Buyer: Walmart Health
Seller: MeMD multi-specialty telehealth provider
Sector: Telehealth, Healthcare IT, HIT
Walmart Health said the telehealth acquisition will help the company to continue to focus on a seamless experience and improved health.
The company said that the acquisition reinforces its commitment to integrated, omnichannel health delivery that leverages data and technology to improve engagement, health equity and outcomes.
The acquisition will allow Walmart Health to provide access to virtual care across the nation including urgent, behavioral, and primary care, complementing its in-person Walmart Health centers. “Our focus on consumer engagement, improved health outcomes, and early, equitable access remains the cornerstone of quality healthcare that can help lower overall healthcare costs across all populations,” the company said.
“Telehealth offers a great opportunity to expand access and reach consumers where they are and complements our brick-and-mortar Walmart Health locations. Today people expect omnichannel access to care and adding telehealth to our Walmart Health care strategies allows us to provide in-person and digital care across our multiple assets and solutions,” said Cheryl Pegus, executive vice president, Health & Wellness. “Our Health & Wellness mission is to focus on the consumer’s seamless experience and improved health. We are excited to welcome MeMD employees to the Walmart family, and we are looking forward to together, accelerating health care access across the country.”
MeMD was founded in 2010 by John Shufeldt to provide virtual care nationwide, leveraging the latest online technologies to deliver high-quality care 24/7/365 in a convenient and accessible manner. Today, MeMD delivers medical and mental health visits to millions of members nationwide.
“We’ve achieved incredible strides in making healthcare available to individuals and businesses around the country through our easy, affordable and intuitive online platform. We can’t imagine a better partner than Walmart as we are both committed to innovative healthcare delivery and bringing affordable, high-quality care to as many people as possible,” said MeMD CEO Bill Goodwin. “MeMD’s mission fits perfectly with Walmart’s dedicated focus to help people save money and live better, and now we can impact millions more by being part of Walmart.” The acquisition is subject to regulatory approval.
The M&A market for healthcare companies continues to strengthen in 2021. There is unprecedented capital in market, the lowest interest rates in US history and strong acquirer motivations for high quality healthcare companies. Across the continuum of care, buyers and investors are looking for well established, profitable businesses and offering strong valuations and options for management.
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