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Entrepreneur plans new South Florida HMO

5 years after he sold an HMO for $450 million, Coral Gables entrepreneur Mike Fernandez is obtaining back into the health insurance commerce in South Florida.

Entrepreneur plans new South Florida HMO

When many analysts are concerned about the difficulties that healthcare reform may create for insurance dealers, veteran entrepreneur Miguel “Mike” Fernandez announced Monday he’s begining an ambitious health maintenance group that he expects to employ 1,000 statewide — & may expand nationally.

“Wherever there is turmoil, there is possibility,” said Fernandez. “We hog a pretty good history in this existence.”

Fernandez cited how he invested about $3 million in a Medicaid HMO in 1993 & sold it in 2002 for $185 million to Amerigroup. He paid $28 million a Medicare HMO that became carePlus, which he sold in 2004 for $450 million to Humana. “A quite good return.”

Fernandez plans to originate Simply Healthcare Plans in Dec. The company is filing an handle for an HMO license with the province and is preparing paperwork for a Medicaid Business agreement. Next spring, the company plans on filing for Medicare approval after his noncompete Treaty with Humana runs outside.

The company will launch with offices in South Florida, Tampa & Orlando. Expansion outside the province could come later.

With deeper than 30 years participation in health insurance, Fernandez said he knows all the difficulties. “The last date we started, back in 1993, they said the marketplace was overcrowded and prices were going down. I ignored those arguments and proceeded on ahead.

“The duplicate issues are here nowadays: The markets are overcrowded, the costs for Medicare and Medicaid are time to come down. And yet if we feed outstanding service to the consumers,” he expects to once again be a Progress.

He noted that this hour he’s starting out with far another capital than he did in the 1990s. The HMO is being funded by $100 million from MBF Healthcare Partners, a adventure capital firm Fernandez started in 2005. About $80 million will come directly from Fernandez.

CarePlus thrived in conjunction with 12 CAC clinics, in which Fernandez copied the antique Cuban model of providing healthcare in a social atmosphere — seniors with cafecitos chatting with Everyone other. Fernandez did not statute out clinics this generation around, but the HMO will start without them.

He said that a little of his old team will be joining him. Already on board is Peter Jimenez, the Manager operating officer of carePlus.

He said diverse former staffers have expressed care in joining his new endeavour. Employees shared about $90 million from the sales of his preceding insurance companies.

“Because of our track account, we already have more than 300 resumes on folder for a wide variety of jobs.”

The new health course of action will join other MBF investments, which insert Medical Specialties Distributors, OMNI Residence Health Services, Navarro Reduction Pharmacies and NutriForce Nutrition.

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Entrepreneur plans new South Florida HMO
Entrepreneur plans new South Florida HMO

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