Humana Approaches $1B Acquisition of Florida Primary Care Company: Bloomberg
•February 13, 2026
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Companies Mentioned
Why It Matters
The acquisition positions Humana to capture more value from the growing Medicare Advantage market, but it also raises regulatory risk as lawmakers target vertical integration in health care.
Key Takeaways
- •Humana targets $1B MaxHealth acquisition.
- •MaxHealth serves adults, seniors in Florida.
- •Deal expands Humana’s primary‑care network.
- •Congressional bill could limit insurer‑provider ownership.
- •Humana’s Medicare Advantage membership rose 20% in 2025.
Pulse Analysis
Humana’s pursuit of MaxHealth reflects a broader industry shift toward owning the front end of care delivery. By integrating a network that already manages adult and senior patients, Humana can steer referrals, improve care coordination, and capture a larger share of reimbursement dollars. The $1 billion price tag signals confidence that primary‑care assets can generate steady cash flow and support the insurer’s transition from fee‑for‑service to value‑based contracts, especially as Medicare Advantage enrollment accelerates.
The Florida acquisition builds on Humana’s recent strategic moves, including the 2025 purchase of The Villages Health and a 20 percent surge in Medicare Advantage enrollment. Those actions have expanded the insurer’s senior‑patient base, providing cross‑selling opportunities for its health‑plan products and ancillary services. Leveraging non‑core assets to fund growth, Humana aims to maintain a disciplined debt‑to‑capital ratio while scaling its provider network, a tactic that could improve margins and enhance bargaining power with pharmacy benefit managers.
However, the deal unfolds against a backdrop of heightened political scrutiny. A bipartisan bill introduced by Senators Warren and Hawley seeks to prohibit insurers from simultaneously owning provider entities, potentially forcing divestitures or limiting future acquisitions. Similar concerns have been voiced about UnitedHealth’s Optum arm, where vertical integration was linked to price hikes for rival insurers. If the legislation gains traction, Humana may face compliance hurdles that could affect the timing, structure, or even the viability of the MaxHealth transaction, underscoring the delicate balance between growth ambitions and regulatory risk.
Humana approaches $1B acquisition of Florida primary care company: Bloomberg
Humana is in talks with Sarasota, Fla.-based MaxHealth — a primary care network and platform focused on adults and older adults — regarding an acquisition, Bloomberg reported Feb. 12.
According to Bloomberg sources, MaxHealth, owned by private equity firm Arsenal Capital Partners’ Best Value Healthcare, could have been valued at about $1 billion.
Humana President and CEO Jim Rechtin previously said the company is looking to expand its primary care footprint.
“We also hope to soon announce a strategic acquisition in the primary care space,” Mr. Rechtin said on a Feb. 11 earnings call.
In 2025, CenterWell Senior Primary Care, a network of medical offices focused on the Medicare population, saw 100,600 more patients — over 25% growth. That year, Humana acquired The Villages Health, a Florida health system serving The Villages retirement community. Roughly 32,000 of those patients stemmed from the deal.
During the annual enrollment period, Humana also grew individual Medicare Advantage membership by 20%, or 1 million members. To fund these members and some M&A activity, Humana plans to maintain its debt-to-capital ratio and leverage “non-core assets,” CFO Celeste Mellet said on the call.
Despite this move, health insurers have been under scrutiny for their vertical integration in recent months.
“Whether you’re a blue-blooded capitalist or a card-carrying democratic socialist, I think corporate monopolies are a problem, and this vertical integration is destroying people’s ability to access care,” Rep. Alexandria Ocasio-Cortez, D-N.Y., said during a Jan. 22 congressional hearing with a handful of leading health insurance CEOs.
Sens. Elizabeth Warren, D-Mass., and Josh Hawley, R-Mo., introduced a bill Feb. 10 that would restrict companies from owning both a health insurer or pharmacy benefit manager and a medical provider or management services organization. Those in violation would need to comply within one year.
A Sept. 29 Health Affairs analysis determined insurers using their own providers can inflate medical spending figures and limit their rebate responsibilities, as well. The authors encouraged regulatory policies that would require insurers to disclose these internal payment arrangements.
A more specific case: ASC acquisitions by UnitedHealth Group’s provider arm, Optum, were linked to steep price increases for competing insurers, according to another Health Affairs study, highlighting how vertical integration can influence costs.
Humana declined to comment. Becker’s contacted MaxHealth and Arsenal Capital Partners and will update this story if more information becomes available.
The post Humana approaches $1B acquisition of Florida primary care company: Bloomberg appeared first on Becker's Hospital Review | Healthcare News & Analysis.
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