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Metropolitan buys Continucare for $400 million
By Palm Beach Business.com
BOCA RATON — Metropolitan Health Networks has completed its $400 million deal for Miami-based Continucare Corp., making the company the largest provider service network serving the Medicare and Medicaid eligible population in Florida, and one of the largest in the United States.
Metropolitan now owns and operates 32 primary care medical practices and manages a network of more than 250, primary care practices in 18 Florida counties. Major markets include Daytona, Miami, Fort Lauderdale, West Palm Beach, and Tampa. Metropolitan serves more than 68,000 Medicare Advantage and Medicaid customers.
Combined pro forma revenue for the two companies for the six months ended June 30, totaled $348 million.
Metropolitan now serves Medicare, Medicaid, and commercial customers and has Medicare Advantage contracts with Humana, Inc., United Healthcare, Coventry Health Care, and Wellcare Health Plans, Inc. In addition, Metropolitan has contracts with most Medicaid insurers operating in Florida.
Metropolitan paid an aggregate of $403 million in cash and issued 2.5 million shares of stock to Continucare’s investors to complete the deal.
Two Continucare executives are joining Metropolitan: Gemma Rosello will be president of the company’s Continucare subsidiary, while Luis Izqueirdo will be Metropolitan’s chief marketing officer.
Metropolitan also announced that Grace Hodge has been promoted to executive vice president of MetCare of Florida, the company’s core business.
