Miami, FL – (April, 5 2023) – Cano Health, Inc. (“Cano Health” or the “Company”), a leading value-based primary care provider and population health company, announced a new appointment to its leadership team to strengthen operations and drive new opportunities for profitable growth. Mark Kent, as the new Chief Strategy Officer, will lead strategy development, spearhead operational initiatives, and consolidate oversight of key administrative supporting functions including contracting, billing and coding, credentialing, payor relations, and information technology (IT) that previously reported to other positions, which will not be replaced.
“At Cano Health, we continually seek to strengthen our leadership team and organizational efficiency in order to advance our mission and increase value for our shareholders” said Dr. Marlow Hernandez, Chairman and Chief Executive Officer of Cano Health. “Mark’s extensive experience leading, operating and growing primary care practices profitably will bolster our efforts to help more patients live a longer and healthier life.”
Prior to joining Cano Health, Mr. Kent founded three startup healthcare companies which help provider practices operate successfully within value-based arrangements; Care Management Resources, Total Health Medical Centers and Your Partners in Health. He has also held numerous senior executive roles, including having served as CEO of Women’s Health Care Hospital in Evansville, Indiana and as CEO & Regional President of all Humana-owned, Florida-based primary care practices, which today are known as Conviva Care Centers.
“Over the course of my career, I have always strived to give back, especially by helping people achieve better health and wellness,” said Mark Kent, Chief Strategy Officer of Cano Health. “Cano Health’s mission to deliver superior primary care and measurably improve patient outcomes reflects that same goal to transform lives. I look forward to applying my operational experience and executive leadership to advance that vision, improve our patients’ quality of life, and help deliver the value our shareholders expect.”
Mr. Kent is a nurse by training and earned a Master’s in Business Administration from Purdue University. He is double board certified as a Fellow of the American College of Health Care Executives and a Fellow of the American College of Medical Practice Executives. He also proudly serves on numerous national and local boards including the Broward Health Foundation Board.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to future events and involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and could materially affect actual results, performance or achievements. Such forward-looking statements include, without limitation, our anticipated performance, operations, financial strength, potential, and prospects
for long-term shareholder value creation, our anticipated results of operations, including our business strategies, our projected costs, prospects and plans, and other aspects of our operations or operating results. These forward-looking statements generally can be identified by phrases such as “will,” “expects,” “anticipates,” “believes,” “foresees,” “forecasts,” “plans,” “intends,” “estimates” or other words or phrases of similar import, including, without limitation, (i) belief that this new appointment to our leadership team will strengthen operations and drive new opportunities for profitable growth; (ii) our plans to strengthen our leadership team and organizational efficiency in order to advance our mission and increase value for our shareholders; and (iii) our belief that this appointment will bolster our efforts to help more patients live a longer and healthier life; and (iv) our expectation that the executive will apply his operational experience and executive leadership to advance our vision, improve our patients’ quality of life, and help deliver the value our shareholders expect. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations and financial condition. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, changes in market or industry conditions, the regulatory environment, competitive conditions, and/or consumer receptivity to our services; changes in our strategy, future operations, prospects and plans; developments and uncertainties related to the Direct Contracting Entity program; our ability to realize expected financial results, including with respect to patient membership, total revenue and earnings; our ability to predict and control our medical cost ratio; our ability to grow market share in existing markets and continue our growth; our ability to integrate our acquisitions and achieve desired synergies; our ability to maintain our relationships with health plans and other key payors; our future capital requirements and sources and uses of cash, including funds to satisfy our liquidity needs; our ability to attract and retain members of management and our Board of Directors; and/or our ability to recruit and retain qualified team members and independent physicians. Actual results may also differ materially from such forward-looking statements for a number of other reasons, including those set forth in our filings with the SEC, including, without limitation, in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 15, 2023 (the “2022 Form 10-K”), as well as our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that we have filed or will file with the SEC during 2023 (which may be viewed on the SEC’s website at http://www.sec.gov or on our website at http://www.investors.canohealth.com/ir-home), as well as reasons including, without limitation, our experiencing delays or difficulties in, and/or unexpected or less than anticipated results from its efforts to: (i) create and increase shareholder value, such as due to less than anticipated capacity utilization at its medical centers and/or less than anticipated growth in revenues, Adjusted EBITDA margins and/or cash flows; and/or (ii) improve operational execution and achieve profitable growth, such as due to a broad recessionary economic environment, less than anticipated sources of liquidity, unanticipated demands on its available sources of cash, tightness in the credit or M&A markets, higher interest rates and/or a higher inflationary environment. For a detailed discussion of other risks and uncertainties that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, please refer to our filings with the SEC, including, without limitation, our 2022 Form 10-K. Factors other than those listed above could also cause our results to differ materially from expected results. Forward-looking statements speak only as of the date they are made and, except as required by law, we undertake no obligation or duty to publicly update or revise any forward-looking statement, whether to reflect actual results of operations; changes in financial condition; changes in general U.S. or international economic, industry conditions; changes in estimates, expectations or
assumptions; or other circumstances, conditions, developments or events arising after the issuance of this press release. Additionally, the business and financial materials and any other statement or disclosure on or made available through the Company’s websites or other websites referenced herein shall not be incorporated by reference into this release.
About Cano Health
Cano Health (NYSE: CANO) is a high-touch, technology-powered healthcare company delivering personalized, value-based primary care to approximately 310,000 members. With its headquarters in Miami, Florida, Cano Health is transforming healthcare by delivering primary care that measurably improves the health, wellness, and quality of life of its patients and the communities it serves. Founded in 2009, Cano Health has more than 4,000 employees, and operates primary care medical centers and supports affiliated providers in nine states and Puerto Rico. For more information, visit canohealth.com or investors.canohealth.com.