The monastery is in the village of Agios Ioannis, close to Kapetaniana.

The cavernous church constitutes the main church of the monastery (called katholikon) and was probably founded in 1360. Above the church there are carved caves that were used as cells by the monks. In the courtyard there are stone benches, a new building with cells and the tomb of a monk.

At the site of the monastery, archaeologists have found remains of an ancient Asclepeion (a sanctuary dedicated to Asclepios, the god of medicine). A nearby spring was probably associated with the healing properties of Asclepios and his worship. The place continued to be considered holy and healing in Christian times. The wall paintings of the church depict healers and doctor saints, like Agios Panteleimon, Kosmas and Damianos. Until recently, believers who sought treatment for health problems chose to sleep the night on the benches of the monastery in order to heal. This procedure is similar to the egkoimisis that was practised at the sanctuaries of Asclepios in antiquity, where the patients had to sleep on the ground and dream of the god that would heal them.

The monastery had an active brotherhood of monks until the middle of the 20th century.