- Earnings call transcript Q3 2022

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Operator

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the CareMax Third Quarter 2022 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. Thank Instructions] [Operator President, you Vice begin. Investor Swerdlin, may Relations, Samantha

Samantha Swerdlin

Relations, to morning, Quarter Swerdlin, Thank Executive this Officer Investor Chief our good Wirges, Officer. de Welcome by Vice I'm CareMax's Carlos morning of and Samantha you, and Chief I'm everyone. Third Solo, joined Call. XXXX President our Kevin and Financial Earnings

results, experience assessments GAAP materially be this of company's statements business can could be information. Any and to or Factors. developments information, light are Important financial update are based statements and CareMax discussing During we the otherwise. or reconciliation comparable A decisions to these forward-looking be financial call in over believe trends, I'd they historical will the future by call, certain of turn metrics release. developments most the the In and found metrics. that today, non-GAAP no in the With management assumptions assessment during today's with undertakes filings described differ to press statements section revise morning's be to are will call such factors made including events remarks like SEC, and current earnings cause entitled of that, factors non-GAAP measures now These as and new Carlos. of to future we the Risk forward-looking CareMax's discussing the in actual management, from the of their certain forward-looking appropriate. expected by result on forward-looking conditions, statements to made whether duty made a as other

Carlos de Solo

to the centers from solid you quarter growth year. our Revenue revenue am for today. any Notably, the for for and improved with XX.X% the our of XX% to expense a third that remains up strong strategy. to you, model year with we our XX% grew delivered quarter, demonstrating quarter $X.X million of value Samantha. our execution our pleased of in ended thank up Adjusted EBITDA up care growth of year. million months XX.X% first and the which QX We for $X.X nine the year-over-year. to our model the we prior below joining Medical XX%. members, testament Medicare call year-over-year. Good was members. ratio continued exceeded consistency our differentiated operating I is provide the expectations, Thank everyone, XX,XXX morning, report another results, Advantage in and to from last This

our year As Kevin a result raising full of which shortly. revenue will are provide outlook, some our we detail continued momentum,

hiring organic over roots community. their deep team seeing began membership are our rebranding have extensive see rating to high-quality as and CareMax efforts already York We access to ahead side. now Stars New York and across operational thanks and at well we newer with physical value now stars. core continue Memphis overall we this across quarter, underwent strong seen centers, Among by outside CareMax footprint above already paying have our our We other consistent to effort period. performance on New specialty patients, market and centers ensuring an members our These the of proposition We care. and XX% one four September We've presence tracking the our initiatives, family our the of we XXX are sales in enhance expanded our four encouraging tremendous this with from Florida PCPs and put have our surpassed our City. expanding patients year, strong offerings results. centers into goals of already to annual of to in opening Earlier dividends of enrollment

in enrollees serve City. highly point market. to dental and in-clinic will differentiation addition recently will also access We to offering our a attractive of that offering, believe providing dental be We Medicare the services others Advantage much York in as needed key seniors New of launched for the care this from

PCPs our begun but as communities an [ph] key I'd together to me physicians we Steward to Space We've the in Lastly, on established additional strategy Health, expand Coast country. Flatbush Coast collaboration Florida. to recently in are CareMax's to as across We provide to with working out this value-based of Elovent including conducting was a provide providing details pending coding pilot, pilot patients and the closing our to updates our on to prioritized the we East in Recall, some lists on additional opened weekly distributed initiatives deploying in Steward's risk-stratified and grow and forward location clinical Space update we look the of more like the resources, strategy let a moment, care leadership. demonstrate reminder, rolling for platform. teams, building membership. of training and care first, transition market sessions quality

Houston of future connection over close As plan in we've already seen XX% saw recent to in hospital reduction to the date, growth we Coast the de to de emergency expand Steward. complement encouraging supports in and have our with in opportunities and visits network. and novo enhance opening plans Based to services members Space our we've Steward our the results novos a admissions. already also identified result of the corresponding to seen these market in care initiatives, provided gaps on Similarly,

scale transaction to connection transaction XXX,XXX care states will providing stockholders excited to acquisition closing in Upon expand stored the health transaction, across network is recent pending deliver be our the overwhelmingly our and XX the patients markets. approved will I'm value-based delivery, value-based stock that country. promptly. to the announce of value-based to expected this X,XXX XX us with meeting. care close believe care approximately at Finally, providers issuance to of care with transformative in throughout We our our annual senior The

are numerous value-based deploying with care. hosted halls to resources town plans. Steward successful physicians, We've ensure in and education our integration Moving on providing to they designed

We annual their for collaborating begin hybrid gaps Steward with the our to patients ongoing them care with identifying sales engagement make sense which also year. we've and develop groups these providers, provider of with working strategies close checks physicians the to move for Through wellness the in have in them begun through remainder to AEP, assisting models. plans the scheduling into to

mature have capital care practice opportunities. believe being reminder, potential on accelerated model. depending others. a as We such much a new and hybrid also be hybrids As than able will our novo existing location we a CareMax recently locations generate margins intensity Chief require among hiring and already excess relations managers in able XX%, these we pipeline individuals have will on believe Digital space. a Officer. physician will market the center every quality hired coordinators, vary with will our anticipate leadership an but of lower XX retrofit de these We to of Further, resemble we contribution as centers provider managers positions and additional new in We've bringing efforts, staffed to

execute we talent growth we With additions, these our to are right plans. confident on have in and integration the place

on be side, new the These to good the Steward live to already payer of a Medicare we Advantage, and making preparing effective are the Medicare of fee-for-service at beginning track progress portion in care XXXX. On are value-based transition arrangements.

a of additional we as highly which delivery plans results. aligning We strong partners that deliberate the business approach blends high-performing the they of others combined able will are our high-touch building health we model our care growth about will have care targeted with those that founded remain believe industry. be access of proprietary of in fee-for-service differentiates we drive an eventually system, established encouraged capital-light shift have believe portion strategy with whole we our more into Since to model, care that closing we technology on very arrangements. centers and beneficiaries, transition receptive from to transactions, our and following Steward CareMax been and look an to their our to and MSO, in turn, the into taken our us have innovative our to payer XXX,XXX and arrangements. Recall patients hybrid person comprehensive risk-based a MA that We health us our value-based

scale plans we've already for grow success, identified novos cash in patients profitability. to accelerate in which initial we the Once capital-efficient we have of new this opportunity believe and significant deploy expansion to areas MSO burn to plan our we with MSO manner. membership allow markets business are the will have a without strategic designed to markets We national provide timeline de economies in otherwise Our established relationships. to and strategically will reduce density entering would strategy

of the Steward our realizing we patients. better value-based the model providing cost will for value-based our provide at-risk stakeholders. milestone a in outcomes, robust critically improve results the growth as our reduce markets care a We and for industry presence to acquisition delivery With business seniors, our look Steward we populations leveraging our be to will acquisition creating believe firmly CareMax of continued further the establishing deliver a into core and be our leadership our health care to us, system. to value transformative Our to care best-in-class pathway for integrate We and experience in health able to enhance and to to of needed managing country, forward life. care multiple bring sustainable and the across drive quality value benefits testament

responding to take Hurricane a over, security to call our Through to we our able their the hand in Ian. of were the and I to like moment Before members efforts, team team I'd and safety ensure patients. recognize

with hard it With our providing above financials. operate support our the seniors. and our heart remain greater were who only to were will mission we a impacted colleagues Further, turn and areas, Kevin third in over beyond to time. to to Their able health by care went the dedication quarter on impacted us enables personally few centers provide constant of to deliver team to we storm. detail operational that that, our I on during work While

Kevin Wirges

another Carlos, strong membership, Thanks, delivered revenue We targets quarter, EBITDA. good on adjusted and again beating and morning. internal

$XX nearly including find our across release a business. for quarter have was the increasing Medicare, a the in million million, Medicaid of and members non-GAAP to surpassing doubled by to full XXXX, September, Medicare guidance reconciliation million XX% and our year, XX,XXX $XXX are as third from on revenue revenues. quarter-on-quarter was like Between sustained growth GAAP double this remain each to revenue we full and our third member presentation. our we XX% strategy exceed XX,XXX adjusted growth, million. company growth, we earnings a last compared of core year million, our and million MSO up to into from than in quarter $XXX expansion our of track public to $XXX de risk lines metrics As $XXX more multi-pronged confident you $XXX to We year. of novo continued growth QX last Total across our Medicare reminder, year XXXX. a growth healthy to Due saw to Since initial heading guidance already EBITDA revenue becoming our press commercial organic in year-end. sales, momentum of can Other

among risk quarter. purposes, patients. revenue partial reminder, revenues other other sharing roughly related toward Medical modeling take and would patients we MSO In mix retrospective in fourth full expense for recognized from the a under other shift this continued certain contracts. was risk ratio normalize $XX we million XX.X%, As expect to things, reflecting to Absent true-ups don't we to capitation includes QX, surplus on. performance strong

a medical is value-based come uniquely attractive in we've patients seen MER spectrum with As on clinic platform absorb to staying way network. MER but our little centers are pleased incremental patients making grow, to pipeline equipped remains XX%. calls, our those noted clinics into but established model. our from across to our at just of Beneath consolidated MSO higher our to below achieve providers MER, year-to-date prior also us that not providers our by capital-efficient believe MSO our care for an OpEx, margins typically them we at we exceptional the

Other quarter. even we second of on are contribution quarter approximately our year from its efficiencies year, with way from centers have and more quarter, additional including level find in de to novos, care, three the margin of fourth reached well highest end, cost the bringing help with XX as In fund were As costs this CG&A our center quarter incurred to expenses, opened count opened our the marketing to total cost sales and stable the the we our to three continued and ending XX. investments. the platform

third look give already related we noted, advantage. companies value forward our Carlos with are to to York, us from year-to-date XXXX. Adjusted the our million $XX believe the New and keeping was the full see in starting our we EBITDA and for relationships markets. fruits million, on Evolent strategy our creating Health As us $XX.X key these differentiated new of a for We the in $X.X million $XX collaborations where further million guidance for track of to adjusted bringing quarter to Steward EBITDA year

Our compared of the hold approximately deductible in off see that for factors Members midpoint D stop around favorable around and the These range, we downside. patients base tend levels would land also quarters. prior both acknowledge Medicare loss hit Part elective the to the impact and to case on QX, limits. certain have holidays. may we is to leave Seasonally, to MER procedures upside but room factors a more

growing continue marketing the draw and finance Steward's drew spend grow to Steward with in the fund As capture acquisition an our the dilutive $XX million and Medicare savings discounts expect the delayed incremental $XXX transaction shared subsequently the loans upon corporate debt, net on to with platform. closing end during delayed in additional draw of term take connection receivable of of closing margin, $XX term to support XXXX quarter, We impacts Steward any closing. will from on shared to invest debt million undrawn down our in overhead the entered expect $XXX loans. be million cash, with of membership connection third financing of to MSO on unamortized to the base to Further transaction. At of details AEP into deploy had to near-term million our of offset, we we continue and

on While to XXXX orient guidance to plan quarter business. formal do on we want directionally audience fourth more the moving call, our provide in I our pieces our

business in CareMax mature even and novos excludes continue in beyond. core de our the We which we with, remains the and ample EBITDA. began there centers Remember, year this our membership, to revenue grow from most expect opened opportunity we XX to losses First, believe this year represents adjusted growth markets.

have centers still is than Florida to penetration still core Central below compared Our by XX% XX% more South membership overall Advantage and Medicare grow over in capacity XX% to Florida. in

be which next to de growth us Second, continue novo to our on executing open. to even acquisition The allows determining selective plan Steward year. we sites more strategy when

or across combination. We de we XX alluded a Carlos novos a complementary great de novos to Elovent's, Steward, example of have can in opportunities upcoming hybrid of that The our either pipeline XXXX relationships Coast this. believe related are approximately leverage a Space and

a Our for the highly approach toward and disciplined, strategic de novos is capital-efficient way. foundation growing our business in sustainable

a providers of indicated, potential lot and can to on potentially we cushion transaction, as only investments the thousands not we further believe positively we adds to on Third, to we to statement ultimately allows questions. have hundreds team and be Steward's look Medicare incentives bring financial lives support we value-based margins like necessary the of now beneficiaries us expertise make near-term today. it to economic With accretive Steward's this ours, $XXX leverage the right million-plus By open CareMax well-being think BBC with PMPM way. fruition opportunity MSO impact along also proxy believe our risk Steward meaningfully EBITDA for seniors aligning will X,XXX This up of Operator, to to a transition but EBITDA. the our does patients the has to empowering care. take their and to Steward adjusted

Operator

first question from is UBS. Thank you. [Operator Instructions] Our with Mok Andrew

Your line is open.

Andrew Mok

basis morning. sequentially. about was External up good Hi MLR XXX points

deductibles and patients said hitting on previously, drugs. MLR prescription stop think was to improve I that to due loss expected you their

MLR? improvement the quarter So, prevented what the in were expected in that the developments

Kevin Wirges

Yes. Kevin. it's Andrew,

we that's for factors. in we're XX% So, couple clinics. specifically targeted target there's business, of our is MSO clinics, our our sub XX%. component for back that which important that that to MLR range, where take the I you is achieving if One, a Within MER the

that MER, as clinics. we some see a the expect clip, at MSO grow we -- on nothing our had to our we business could anticipated, of So, within than faster faster deviation

year-to-date on As sub-XX. we've as the our call, data, are at in that the clinics we've still said MER our seen and within XXXX

patients to this pertains really MSO of side. influx we're this on getting So, new that the

Andrew Mok

you Got like seems with shifts MSO understand it. membership the P&L? to changing us? important in to the driver Are share able an It the that's

Kevin Wirges

that's Yes, Sure. something share. could that we think I

Andrew Mok

Okay, about so you've opened year. great. clinics million nine And for far CapEx incurred XX then $X year-to-date, targeted this of and

First, is opening financed those that some that to CapEx clinic on requirements about two, the partners, where to are openings? costs of the against strategic by outlay think being the right P&L? And extent the way charged is you CapEx that of exactly additional

Kevin Wirges

Great question. Yes.

at do on clinic for think million is the able see $X expense been a strategy, And be de clinics early the is So, million once targeting find those is looked a we've we are So, to you'll $X going forward what What from for build-outs. lot standpoint, per rent when to that financing, type tenant CapEx. financing, we open. I CapEx of range to landlord novo those our were going within the

we at we're strategic So, it's basis manner. most be to open capital-efficient always on a look attempt we're opening, to these clinics clinic-by-clinic as in but going and where the

Carlos de Solo

both start in beginning seated Steward expect them very are de in collaboration a some as novo's of discussed transaction already to We call. add the capital to and open we and up the locations, specifically on that. outlay just see opening as and either I'll the have in that we OpEx centers retrofitted membership large tuck-in significant up or already of at the do reduction CapEx, due to that

Andrew Mok

around QX the towards helpful. off Got the made holidays, Kevin, may that comment you which remarks, the procedures then a end MLR. That's help of could prepared And on it. hold patients

expecting into this QX growth people ASCs procedure are most in an think year. running I acceleration

or comment? just that anecdotes driving more were data curious, around hearing is Thanks. that you holidays. was speculative were that just Or it's happen points there that the something that So, any hard that could

Kevin Wirges

on that for seen like during seen Yes. just don't most folks Thanks, -- the Andrew. down the historical based that in South procedures here last we've the Yes, do clinics XX we've that's Florida, data to our and running years holidays.

And in types to down will so, slow they those -- procedures QX. tend of

Andrew Mok

Got growth up usually procedure in sequentially QX? it. Is

Kevin Wirges

again? was what question sorry, the I'm

Andrew Mok

throughout that Its holidays in non-holidays, sequentially including up usually quarter, and growth the QX? total is up procedure whole

Kevin Wirges

No, the seeing, that data in we're it's not. Not no.

Andrew Mok

that's Okay, thank you. helpful,

Operator

Tanquilut The next question from with Brian is Jefferies.

is open. Your line

Unidentified Analyst

for thanks Pagie and Hi, good This Brian. is my question. on morning taking for [ph]

first your related to has EBITDA. my to guidance question -- So, for is just

understand seasonality and EBITDA given share the the can million between to I'm insights trying million. business Just the directional on of and your range any tracking you $XX that $X

any So, you insights modeling for purposes? can share

Kevin Wirges

Yes. Sure.

target wanting the that So, elective procedures typically we to as those holidays. which factor we And is the the factors around. the midpoint QX targeting are deductibles, case does tend to also hit Part doughnut of are begin for Seasonality our that limits stop-loss that patients the play range. a not the during base in folks have hole, to shift to cost D then mentioned,

cost providers. risk-bearing through to less there's that the flows So,

So, QX a all those would standpoint. see that to favorable from we impacts are the expect

other in MERs other MSO offsets of we the our come this -- just patients base The that with grow continue pretty tend or to high see as side, items would those to we initially. expect to are on

percentage marketing do organization of we or bring something do and spend more realistic Steward becomes them And need that least to the overall going ahead acquisition. could invest at we're of to for then to with our our the some AEP, addition business, or that the book have do in of back business, into in a QX QX. MERs And we that, it larger be could as so, deteriorate that

Unidentified Analyst

the to the more free that novo? kind accelerate to And of versus expecting decision positive that flow? clinics, you hybrid also, back to your comments you can model model for quantify to the just informs or to your novo cash Great, the you're traditional how shift hybrid of if And discussing were versus de just de thanks pathway around what your discuss possible, then this transition information. going

Carlos de Solo

Yes.

we're model, to even specialists is into with. or groups or provider we're groups. lab have not These to have a When usually many we targeting practices right? in one about competencies, working groups It's the hybrid think that So, two that a cases, diagnostics. larger that physicians, physician groups hybrid have the your are decision greater go specific typical model

are Care CareMax effectively we're senior we doing these like. do building much their So, Medical and what or is branding Max generally facility out Center and what with that center providers de within a and what like a operating we very looks novo

novo, model, this less then -- And much economics a we get very all that build density have model. on to that's will IPA capital-efficient practices ones you're that's OpEx is fill intensive the on space, shift able that remain -- of perspective, acquihires in idea practices, area there to then we kind significant elect other we unit those we're those with that to providers, we de to what initially. with has that call retrofitting specifically in a significant have group as the capital identify. an novo the the right, and So, we those from And to hybrid those if MSO capital it's outflow having without because a a that in grow specific and would dependent business then those or over smaller de in our and productive that way and don't is And panels. our a physicians grown where CapEx

Unidentified Analyst

Great, thank you.

Operator

The next Research. question is from Nephron Raskin with Joshua

Your open. is line

Joshua Raskin

things could you payer that maybe the of about market little where you've your if growth a organic year? growth, conversations your sort good areas Medicare talk could inform just Advantage centers for I with and wondering partners that's next Thanks outlook, view was morning. benefit early, in core changes and the understanding but of bit got other specifically

Carlos de Solo

on very bullish We're Yes. Medicare growth. Advantage

in care by their Advantage be commitment program XXXX. of expectation talked we by CMS' seniors Medicare XX% XXXX, will that a significantly well all recipients. know, about Medicare you all over to value-based As care Medicare value-based and be expect to We've and

seen And have we're we've the we in, specifically, and of conversations very space. that The even the contracts payers been about of positive some that. completed, care as Texas in value-based these that almost a more the we're in a a from white integration those significant just Steward areas see care Massachusetts payers and these on relationships already partner, in we're with in think of areas where the have into and tremendous areas we've wanting we Steward value-based tremendous So, receptivity in had to lot going all has bullish presence.

very, actually of we're the that progress we've to securing about all in very partners with made even finalizing So, excited all the all contracts of payer prior these these of deal.

Joshua Raskin

on provide whether could heard deciding I the And de sort you. in those headwinds the that tailwinds then What pipeline? novos sort you is Got in the you demand if color? just are a of And there? factors or sense or give more existing of us And just have? XX are that markets could those you're you seeing get built? of where the

Carlos de Solo

how thinking we're and on to moving With with those are de where to kind really guidance areas years, dependent the novos we're gain physician markets, future those specific we facilities. up medical a capital it's efficient going and I then novo. medical advantage being centers to the as together able of out question, be that new to groups respect by existing and build that those about those de forward mentioned density of open bringing in in to Yes, we continue can earlier pull in, in way take in

that in be lot in to decision going And year, when the what to talk the way that's that going guidance about the next that. our we're about on give opportunistic we like. to we going making. and We're a we Steward when So, detail year next of -- of at think beginning looks frame

Joshua Raskin

thanks. Okay,

Operator

Jessica is The Sandler. from Tassan with Piper next question

Your line is open.

Jessica Tassan

Hi, if thanks transaction growth with the Steward transaction? clarify Steward accelerating the strategy that are you you are pursuing is conjunction Can even or just you in guys outside of question. taking for something my the affiliate

Carlos de Solo

Yes, we're accelerating storage. the outside of

members, So, Advantage discussed. obviously, in care further that a these. these and in MSSP tech-enabled going value-based we Steward have drive team seated significant ours out in opportunity a and to come lot of of we with fee-for-service. It's and built work have and a to to lot ingested Medicare XXX,XXX manage just both our partners XXX,XXX our business novo an And the communities working professionally Medicare convert transaction that's payers membership company strategic just and Advantage that's XX,XXX development a we've specialty de to in MSO MSO continue for our to strategy. opportunities to that need build markets, like a further networks density But

Jessica Tassan

it. Got

time and are the for your Steward how XX months, dollar first about priority the Like of initiatives, So, like things just -- I of And also sort sort what's six given you my of that is guess investment? the given all investing are the just or thinking months? in integration of relative question these number new of prioritizing terms to how affiliates? you in in these

Carlos de Solo

Yes. markets technology, and to in the the once to to that strategy. We've we leadership team. strategy built you've platform the MSO it's the to advantage It's that. the support built And very already got that infrastructure that specific a you've scale you've got the platform, people, enter. -- is those Look, of build the easy capital-light continue the process, the it's

in and not these about to from Josh, pause of membership then concerned I And So, the needs more was we perspective. significantly transaction going where we're to what can the be complement we to that's in de consider novo consider transaction. ability continue as Steward we than to ingest the we even have kind capital we're growth accelerate and there strategies, that as where that's mentioning opportunistic, and to

Jessica Tassan

out your managed mix MA Got other states? lives the can you my of one, Florida it. just are versus And break last in

Kevin Wirges

not to professionalize to organization. the them we're our of into Florida patients risk bring standpoint, need if Florida. bulk strategy from We enter take the recall, risk-bearing going lot you Jessica, the when needed Yes, in to is From medical We X. our these is of have an membership we a today a markets, into Day outside management. of in, contracts, obviously buy

X. take we so, on risk Day don't contracts And typically those

risk. type Florida Those risk the for to so Nearly contracts negotiated value do none because XX-month that, in have flip the XX- membership, patients an of to our looking specifically you're pathway there's a to of risk all risk a outside are period, contracts for to of organization. We've that if today. most Florida. our to So, little it's ability that those unlocks we ultimately, know

Carlos de Solo

amount we here, amount membership There's There's are. Massachusetts Yes. in of the once members a as couple of area. significant of in able transaction significant days the be the Medicare detailed to give next close of where Texas. to information a all And membership we'll Advantage the in

So, able by to we'll be down it break market.

We're as New we continues excited within faster, on results community, exceed to the the expectations. creating roots going and that drive. presence we're mentioned deep grass to we're growing that call, York Additionally, about

So, able to break we'll by down be market. that

Operator

Instructions] question with next The Securities. Truist from Jailendra Singh is [Operator

line is open. Your

Jailendra Singh

there? for plans the exposure of you, decline questions. is you about morning your thinking star been And around share Medicare ratings, which talking was a thanks transaction? Advantage expecting the MA impact potential offset how with there. you could industry Thank taking my and if about My for drivers views under you XXXX the decline. have Good for Steward are forma focus are about How everyone. and thinking first I pro are question wondering

Kevin Wirges

health plans, we really conversations have star Jailendra, health today fluctuations, we Again, have are reviewed adjustments we're really the through with and from premiums bid as their in which opportunity really stay to switch potentially I star what unfavorable enhancement historically, ratings. had better those be benefit can we've with the believe on plans material the think us the to quality payer-agnostic, far. protects that What plans our happen patients when us them going the until do XXXX Obviously, there that conversations for It to in go say tend to thus health health detail. there's important maintain impact it's you We've to been mentioned, encouraging specifically also side. the ratings have it's recently on gives and the any I plans are plans it's our PCP benefits. shifts is released relationship health rating that and seeing Kevin. process. Yes, impact don't contracts a don't with the the out.

Jailendra Singh

you're adding around thinking can thoughts, XXXX have Okay. MSSP? peers lives, Steward color you XXX,XXX And some not I [ph] results XXXX any the In MSSP seen sure helpful. Steward, you we I'm Then [based year speak significant mixed on something. the about the any to be MSSP we've would question a public Can on next That's but with if the on] amount results the how MSSP helpful. side. to of my from think deal, that speak performance

Carlos de Solo

program, it's think the excited and MSSP. we're care. value-based stone stepping we think into Look, a great it's a true about We

how to As we're of create manage all of value-based terms how care, all University. membership MSSP those of preferred that implement train we we how implement processes acuity, capture similar we our our using going in the physicians for processes we to network, CareMax

we professionalize year, some but So, membership our performed in Steward [ph] Milliman a that we'll those we that have with really results the MSSP think think, some to well. larger going in a to-date, think and perspective, impact. past greater those of that the There can I year, significant. discussions impacted actuaries. job has were nuances some past much, managing think this following impact is savings don't underserved I able of in be communities. expect We benchmarking, be a the of think, some to year significant I and on that a that much issue providers this good I be from know we Steward done and make to affected

Jailendra Singh

And the my area are that any time see focus terms -- in now of past? for a the likely of opportunities investment new spend and then done what you hire Digital some as from to role longer-term the more the you and near-term in company. had in on investments Officer well as Okay. final Chief versus you Can question, digital

Carlos de Solo

care We is future technology with of kind with care. the to combined and Look, with perfecting think our high-touch kind strategy our proprietary respect value-based of -- care of that how interlay health we're that technology, of enhancing always our Yes. and the model, you technology. our with

a make those the to technology the that we investments company we're had reflected significant So, to continue same we always make going those sentiments. wanted side, that leader to sure in in and

takes Digital we're next incredible really kind the into an that excited Officer we hired us that believe about that, value-based and really care. of we So, of Chief stage

continuously how make the and novo on our side. continue to will continue we affiliate evaluate the improvements on technology, in to deploy So, we de and that both side

Jailendra Singh

thanks Great, a lot.

Carlos de Solo

Thank you.

Operator

We have remarks. closing no turn further over any questions time. I'll it at for this to de Carlos Solo

Carlos de Solo

supporting and company. look the imminent about very of transaction. the to realizing to our the Thank to We're call on our and of closing the everyone joining momentum strategy and you. Steward excited continuing forward our I the transaction. benefits We for thank Steward like would execute significant for today

all day. growth Thank As and progress. for have on you, drive a sustainable of our keep great will stakeholders, we value enhance you updated we and our

Operator

this and Ladies concludes conference Thank call. for participating. you gentlemen, today's

You disconnect. may now

CareMax (CMAXQ) 12 Nov 222022 Q3 Earnings call transcript