# EDGAR Filing Document

**Accession Number:** 0001813914
**File Stem:** 0001193125-23-006483
**Filing Date:** 2023-1
**Character Count:** 23742
**Document Hash:** 9d42c4cf9af122834a1c8047aba20257
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-006483.hdr.sgml**: 20230111

**ACCESSION NUMBER**: 0001193125-23-006483

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20230111

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230111

**DATE AS OF CHANGE**: 20230111

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CareMax, Inc.
- **CENTRAL INDEX KEY:** 0001813914
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-NURSING & PERSONAL CARE FACILITIES [8050]
- **IRS NUMBER:** 850992224
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39391
- **FILM NUMBER:** 23523751

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 NW 57 COURT, SUITE 400
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33126
- **BUSINESS PHONE:** 786-360-4768

**MAIL ADDRESS:**
- **STREET 1:** 1000 NW 57 COURT, SUITE 400
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Deerfield Healthcare Technology Acquisitions Corp.
- **DATE OF NAME CHANGE:** 20200602

?xml version="1.0" encoding="utf-8" ? Form 8-K

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

### FORM 8-K

------

#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(D)

#### OF THE SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): January 11, 2023

------

![LOGO](g417819g0111022701894.jpg)

## CareMax, Inc.

#### (Exact name of registrant as specified in its charter)

------

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39391** | **85-0992224** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

#### 1000 NW 57 Court, Suite 400

#### Miami, FL 33126

#### (Address of principal executive offices, including zip code)
(786) 360-4768

#### (Registrant's telephone number, including area code)

#### (Former name or former address, if changed since last report)

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbols** | **Name of each exchange**<br> **on which registered** |
| Class A common stock, par value $0.0001 per share | CMAX | The Nasdaq Stock Market LLC |
| Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share | CMAXW | The Nasdaq Stock Market LLC |

---

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencements communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.**  |

---

CareMax, Inc., a Delaware corporation (the "Company"), is furnishing as Exhibit 99.1 to this Current Report on Form 8-K and incorporating herein by reference an investor presentation, which is being used for the Company's previously announced presentation at the 41st Annual J.P. Morgan Healthcare Conference on Thursday, January 12, 2023 and which may also be used, in whole or in part, and subject to modification, at meetings with investors or analysts.

The information furnished in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

(d) Exhibits

#### Exhibit Index

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| [99.1](d417819dex991.htm) | [Investor Presentation dated January 12, 2023.](d417819dex991.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |

---

------

#### SIGNATURE
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: January 11, 2023

---

| | |
|:---|:---|
| **CareMax, Inc.** | **CareMax, Inc.** |
| By: | /s/ Kevin Wirges |
| Name: | Kevin Wirges |
| Title: | Executive Vice President, Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

![Slide 1](g417819ex99_1s1g1.jpg)

January 12, 2023 J.P. Morgan Healthcare Conference Exhibit 99.1

------

![Slide 2](g417819ex99_1s2g1.jpg)

Disclaimer Presentation This presentation ("Presentation") is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, debt or other financial instruments, of CareMax, Inc. ("CareMax" or the "Company") or any of its affiliates. The information contained herein does not purport to be all-inclusive. The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data on past performance or modeling contained herein is not an indication as to future performance. CareMax assumes no obligation to update any information in this Presentation, except as required by law. Except as otherwise stated herein, references to "CareMax" for periods prior to June 8, 2021 refer to CareMax Medical Group, LLC prior to the business combination with Deerfield Healthcare Technology Acquisitions Corp. and IMC Holdings LLC ("IMC"). Projections This Presentation contains projected financial information. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the projected financial information. See "Forward Looking Statements" paragraph below. Actual results may differ materially from the results contemplated by the projected financial information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The independent registered public accounting firm of CareMax has not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and, accordingly, has not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. A reconciliation of projected Adjusted EBITDA to the most directly comparable GAAP financial measure is not included in this presentation because, without unreasonable efforts, CareMax is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate this non-GAAP financial measure. In addition, the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. The variability of the specified items may have a significant and unpredictable impact on CareMax's future GAAP results. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include statements regarding our future growth and strategy and future financial results. Words such as "anticipate," "believe," "budget," "contemplate," "continue," "could," "envision," "estimate," "expect," "guidance," "indicate," "intend," "may," "might," "plan," "possibly," "potential," "predict," "probably," "pro-forma," "project," "seek," "should," "target," or "will," or the negative or other variations thereof, and similar words or phrases or comparable terminology, are intended to identify forward-looking statements. These forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this presentation. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important risks and uncertainties that could cause the Company's actual results and financial condition to differ materially from those indicated in forward-looking statements include, among others, the Company's ability to integrate acquired businesses, including the ability to implement business plans, forecasts, and other expectations after the completion of the Steward transaction, the failure to realize anticipated benefits of the Steward transaction or to realize estimated pro forma results and underlying assumptions, the impact of COVID-19 or any variant thereof on the Company's business and results of operation; the availability of sites for de novo centers and the costs of opening such de novo centers; changes in market or industry conditions, regulatory environment, competitive conditions, and receptivity to the Company's services; the Company's ability to continue its growth, including in new markets; changes in laws and regulations applicable to the Company's business, in particular with respect to Medicare Advantage and Medicaid; the Company's ability to maintain its relationships with health plans and other key payers; any delay, modification or cancellation of government contracts; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs and the Company's ability to comply with the covenants under its credit agreement; the Company's ability to recruit and retain qualified team members and independent physicians; and risks related to future acquisitions. For a detailed discussion of the risk factors that could affect the Company's actual results, please refer to the risk factors identified in the Company's reports filed with the SEC. All information provided in this presentation is as of the date hereof, and the Company undertakes no duty to update or revise this information unless required by law, and forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this Presentation.

------

![Slide 3](g417819ex99_1s3g1.jpg)

Agenda Overview of CareMax and Strategic Update – Carlos de Solo 1 Operating Platform – Albert de Solo 2 Growth – Carlos de Solo 3

------

![Slide 4](g417819ex99_1s4g1.jpg)

CareMax is Driven by a Mission to Deliver Best-in-Class Care We are… A value-based care delivery system that utilizes a proprietary technology-enabled platform and multi-specialty, whole person health model to deliver comprehensive, preventative and coordinated care for our members. Our mission… Is to empower care teams to provide high-quality, compassionate care by transforming the primary care delivery model to improve outcomes for patients most in need and to reduce overall costs. We empower providers… By providing a medical management platform equipped with data, analytics, and rules-based decision tools and workflows. 60 CareMax Medical Centers1 ~200,000 Medicare Value-Based Care Members ~2,000 Employed & Affiliated PCPs 5-Stars CMS Quality Rating2 ~240,000 Total Value-Based Care Members 10 States Note: All data as of September 30, 2022, and Pro Forma for the acquisition of Steward Value-Based Care, unless otherwise noted. 1 Medical center count as of December 31, 2022; 2 Centers for Medicare & Medicaid Services 2021 Star rating across CareMax centers as of year-end 2021

------

![Slide 5](g417819ex99_1s5g1.jpg)

Tech-Enabled Clinic and MSO Platform Scale What We Do Operate full-service health and wellness centers providing primary and multi-specialty care offering with integrated ancillary services Provide value-based care clinical transformation and population health management to independent providers and medical groups How We Do It CareMax Medical Centers CareMax MSO 60 Centers1 ~110 Employed Providers 5-Stars CMS Star Rating2 10+ Years of Operation ~1.9K Affiliated Providers 30 Markets Partner in value-based care practice transformation Administrative practice management and payor contracting Integrates technology and best practices from owned medical centers Target providers to employ in strategic de novo centers Share in financial economics of risk contracts Transportation to/from appointments Fitness & wellness classes Social services & home health In-House Specialists PCPs avg. 14 visits per day with the goal to see 100% of patient panel each year Specialists referrals within 24hrs for urgent need and 7 days for standard visit Results 70% reduction in ER visits/1K3 48% reduction in hospital admits/1K3 14% annual reduction in medical expense PMPM4 < 70% target medical expense ratio5 65% reduction in ER visits/1K6 39% reduction in hospital admits1/K6 7% annual reduction in medical expense PMPM7 < 85% target medical expense ratio5 CareMax offers a comprehensive value-based care platform designed to drive superior medical outcomes in a cost-efficient manner Note: All data as of September 30, 2022, and Pro Forma for the acquisition of Steward Value-Based Care, unless otherwise noted. 1 Medical center count as of December 31, 2022; 2 Centers for Medicare & Medicaid Services 2021 Star rating across CareMax centers as of year-end 2021; 3 Reflects data for last twelve months ended July 31, 2022 for all Medicare patients enrolled at CareMax Medical Centers; 4 Reflects annualized change in medical expense PMPM from first year of tenure to fourth year among CareMax patients enrolled in HealthSun health plans for 2019 dates of service; 5 Reflects target mature medical expense ratio based on historical performance by line of business; 6 Reflects data for last twelve months ended July 31, 2022 for all Medicare patients enrolled with CareMax MSO network; 7 Reflects CareMax's MSO patients enrolled in HealthSun from FY16 – FY20.

------

![Slide 6](g417819ex99_1s6g1.jpg)

Nationally Scaled Value Based Care Platform and Broad Patient Base Arizona Texas Arkansas Tennessee Ohio Pennsylvania New York Massachusetts Central Florida South Florida Louisiana Legend MSO Presence Clinic & MSO Presence Clinic & MSO Locations Employed and Affiliated PCPs Across the U.S. ~2,000 CareMax Medical Centers Across FL, NYC, TN and TX1 60 States with CareMax Operations 10 Medicare Members in VBC Risk Arrangements ~200,000 Total Members in VBC Risk Arrangements Across Medicare, Medicaid and Commercial ~240,000 Note: All data as of September 30, 2022, and Pro Forma for the acquisition of Steward Value-Based Care, unless otherwise noted. 1 Medical center count as of December 31, 2022

------

![Slide 7](g417819ex99_1s7g1.jpg)

Membership and Provider Scale ~240,000 Value-Based Care Lives ~2,000 Primary Care Providers 60+ VBC Risk Payor Contracts in 10 States ü ~90,000 Medicare Advantage Partial Risk & Cap Only 64% Global Full Risk 36% in Affiliate Medical Groups in single Employed Medical Group ~1,900 Affiliated CareMax Medical Centers 100% ~110 Employed ~32,000 Medicaid Partial Risk & Cap Only 100% ~9,000 Commercial Partial Risk & Cap Only 8% Global Full Risk 92% ~110,000 MSSP & ACO Reach MSSP ~100K ACO Reach ~8K ~1,500 Note: All data as of September 30, 2022, and Pro Forma for the acquisition of Steward Value-Based Care, unless otherwise noted. ~400 ~80% Providers in Three Core States ü

------

![Slide 8](g417819ex99_1s8g1.jpg)

Data driven approach to manage transition to risk Update for the Acquisition of Steward Value-Based Care Transition Fee-For-Service membership to Value Based Care models Enhance medical management across each Value-Based Care model – Medicare Advantage, MSSP, and ACO Reach Integrate CareMax technology suite and support services Grow network of members and providers to transition to VBC Transition membership to full risk Reduce cost of care and realize medical management savings $400-$550M Adj. EBITDA earnings potential in 5 to 10 years within current platform of PCPs1 Plans for 2023 – 2024 Plans for 2025 - 2026 Completed onboarding meetings with physician leadership in each new market Conveyed 65 full time administrative employees Signed national and local VBC Medicare Advantage payor contracts effective starting in 2023 Closing Upside Only & Partial Risk Global Full Risk Partial Upside / Downside Risk Fee For Service & Cap Only 1 Analysis assumes that CareMax is able to convert ~350K to ~435K patients to value-based contracts generating ~$200 PMPM medical margin

------

![Slide 9](g417819ex99_1s9g1.jpg)

Operating Platform Albert de Solo, Co-Founder & COO

------

![Slide 10](g417819ex99_1s10g1.jpg)

CareMax's Approach to Care: Whole Person Health Healthy Meals Transportation Social Services/ Access Primary Care Wellness Fitness Salon Virtual Care Dental 24/7 Call Line Ambulance Intercept / Mobile Unit Specialty Home Health (House Calls & Visits) Whole Person Health

------

![Slide 11](g417819ex99_1s11g1.jpg)

Embedded Technology Enables Our Care Model Weekly management reviews of medical management scorecards and daily tracking of patient data Enhance specialist services across regions; deploy in-house pharmacy fulfillment and delivery; utilize in-house coding, billing, compliance teams Ensure close to real time communication of ER visits to PCPs and corporate medical management team Data & Analytics Vertical Integration Hospital Mitigation Create consistent quality processes to maintain accurate compliance while CareOptimize monitors incoming data in real time Utilize CareMax's tech-enabled Patient Stratification system to enable providers to identify the right level of care and services for distinct subgroups of patients Closely monitor post discharge programs, outpatient referral coordination, and social determinants of health Embedded Tech Workflows Patient Stratification Care Management Vertical Integration Data & Analytics Embedded Tech Workflows Patient Stratification Care Management Hospital Mitigation

------

![Slide 12](g417819ex99_1s12g1.jpg)

Core MSO Capabilities Our MSO Platform Provides Support to Providers Through Multiple Channels Provides governance and structure Improve outcomes and implement VBC playbook Develop relationships with patients Drive adoption of VBC behaviors Implement live tracking of performance Track outcomes and improve accountability Regional Infrastructure Clinical Quality Coding Provider Engagement Patient Engagement Analytics Regional Infrastructure Clinical Provider Engagement Patient Engagement Reporting & Analytics Coding & Quality Results: Improved Outcomes, Quality Metrics and Strong Medical Margin With Potential to Transition High-Performing Providers into Centers

------

![Slide 13](g417819ex99_1s13g1.jpg)

Data Driven Approach to Managing VBC Risk Models New Membership Professional VBC Management Transition to Full Risk Contract Consolidation Provider and Member Data Integration Patient Engagement Patient Stratification Network Optimization Quality Benchmarks Designed to Empower Providers to Effectively Manage Risk Enhancing Medical Management Outcomes 1 2 3 4 5 6 ü ü ü ü ü ü 25% Upside / No Downside 50% Upside / 50% Downside Global Full Risk

------

![Slide 14](g417819ex99_1s14g1.jpg)

Growth Carlos de Solo, Co-Founder & CEO

------

![Slide 15](g417819ex99_1s15g1.jpg)

Our Growth Strategy Focusing on Organic Channels Growth of Existing and New Clinics Through Grassroots Marketing Add new Medicare members to existing and de novo clinic footprint Drive membership growth through strategic community outreach and active marketing efforts 1 Expand MSO Network Leverage MSO provider network to concentrate on Medicare VBC arrangements Ability to manage cost of care and improve patient outcomes over time 2 Open Seeded De Novos by Leveraging MSO Strategic Partnerships Complement existing clinic growth by focusing on dense membership areas Collaboration with Related taps into large, urban, unaddressed markets through affordable housing 3

------

![Slide 16](g417819ex99_1s16g1.jpg)

Large Embedded Network for Sustainable Growth CareMax has a large embedded network to capture future growth and lower customer acquisition costs ~1M Medicare Beneficiaries in Total ~8K ACO Reach ~90K Medicare Advantage ~100K MSSP ~387K MA FFS ~482K Traditional Medicare FFS CareMax's MSO and clinic platforms can drive growth and ultimately address up to ~1 million Medicare beneficiaries in the current footprint Note: All data as of September 30, 2022, and Pro Forma for the acquisition of Steward Value-Based Care, unless otherwise noted.

------

![Slide 17](g417819ex99_1s17g1.jpg)

Healthcare is At An Inflection Point 1 Centers for Medicare & Medicaid Services Innovation Center. 2021. "Innovation Center Strategy Refresh" CareMax is a healthcare platform for the future and will continue to lead the industry transition to value based care Automotive Gas Powered Vehicles Electric Vehicles Technology On-Premise Data Cloud Based Data Warehousing Media Print Media Digital Media Healthcare Fee-For-Service Value Based Care Goal of 100% of Medicare participating in Value Based Care Models by 20301

------

![Slide 18](g417819ex99_1s18g1.jpg)

Investment Highlights – Leading Value Based Care Provider 1 2 4 3 Proven clinical protocols and proprietary technology platform to deliver best-in-class outcomes Scaled platform of ~2,000 PCPs serving 1 million Medicare beneficiaries with path to capture more premium economics over time Strong track record of success in driving profitable organic growth in both our clinic and MSO platforms Comprehensive value-based care platform capabilities adaptable to any population and risk model

------

![Slide 19](g417819ex99_1s19g1.jpg)

Thank You