Humana Doubles Down on Primary Care Growth
Humana has significantly accelerated its commitment to primary care, expanding its patient base and clinic network through strategic acquisitions and organic growth. In its fourth-quarter earnings released last week, the insurer revealed that CenterWell Senior Primary Care grew its patient roster by over 25% in 2025 — welcoming more than 100,000 new patients into its care. This bold expansion signals Humana’s long-term confidence in the senior primary care model as a cornerstone of its overall healthcare strategy.
Key Acquisitions Drive Patient Growth
A major driver of this growth was Humana’s acquisition of The Villages Health, a bankrupt Florida-based provider, which added approximately 32,000 patients to the CenterWell Senior Primary Care network. The deal reflects Humana’s willingness to capitalize on distressed assets in the primary care market to rapidly scale its operations.
Adding further momentum, Humana also completed the acquisition of MaxHealth — a provider group formed through the combination of three independent provider organizations and 13 independent practitioners under Arsenal Capital Partners. The MaxHealth acquisition broadens CenterWell’s geographic footprint and deepens its clinical capabilities in key markets. Humana has confirmed that it currently plans to continue operating all of MaxHealth’s existing clinic locations, preserving continuity of care for patients and staff alike.
CenterWell Clinic Network Reaches 350 Locations
By the end of 2025, CenterWell Senior Primary Care operated 350 clinic locations across 15 states, up from 344 clinics at the close of 2024. While the net increase in locations may appear modest, the addition of MaxHealth’s clinics and the integration of The Villages Health represents a significant operational undertaking, requiring careful coordination to maintain quality care standards across all sites.
This growing network positions Humana as one of the largest operators of senior-focused primary care clinics in the United States, reinforcing its vision of delivering value-based care to Medicare Advantage members and other senior patients.
CenterWell Segment Revenue Surges to $22.5 Billion
Humana’s CenterWell segment — which encompasses primary care, home care, and pharmacy operations — reported revenue of $22.5 billion in 2025, a notable increase from $19.9 billion in the prior year. This double-digit revenue growth reflects the segment’s expanding scale and the increasing demand for integrated, senior-centered healthcare services.
However, income from operations remained roughly flat at approximately $1.3 billion, as the primary care division continued to navigate the rollout of the Centers for Medicare & Medicaid Services’ (CMS) new risk adjustment model, known as v28. The v28 model was designed to curb upcoding practices, and its implementation has created financial headwinds for many value-based care operators, including CenterWell.
How Humana Compares to CVS and UnitedHealth
Humana’s primary care expansion stands in contrast to the strategies being adopted by two of its major competitors: CVS Health and UnitedHealth Group, both of which also operate significant primary care businesses.
CVS Health recorded a $5.7 billion goodwill impairment charge tied to its care delivery assets in the third quarter of 2025, linked to the performance of its Oak Street Health senior care clinics. The company has since announced plans to decelerate the growth of Oak Street Health and close underperforming locations, signaling a strategic retreat from its earlier aggressive expansion plan.
UnitedHealth Group took a different approach. During its January earnings call, management disclosed that it had cut affiliated providers from its care delivery unit, Optum Health, and reduced its risk-based membership to recover profitability. This pullback reflects growing pressure on value-based care margins across the industry.
Humana’s Strategic Outlook for Senior Care
Despite these industry-wide challenges, Humana appears committed to its primary care vision. By continuing to invest in CenterWell’s growth — through acquisitions, clinic expansion, and patient enrollment — the company is betting that a deeply integrated, senior-focused care model will deliver long-term value for both patients and shareholders. As competitors scale back, Humana’s sustained commitment could give it a meaningful competitive advantage in the senior primary care market in the years ahead.
