Senior healthcare provider CareMax has acquired Dallas-based Steward Health Care's Medicare value-based care business in a cash and stock deal.
The deal, first announced in June, makes Miami-based CareMax the exclusive value-based management services organization for Steward's Medicare network. The purchase expands CareMax's network to 2,000 providers and over 200,000 senior value-based care patients in 10 states, according to a Nov. 11 news release.
The two organizations said they would also be looking to expand value-based opportunities for Steward's 380,000 Medicare Advantage and 480,000 traditional Medicare members.
CareMax paid $25 million in cash and issued 23.5 million shares of its Class A common stock.