CVS is doing due diligence and is in talks with Cano, although health insurance company Humana has a right of first refusal should it seek to do a deal, Bloomberg reported Friday (Oct. 7), citing unnamed sources.
A CVS Health spokesperson told PYMNTS via email that the company had no comment on the report. PYMNTS has reached out to Cano Health for comment.
Humana could be considering buying Cano Health, as is the case with CVS Health, The Wall Street Journal reported Sept. 22, citing unnamed sources.
Cano operates primary care centers in eight states — California, Florida, Nevada, New Mexico, Texas, Illinois, New York and New Jersey — and Puerto Rico. Its work mostly includes serving members of Medicare Advantage.
The latest report comes about a month after CVS Health announced that it had closed an $8 billion deal to acquire value-based healthcare solutions platform Signify Health, which uses analytics and technology to provide health plans, employers, physician groups and health systems with in-home care.
“This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the health care experience,” CVS Health President and CEO Karen S. Lynch said in a Sept. 5 press release. “In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payor approach.”
As PYMNTS reported at the time, the bid to acquire Signify Health was hotly contested and CVS Health beat Amazon and UnitedHealthcare in making the deal — a competition that reflects the continuing push of big companies into the business of providing medical services.