CareMax Acquires Senior Medical Associates To Further Expand Broward County Presence
MIAMI – (COMMERCIAL THREAD) –CareMax, Inc. (“CareMax”) (NASDAQ: CMAX; CMAXW), a leading provider of value-driven, technology-based senior care, today announced the completion of the acquisition of Senior Medical Associates, LLC (“SMA”). SMA operates 10 conveniently located medical centers in Broward County with approximately 5,000 Medicare Advantage members in the SMA network. CareMax intends to use SMA’s footprint as the foundation for CareMax’s expansion initiative in Broward County, a market with more than 335,000 Medicare-eligible beneficiaries. CareMax expects the transaction to pay off immediately.
“We believe that the acquisition of SMA will strengthen CareMax’s ability to provide high quality, compassionate care to seniors,” commented Carlos de Solo, President and CEO of CareMax. “This is a significant acquisition for CareMax and a step forward in executing our multi-pronged expansion strategy focused on de novo growth and strategic mergers and acquisitions. ”
With this acquisition, CareMax now operates 36 medical centers, serving approximately 62,000 patients, including approximately 22,000 Medicare Advantage members. SMA brings to CareMax a history of high quality clinical care and member satisfaction. CareMax plans to build on this success and accelerate the growth of the SMA network through multiple strategic avenues, including:
Use CareMax’s proprietary technology platform, CareOptimize, to deliver data, analytics, and rule-based decision / workflow tools for SMA care teams to personalize comprehensive, contact-intensive care and improve rates of medical loss;
Drive organic growth by utilizing CareMax’s sales and marketing infrastructure and additional health plan relationships to fill existing patient capacity at SMA clinics (currently at approximately 50% capacity); and
Create a leading presence in the region by filling localization gaps in a key adjacent market.
CareMax is a technology-based care platform that provides value-based care and chronic disease management to the elderly. CareMax operates medical centers that offer a full range of health and social services, as well as a proprietary software and services platform that provides data, analytics, and policy-based decision / workflow tools. for physicians across the United States. Learn more about www.caremax.com.
About Senior Medical Associates
Senior Medical Associates is a group of primary care physicians with medical centers in Broward County. The group is dedicated to patients over 65, allowing full focus on the needs of the elderly. The team consists of experienced physicians, nurse practitioners, medical assistants and staff, all dedicated to providing personalized and caring primary care.
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”, “,” “may”, “could”, “plan”, “possibly”, “potential”, “predict”, “probably”, “pro- forma “,” plan “,” seek “,” should “,” target, “or” will “, or variations thereof, negative or otherwise, 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 beyond the control of the Company, which could cause actual results or results to differ materially from those mentioned in the forward-looking statements.
Significant 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 develop its business and SMA’s business; the Company’s ability to integrate SMA into the Company; changes in market or industry conditions, regulatory environment, competitive conditions and responsiveness to Company services; the Company’s ability to continue to grow; 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 insurance plans and other major payers; the impact of COVID-19 or other pandemic, epidemic or infectious disease outbreak on the Company’s business and operating results; and the Company’s ability to recruit and retain qualified team members and independent physicians. For a detailed discussion of 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 assumes no obligation to update or revise such information, except as required by law.