Workweek August 15, 2023
After a long and beleaguered journey to this point, including a lengthy board fight, going concern…concerns, a $150M loan at a 14% interest rate for a year-long lifeline, and a rescheduled Q2 earnings conference call, Cano Health posted dismal results on its Q2 earnings release. The Medicare Advantage-focused senior clinic care platform reported a 103.5% medical loss ratio, meaning that for every premium dollar earned, Cano paid out 103.5% in medical costs. Good on them for subsidizing needed patient care!
Following the financials down the line, Cano was wildly unprofitable in Q2, despite the relative success of its other peers in the space. For instance, compare the below results with CareMax’s Q2, which posted an MLR of 84.6% and positive...
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