Walmart is diving deeper into the booming market for virtual health.
The retail giant will acquire MeMD, a multi-specialty telehealth provider. The acquisition will allow Walmart's to expand its Walmart Health services by providing access to virtual care services across the nation. Walmart said the services, including urgent, behavioral and primary care, will complement the in-person Walmart Health centers.
The financial terms of the deal, which is expected to close in the coming months, weren’t disclosed.
The move comes as Amazon recently announced plans to expand its on-demand telehealth service, Amazon Care, to its nearly one million U.S. employees by summer. It will also be offered to other employees.
"Our focus on consumer engagement, improved health outcomes and early, equitable access remains the cornerstone of quality health care that can help lower overall health care costs across all populations,” said Dr. Cheryl Pegus, executive VP, health & wellness, Walmart Health. “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.”
MeMD, founded in 2010, provide virtual care nationwide, leveraging the latest online technologies to deliver high-quality care 24/365 days a year. The company currently delivers medical and mental health visits to millions of members nationwide.
“We can’t imagine a better partner than Walmart as we are both committed to innovative health care 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, which is subject to regulatory approval, is expected to close in the coming months.