Continucare continues to care for South and Central Florida's Medicare recipients. The company provides primary care medical services through a network of some 20 centers in Broward, Miami-Dade, Hillsborough, and Palm Beach counties. It also provides practice management services to independent doctors' offices affiliated with Humana and other insurers. A majority of patients who seek medical assistance at Continucare clinics and practices are members of Medicare Advantage health plans. The company has branched out and also operates a growing number of sleep diagnostic centers. Continucare has been part of neighboring Metropolitan Health Networks (MetCare) since it was acquired in 2011.
Change in Company Type
By buying Continucare in a $416 million cash-and-stock transaction, MetCare created a geographic coverage network of 18 Central and South Florida counties, including about 30 primary care practices (and 250 contracted independent practices) that provide care for 68,000 Medicare Advantage and Medicaid customers. Continucare now operates as a wholly owned subsidiary of MetCare. While they combined some of their administrative and executive functions, each company's clinical operations remain largely independent in their respective service territories.
The merger coincides with the transfer of Florida Medicare over to managed care providers, which is an advantage for both MetCare and Continucare, as a significant part of both companies' revenues already come from Medicare and Medicaid managed care contracts with HMOs operated by providers including Humana, Vista Healthplan, and Wellcare.
Continucare provides medical services to some 40,000 patients, most of them through arrangements in which participating health plans pay a set monthly fee (usually a percentage of premiums) for each member. Continucare primarily serves participants in Medicare health plans, though it also has a small Medicaid customer base.
Mergers and Acquisitions
The company has expanded its operations in recent years by broadening its services menu, entering new markets, and increasing patient volume. To this end, Continucare purchased the S.B.B. Medical Group practices in 2011 to extend its reach in Florida.
Continucare has further diversified its revenue base by entering the sleep diagnostics market back in 2009 through its $2 million purchase of Professional Sleep Diagnostics, which came with about a dozen centers in six states (the Carolinas, West Virginia, Virginia, Colorado, and Ohio). Soon after it created new subsidiary Seredor to operate the sleep diagnostic centers. It has since boosted its Seredor business through several subsequent acquisitions: Sleep Disorder Solutions (2009, to obtain centers in Miami and Pembroke Pines, Florida), United Sleep Diagnostics (2010, for sleep centers in Miami-Dade, Broward, and Palm Beach counties), and Precision Diagnostics and SleepEasy Therapeutics (2010, added sleep centers in eight states and value-add sleep apnea equipment). In all, Seredor has grown to include more than 70 locations in 15 states.
Continucare operates its business through nearly 20 medical centers located in the counties of Miami-Dade, Broward, Palm Beach, and Hillsborough. Its sleep center business reaches to 15 states.
Sales and Marketing
As part of its sales and marketing focus, the company relies on a target group of customers. A majority of Continucare's patients are members of Medicare Advantage health plans. – less