Miami, Florida-based Cano Health, an operator of operates primary care medical centers, has announced it is exiting four markets in California, New Mexico, Illinois, and Puerto Rico, and exploring the sale of some or all of the company’s operations.
The company has targeted 17% of its workforce, or 700 employees for layoffs.
According to interim CEO Mark Kent, “In our core Florida market, we have rigorously reprioritized projects and initiatives to enhance the speed and quality of care for our members by improving patient engagement, restructuring contractual arrangements with payor and specialty networks, and terminating underperforming affiliate partnerships. These strategic and operational steps are critical to improving our financial performance, generating greater efficiency, and improving health outcomes for our members to ensure the organization's long-term success."
The company appears to have cast doubt on its financial resources beyond 12 months.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?