The value-based primary care provider filed for bankruptcy in February. Since then, it has significantly reduced its debt obligations, converting more than $1 billion of prepetition funded debt into a mix of common stock and warrants.
As part of the restructuring, Cano’s existing investors committed more than $200 million in new capital to support its business plan.
In recent months, Cano has reorganized its assets, including by exiting underperforming expansion markets and pruning its medical center portfolio to focus on specific Florida markets. The company said it has achieved over $270 million in cost reductions and productivity improvements and is performing favorably against its $290 million cost-cutting goal for 2024.
“This has been a transformative year, and the successful conclusion of our court-supervised restructuring has put Cano Health in an excellent position for the future,” Cano CEO Mark Kent said in a June 28 news release. “We are moving forward with incredibly strong physician partnerships and an improved medical center portfolio.”
Over the next few years, Mr. Kent said Cano is taking a “disciplined and strategic approach” to growth, with a primary goal of strengthening services for patients in its existing Florida footprint, which now includes about 80 locations.
Cano has also appointed Alan Wheatley executive chair. Mr. Wheatley brings more than 30 years of healthcare experience to Cano, running Medicare and Medicaid programs at Humana for much of the last 15 years.
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