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): August 3, 2006


                       METROPOLITAN HEALTH NETWORKS, INC.
             (Exact name of registrant as specified in its charter)


                                     Florida
                 (State or other jurisdiction of incorporation)


          0-28456                                     65-0635748
  (Commission file number)             (I.R.S. Employer Identification No.)

                     250 Australian Avenue South, Suite 400
                            West Palm Beach, FL 33401
          (Address of principal executive offices, including zip code)


                                 (561) 805-8500
              (Registrant's telephone number, including area code)

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

[_]   Written communications 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-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))


<PAGE>


SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS

         ITEM 1.01      ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

         2006 Annual Bonus Plan

         On August 3, 2006, the Compensation  Committee (the "Committee") of the
Board of Directors of Metropolitan Health Networks, Inc. (the "Company") and the
Board of Directors of the Company  established  the target bonus amounts and the
performance  criteria  applicable to the Company's 2006 bonus plan for executive
officers and certain key management employees (the "Bonus Plan").

            The Bonus Plan is designed to promote the  interests  of the Company
and  its  stockholders  by  providing  employees  with  financial  rewards  upon
achievement  of specified  business  objectives,  as well as helping the Company
attract and retain key employees.

         All of the  Company's  vice  presidents,  senior  vice  presidents  and
executive  officers,  including  all  of the  "named  executive  officers,"  are
eligible to participate in the Bonus Plan.

         Bonuses payable to executive officers under the Bonus Plan are based on
a  formula  that  takes  into  account  the  Company's   attainment  of  certain
performance  goals  (the  "Performance  Goals")  and  the  achievement  by  vice
presidents  and senior vice  presidents of certain  individual  objectives  (the
"MBOs").

         The  Company  has  established  Performance  Goals with  respect to the
following measures of operating performances (the "Performance Factors"):

            o     the ratio of total medical expenses to revenue for the
                  Company's provider service network (the "PSN") business for
                  2006;

            o     the PSN segment's income before taxes and after allocated
                  overhead;

            o     the year end membership level of the Company's health
                  maintenance organization (the "HMO"); and

            o     the aggregate of the HMO's membership for each month during
                  the fiscal year.

         A designated  percentage of each  employee's  bonus is  attributable to
their or other employees  attainment of various MBOs and the Company's  relative
success meeting various established  milestones with respect to each Performance
Factor.

         In the event that the Company achieves the target threshold for each of
the Performance Factors and the MBOs satisfied by the vice presidents and senior
vice presidents,  on average, exceed a target level, the executive officers will
be  entitled  to receive a bonus  equal to 42% of base  salary.  Actual  bonuses
payable may be as high as 80% of base salary or as low as zero  depending on the
Company's level of success with respect to the Performance Factors.

<PAGE>


         Bonuses  pursuant to the Bonus Plan are anticipated to be paid once the
Company  completes  the audit of its  financial  statements  for the fiscal year
ending December 31, 2006.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

         ITEM 9.01      FINANCIAL STATEMENTS AND EXHIBITS

                  (d)      Exhibits


                  10.1  Summary  of  2006  Annual  Bonus  Plan  for Executive
Officers and Certain Key Management Employees.


<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:  August 9, 2006


                                        METROPOLITAN HEALTH NETWORKS, INC.



                                        By:/s/ Roberto Palenzuel
                                           ---------------------------
                                        Roberto Palenzuela
                                        Secretary and General Counsel
{"company-data": {"conformed-name": "METROPOLITAN HEALTH NETWORKS INC", "cik": "0001009379", "assigned-sic": "8011", "irs-number": "650635748", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32361", "film-number": "061018714"}, "business-address": {"street1": "250 AUSTRALIAN AVE", "street2": "SUITE 400", "city": "WEST PALM BEACH", "state": "FL", "zip": "33401", "phone": "5618058500"}, "mail-address": {"street1": "250 AUSTRALIAN AVE", "street2": "SUITE 400", "city": "WEST PALM BEACH", "state": "FL", "zip": "33401"}}
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): August 3, 2006

                       METROPOLITAN HEALTH NETWORKS, INC.
             (Exact name of registrant as specified in its charter)

                                     Florida
                 (State or other jurisdiction of incorporation)

          0-28456                                     65-0635748
  (Commission file number)             (I.R.S. Employer Identification No.)

                     250 Australian Avenue South, Suite 400
                            West Palm Beach, FL 33401
          (Address of principal executive offices, including zip code)

                                 (561) 805-8500
              (Registrant's telephone number, including area code)

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

[_]   Written communications 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-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))
SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS

         ITEM 1.01      ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

         2006 Annual Bonus Plan

         On August 3, 2006, the Compensation  Committee (the "Committee") of the
Board of Directors of Metropolitan Health Networks, Inc. (the "Company") and the
Board of Directors of the Company  established  the target bonus amounts and the
performance  criteria  applicable to the Company's 2006 bonus plan for executive
officers and certain key management employees (the "Bonus Plan").

            The Bonus Plan is designed to promote the  interests  of the Company
and  its  stockholders  by  providing  employees  with  financial  rewards  upon
achievement  of specified  business  objectives,  as well as helping the Company
attract and retain key employees.

         All of the  Company's  vice  presidents,  senior  vice  presidents  and
executive  officers,  including  all  of the  "named  executive  officers,"  are
eligible to participate in the Bonus Plan.

         Bonuses payable to executive officers under the Bonus Plan are based on
a  formula  that  takes  into  account  the  Company's   attainment  of  certain
performance  goals  (the  "Performance  Goals")  and  the  achievement  by  vice
presidents  and senior vice  presidents of certain  individual  objectives  (the
"MBOs").

         The  Company  has  established  Performance  Goals with  respect to the
following measures of operating performances (the "Performance Factors"):

            o     the ratio of total medical expenses to revenue for the
                  Company's provider service network (the "PSN") business for
                  2006;

            o     the PSN segment's income before taxes and after allocated
                  overhead;

            o     the year end membership level of the Company's health
                  maintenance organization (the "HMO"); and

            o     the aggregate of the HMO's membership for each month during
                  the fiscal year.

         A designated  percentage of each  employee's  bonus is  attributable to
their or other employees  attainment of various MBOs and the Company's  relative
success meeting various established  milestones with respect to each Performance
Factor.

         In the event that the Company achieves the target threshold for each of
the Performance Factors and the MBOs satisfied by the vice presidents and senior
vice presidents,  on average, exceed a target level, the executive officers will
be  entitled  to receive a bonus  equal to 42% of base  salary.  Actual  bonuses
payable may be as high as 80% of base salary or as low as zero  depending on the
Company's level of success with respect to the Performance Factors.
Bonuses  pursuant to the Bonus Plan are anticipated to be paid once the
Company  completes  the audit of its  financial  statements  for the fiscal year
ending December 31, 2006.

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

         ITEM 9.01      FINANCIAL STATEMENTS AND EXHIBITS

                  (d)      Exhibits

                  10.1  Summary  of  2006  Annual  Bonus  Plan  for Executive
Officers and Certain Key Management Employees.
SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:  August 9, 2006

                                        METROPOLITAN HEALTH NETWORKS, INC.

                                        By:/s/ Roberto Palenzuel
                                           ---------------------------
                                        Roberto Palenzuela
                                        Secretary and General Counsel