity in DNF clinics (currently at less
than 25% capacity).
The acquisition is expected to be immediately accretive.
About CareMax
CareMax is a technology-enabled care platform providing
value-based care and chronic disease management to seniors. CareMax
operates medical centers that offer a comprehensive suite of
healthcare and social services, and a proprietary software and
services platform that provides data, analytics, and rules-based
decision tools/workflows for physicians across the United States.
Learn more at www.caremax.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995,
as amended. These forward-looking statements include statements
regarding our future growth and strategy. Words such as
"anticipate," "believe," "budget," "contemplate," "continue,"
"could," "envision," "estimate," "expect," "guidance," "indicate,"
"intend," "may," "might," "plan," "possibly," "potential,"
"predict," "probably," "pro-forma," "project," "seek," "should,"
"target," or "will," or the negative or other variations thereof,
and similar words or phrases or comparable terminology, are
intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company's control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements.
Important risks and uncertainties that could cause the Company's
actual results and financial condition to differ materially from
those indicated in forward-looking statements include, among
others, the Company's ability to expand its business and the
business of DNF, including to fill existing patient capacity; the
Company's ability to integrate DNF into the Company; changes in
market or industry conditions, regulatory environment, competitive
conditions, and receptivity to the Company's services; the
Company's ability to continue its growth; changes in laws and
regulations applicable to the Company's business, in particular
with respect to Medicare Advantage or Medicaid; the Company's
ability to maintain its relationships with health plans and other
key payers; the impact of COVID-19 or another pandemic, epidemic or
outbreak of infectious disease on the Company's business and
results of operation; and the Company's ability to recruit and
retain qualified team members and independent physicians. For a
detailed discussion of the risk factors that could affect the
Company's actual results, please refer to the risk factors
identified in the Company's reports filed with the SEC. All
information provided in this press release is as of the date
hereof, and the Company undertakes no duty to update or revise this
information unless required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210902005246/en/
CareMax, Inc. Gordon Carroll
gordon.carroll@caremax.com Roger Ou roger.ou@caremax.com
Investor Relations The Equity
Group Inc. Devin Sullivan Senior Vice President
dsullivan@equityny.com (212) 836-9608
CareMax (NASDAQ:CMAXW)
Historical Stock Chart
From Sep 2024 to Oct 2024
CareMax (NASDAQ:CMAXW)
Historical Stock Chart
From Oct 2023 to Oct 2024