HealthLeaders Media February 5, 2024
The primary care chain has been searching for ways to climb out of financial turmoil.
KEY TAKEAWAYS
– Cano Health filed for bankruptcy in the District of Delaware and entered into a restructuring support agreement to cut debt and receive funds for liquidity.
– Cano is part of a surge in healthcare bankruptcies while its inability to turn its business around through Medicare Advantage is indicative of the private program’s drop in profitability.
– The move will enable Cano to potentially sell off parts or all of the company when it emerges from restructuring in the second quarter of this year.
Cano Health has filed for Chapter 11 bankruptcy, reaching a decision that appeared inevitable after months of financial struggle.
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