February 16, 2010

MBF Healthcare Partners, L.P. Announces $50 Million Equity Investment in Managed Care

CORAL GABLES, FL  – MBF Healthcare Partners, L.P. (MBF),a healthcare services focused private equity firm, announced its plans to invest up to $50 million of equity capital to support Simply Healthcare Plans of Florida, Inc. (SHP) an HMO based in Coral Gables, Florida.

The equity investment will be used to fund expansion and acquisition efforts in Medicare and Medicaid. SHP is a licensed HMO in Florida that has been approved by the State to expand into the Medicare and Medicaid markets. MBF is sponsoring a seasoned managed care team that is led by Peter Jimenez an exceptional executive with a long track record of value creation in managed care that has been credited with the success of two large HMOs in Florida, Physician Healthcare Plans, which was sold to Amerigroup Corporation in 2002 and Care Plus Health Plans, which was sold to Humana in 2005. SHP is aggressively pursuing acquisition opportunities throughout the country while expanding its current operation and capabilities in Florida.

Mike Fernandez, Chairman and CEO of MBF said, “I believe that the current healthcare environment in the United States presents an opportune time to build and expand managed healthcare services. We believe that managed care can be an integral part in coordinating high quality healthcare services while controlling fraud and abuse in the healthcare system in State and Federal funded programs. In addition, we believe that Medicaid will play an integral part in the Federal Government’s efforts to expand healthcare coverage to the uninsured population and that Medicare Advantage plans will continue to expand as the baby boomers reach the Medicare eligible age. Well run managed care plans have proven that they can offer high quality services and benefits to its members while providing State and Federal government with predictable costs. We are extremely fortunate that we have been able to assemble a team of senior executives who have a proven track record of success in managed care. Peter Jimenez who is leading our executive team is an exceptional executive and we look forward to collaborating with him to capitalize on the opportunities created by the recent developments in the healthcare market. Our partnership with Peter and his executive team reflects another example of MBF’s current strategy in a changing private equity market to identifying highly attractive segments in healthcare services and partner with outstanding executives.”

About Simply Healthcare Plans, Inc.
Simply Healthcare Plans, Inc., headquartered in Coral Gables, Florida, is a licensed HMO focused on providing Medicare Advantage and Medicaid managed care solutions and services. For more information about Simply Healthcare Plans, Inc., contact Peter Jimenez at 305-774-7887 (x 307) or at pjimenez@simplyhealthcareplans.com