Walmart Escalates Telehealth Services With MeMD Acquisition
Walmart fortifies its position as a growing healthcare provider organization and telehealth competitor
Terms of the deal have not been revealed yet but Walmart (NYSE: WMT) has disclosed it is acquiring telehealth innovator MeMD. Founded in 2010, MeMD is a recognized leader in telehealth services nationwide.
MeMD is a frontrunner in telehealth/telemedicine
MeMD is headquartered in Phoenix, Arizona. The list of virtual healthcare services MeMD provides includes:
- Primary Care
- Urgent Care
- Women’s Health
- Men’s Health
- Behavioral Health (teletherapy, telepsychiatry, teen therapy)
Under these main categories of patient care, MeMD offers dozens of medical and mental health services that support an array of needs.
The ranks of MeMD’s healthcare professionals providing patient care encompass:
- Nurse Practitioners
- Physicians
- Physician Assistants
- Therapists
MeMD contracts its services to various types of clients. A list of MeMD contracted customer types includes:
- Employer groups
- Education sector
- Government sector
- Employee benefits consultants and healthcare insurance brokers
- Hospitals and health systems
- Unions and associations
As a virtual healthcare provider, MeMD has the staff and resources to provide a high level of service now and in the future.
Walmart is accelerating its growth in the healthcare industry
Walmart (NYSE: WMT) generated over $341 billion in sales during 2020. It is always on the lookout for new ways to increase its revenue streams in new business and consumer marketplaces.
They recently established a strategic alliance with CapitalRx, a leader in PBM clinical, financial and technology services.
Telehealth is a key extension to its strategy of establishing primary care centers in many of its 4,743 stores across the United States. They are well aware of how telehealth/telemedicine has been embraced by consumers, payers, healthcare provider organizations, behavioral healthcare and their competitors.
These are some of the latest deals in telehealth services that encouraged Walmart to take action:
- Amazon Launches National Telehealth Program
- AXA Establishes Telehealth Partnership With Microsoft
- Cigna Acquires Telehealth Leader MDLive
- Grand Rounds And Doctor On Demand Telehealth Merger
- Teladoc Acquires Livongo
- UnitedHealth Group Acquires Telehealth Leader Vivify Health
- Veterans Administration Form Partnership With Apple
It’s entirely possible Walmart will make further acquisitions and establish new strategic partnerships to amplify its telehealth presence.
The addition of MeMD augments Walmart Health clinics and enables them to provide a high level of care within a facility or virtual setting.
NCQA Accreditation: MeMD
One of the many core strategic attributes MeMD possesses is a National Committee for Quality Assurance (NCQA) accreditation. Earning NCQA certification is a complex and demanding process that is difficult to obtain. It is a respected “seal of approval” that employers, payers and healthcare provider organizations covet in a partner or vendor.
Walmart can optimize its telehealth strategy and competitively differentiate itself with MeMD’s NCQA credentials. Moving forward more telehealth deals are certain to emerge in quick succession as the pandemic continues to subside in the United States and telehealth/telemedicine becomes an integral part of the new normal in healthcare.
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