Medicare Clinic Chain ChenMed's CEO Replaced by Previous Leader [BNN Bloomberg (Canada)]
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Walmart Inc. (WMT)
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Source: BNN Bloomberg
Chen takes over for Steve Nelson, a former UnitedHealth Group executive who was named CEO of ChenMed in January. Nelson left the organization by “mutual agreement,” according to a ChenMed spokesperson. Nelson joined the firm in 2022. He previously served as president of ChenMed and CEO of its JenCare division. ChenMed is a fast-growing chain of health clinics focused on seniors in private Medicare Advantage health plans. Founded as a small family practice, it now has more than 100 locations in 15 states, according to its website. The company was in talks to sell a majority stake to Walmart Inc. last year, Bloomberg reported. But Walmart recently reversed course on its ambitious plans for health-care delivery. Clinics like ChenMed's typically get paid a percentage of their patient's insurance premiums and take on the financial risk for those patients' medical costs. That model, sometimes called value-based care, has driven growth of senior-focused chains including CVS Health's O
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