CareMax, a technology-enabled provider of value-based care to seniors, and Steward Health Care System, the parent of one of the nation’s largest ACOs, today announced a definitive merger agreement under which CareMax will acquire the Medicare value-based care business of Steward for $25 million in cash and 23.5 million shares. In addition, CareMax will fund a Medicare receivable to Steward covering accounts receivable related to 2021 and the pre-close period of 2022.
Upon closing, CareMax will serve as the exclusive value-based management services organization across Steward’s Medicare network. Steward’s value-based care network of approximately 170,000 patients includes 50,000 Medicare Advantage patients, 112,000 Medicare Shared Savings Program patients and 9,000 Direct Contracting patients. In addition, Steward and its affiliated practices service approximately 387,000 Medicare Advantage Fee for Service patients and 482,000 Traditional Medicare Fee for Service beneficiaries. Following the transaction, CareMax’s network will expand to approximately 2,000 providers and reach over 200,000 senior value-based care patients across 30 markets. Read more.
