Share to Facebook Share to Twitter Share to Linkedin Walmart, which announced two months ago it was shuttering its retail health clinics and its … [+] telehealth operation, said Friday that the healthcare technology Fabric would acquire MeMD from Walmart. MeMD was acquired by Walmart in 2021 and rebranded Walmart Health Virtual Care. Walmart/Wesley Hitt
Walmart is selling its virtual healthcare business to Fabric, a fast-growing provider of healthcare technology, for an undisclosed sum. Walmart, which announced two months ago it was shuttering its 51 Walmart Health centers and its telehealth operation, said Fabric would acquire MeMD from Walmart. MeMD was acquired by Walmart in 2021 and rebranded Walmart Health Virtual Care.
“MeMD is a leading provider of virtual behavioral, urgent, and primary care benefits for 30,000 corporate, institutional, and health plan partners and 5 million members,” the companies said Friday in announcing the acquisition. “This acquisition advances Fabric’s employer strategy and marks a significant milestone in the team’s mission to power boundless, high-quality care for consumers across the nation.”
Financial terms of the acquisition were not disclosed. The deal is expected to close in mid-July, the companies said. Fabric said its “artificial intelligence-powered intelligence, seamless journey automation, and a robust network of behavioral health and medical providers” position the company for success as a virtual platform and clinical network for medical care providers, health insurers and employers. Some of Fabric’s customers include Luminis Health, OSF HealthCare, Highmark Health and Intermountain Health.
“We are pleased MeMD will continue delivering excellent care to virtual-first patients across the country in its next chapter within Fabric,” said Brian Setzer, Executive Vice President, Walmart Health & Wellness. “I expect MeMD to see continued growth and success under Fabric’s leadership.”
For its part, Fabric executives said they will use their “async technology to improve efficiency within MeMD’s offering, decreasing the cost of care for members nationwide.” Aniq Rahman, founder and chief executive officer of Fabric, said the “acquisition aligns with our strategic vision to transform healthcare delivery through innovative technology and exceptional patient care.”
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