Humana's CenterWell acquires MaxHealth primary care clinics

CenterWell, a division of Humana, has completed its acquisition of MaxHealth, a network of primary care clinics and other healthcare services reaching more than 120,000 patients, the companies announced late last week.

MaxHealth will now be owned by and affiliated with CenterWell Senior Primary Care, which CenterWell said will expand its scope into new markets and allow it to serve more patients.

"We are pleased to complete the acquisition of MaxHealth and are excited to welcome their dedicated team of clinicians and staff to CenterWell Senior Primary Care," Sanjay Shetty, M.D., president of CenterWell, said in the announcement.

"MaxHealth is a patient-centered, results-driven organization that simplifies the healthcare experience and empowers patients to live their best lives -- values that align closely with everything we do at CenterWell," Shetty added. "Together, we will make an even bigger difference for those we serve."

All said, CenterWell acquired MaxHealth's 54 owned primary care clinics, 4 owned specialty/ancillary clinics and 24 downstream affiliate clinics throughout West and South Florida. MaxHealth sees 120,000 patients, including 80,000 enrolled in value-based care programs.

CenterWell acquired MaxHealth from Arsenal Capital Partners.

"This milestone reflects the extraordinary work of the founders who built MaxHealth, the physicians who deliver exceptional care every day and the teammates across our organization who bring our mission to life," Michelle Leslie, MaxHealth's CEO, said in a press statement.

"We are deeply grateful to Arsenal Capital Partners for its partnership and support during a period of meaningful growth. As we join CenterWell, we are excited to build on this strong foundation and further expand access to high-quality, patient-centered care for the communities we serve."

CenterWell's acquisition of MaxHealth is another show of the growing trend of vertical integration in the healthcare payer market.

Vertical integration in the health insurance market is defined by the single corporate ownership of payers, providers, pharmacy benefit managers and pharmacies.

This practice is becoming more commonplace in the primary care space, with payer-operated practices accounting for 4.2% of the national Medicare primary care market compared to just 0.8% in 2016, according to a 2025 Health Affairs article.

According to payers, vertical integration helps them better coordinate care for members. But critics say vertical integration makes it easier for payers to direct members to payer-owned providers, which could lay the groundwork for higher prices and less choice for patients. Some evidence also suggests vertical integration lets payers sidestep some industry guardrails.

For instance, a November 2025 report, also in Health Affairs, showed that UnitedHealthcare paid its self-owned Optum doctors more than other doctors. This might mean UnitedHealthcare is manipulating its medical loss ratio, which assesses how much in member premiums gets directed toward clinical care.

In other words, payers can claim they are funneling a significant chunk of cash toward patient care, but they're actually paying that cash to themselves because they own the clinic that delivered the care.

For its part, UnitedHealthcare refuted the Health Affairs study findings, stating that it pays Optum providers similar rates as other providers.

Still, the vertical integration trend in the healthcare payer space has raised alarm bells for the nation's lawmakers. In a January House Energy and Commerce Subcommittee on Health hearing with major U.S. health insurance CEOs, congressmembers lambasted payers for the practice.

Sara Heath has reported news related to patient engagement and health equity since 2015.