CareMax (CMAX) Acquires Senior Medical Associates

CareMax, Inc. (“CareMax”) (NASDAQ: CMAX; CMAXW), a leading technology-enabled provider of value-based care to seniors, announced today the closing of the acquisition of Senior Medical Associates, LLC (“SMA”). SMA operates 10 conveniently located medical centers across Broward County with approximately 5,000 Medicare Advantage members in the SMA network. CareMax intends to use SMA’s footprint as the foundation of CareMax’s expansion initiative in Broward County, a market with more than 335,000 Medicare eligible beneficiaries. CareMax expects the transaction to be immediately accretive.

“We believe the acquisition of SMA will further CareMax’s ability to provide high-quality, compassionate care to seniors,” commented Carlos de Solo, Chief Executive Officer of CareMax. “This is an important acquisition for CareMax and is a step forward in executing our multi-pronged expansion strategy focused on de novo growth and strategic M&A.”

With this acquisition, CareMax now operates 36 medical centers, serving approximately 62,000 patients, including approximately 22,000 Medicare Advantage members. SMA brings to CareMax a track record of high-quality clinical care and member satisfaction. CareMax plans to build upon this success and accelerate the growth of the SMA network through multiple strategic avenues, including:

• Utilizing CareMax’s proprietary technology platform, CareOptimize, to provide data, analytics and rules-based decision tools/workflows for SMA care teams to customize high-touch, whole person care and improve medical loss ratios;
• Driving further organic growth by utilizing CareMax’s sales and marketing infrastructure and additional health plan relationships to fill existing patient capacity in SMA clinics (currently at ~50% capacity); and
• Creating a leading presence in the region by filling in location gaps in a key adjacent market.

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