One of Miami’s oldest primary care medical groups has just been sold
Doctor’s Medical Centers (DMC), one of Miami’s longest continually serving primary care groups, has been sold to Miami-based Cano Health.
The $300 million acquisition, announced Tuesday, will see DMC’s 18 centers operating under the Cano umbrella going forward.
“Since I founded DMC, we have operated with the belief that everyone should have access to quality health care,” said Dr. Ventura de Paz, founder, president and CEO of DMC, in a statement. “This union brings even more services and resources to our patients and our dedicated team members, so we can thrive for generations to come.”
Cano CEO Dr. Marlow Hernandez said his goal is to have Cano become the largest independent primary care provider in the country. He said the company will now have 2,000 workers in Greater Miami.
“Cano Health is on a mission to become America’s primary care, and today’s acquisition brings us one step closer to that important goal,” Hernandez said in a statement. “The DMC team has served the South Florida region for nearly 25 years, evolving its clinical platform to meet the diverse care needs of the community. With DMC as part of the Cano Health family, we are bringing our care model to more patients and acquiring important footprint and infrastructure to further improve the clinical outcomes of underserved patients.”
With the addition of DMC, which primarily caters to Medicare, Medicaid and Obamacare recipients, Cano Health’s membership will increase to approximately 197,000 members and 106 medical centers. Cano, which went public last year, is now forecasting annual revenues of approximately $1.5 billion for 2021, up 24% year-over-year.
In an interview, Hernandez said Cano will now have more than 40 medical centers providing over a million patient visits per year in Greater Miami.
“You’re now going to have all these additional resources in a primary care context to make sure service doesn’t end when a patient leaves medical exam room,” he said. “So the relationship with your doctor continues of course — there’s nothing inhibiting that. In fact, it’s going to be encouraged because you’re going to have a lot more holistic services supplementing the work of your doctor.”
Cano Health is backed by Miami Beach-based investor Barry Sternlicht, chairman of Starwood Capital group.
