Fabric, a provider of healthcare technology, has acquired Walmart’s virtual healthcare business, MeMD, for an undisclosed amount. The acquisition includes Walmart Health Virtual Care, which offers virtual behavioral, urgent, and primary care benefits to 30,000 corporate, institutional, and health plan partners and 5 million members. The deal is expected to close in mid-July, and Fabric plans to use its artificial intelligence-powered technology to enhance MeMD’s offerings for patients nationwide.
Fabric’s acquisition of MeMD marks a significant milestone in the company’s mission to provide high-quality care to consumers across the nation. With a network of behavioral health and medical providers, Fabric is well-positioned to serve as a virtual platform and clinical network for medical care providers, health insurers, and employers. Fabric’s customers include healthcare organizations such as Luminis Health, OSF HealthCare, Highmark Health, and Intermountain Health.
Walmart, which recently announced the closure of its Walmart Health centers and telehealth operation, sees the acquisition as a positive step for MeMD’s continued growth and success. Brian Setzer, executive vice president of Walmart Health & Wellness, expressed confidence in Fabric’s ability to deliver excellent care to virtual-first patients nationwide. Fabric executives plan to leverage their asynchronous technology to improve efficiency within MeMD’s offerings and reduce the cost of care for members across the country.
Aniq Rahman, founder and CEO of Fabric, views the acquisition as part of the company’s strategic vision to transform healthcare delivery through innovative technology and exceptional patient care. Fabric aims to continue providing high-quality virtual healthcare services to MeMD’s customers while expanding its presence in the healthcare technology sector. With Fabric’s commitment to innovation and patient care, MeMD is expected to thrive under Fabric’s leadership and deliver outstanding virtual care to patients nationwide.
