AI-powered clinical intelligence, seamless
journey automation, and a robust network of behavioral health and
medical providers position Fabric as the leading virtual care
platform and clinical network for providers, payers, and
employers
NEW
YORK, June 28, 2024 /PRNewswire/ -- Fabric, a
leading healthcare technology company and care enablement system,
today announced the acquisition of MeMD from Walmart Inc (NYSE:
WMT). 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. 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.
MeMD, founded in 2010 and acquired by Walmart in 2021, has
established itself as a trusted leader in virtual care, providing
on-demand medical and behavioral health services to millions of
members nationwide. The platform delivers high-quality care
24/7/365, and under Walmart's ownership, MeMD experienced
significant growth and expansion.
This acquisition builds upon MeMD's previous technology
partnership with Fabric to streamline patient intake and
documentation.
Key Highlights of the Acquisition:
- Employer and Payer Expansion: The acquisition of MeMD
expands Fabric's employer and payer solutions, advancing the
company's behavioral health strategy.
- Streamlined Efficiency: MeMD customers will benefit from
Fabric's industry-leading clinical intelligence and automation,
which will further reduce the cost of care for employers and
employees.
- Commitment to Quality Care: Fabric remains committed to
delivering high-quality care and patient satisfaction. MeMD's
experienced team of healthcare professionals will join Fabric's
network, ensuring continuity of care and expertise.
"The MeMD team built a leading virtual care offering, and we are
excited to welcome them to Fabric," said Aniq Rahman, founder and CEO of Fabric. "This
acquisition aligns with our strategic vision to transform
healthcare delivery through innovative technology and exceptional
patient care. The combination of our teams, technology, and
clinicians strategically positions Fabric to quickly expand across
payers, employers, and provider organizations."
Fabric will ensure a smooth transition for MeMD's existing
patients, partners, and clinicians as part of the acquisition. The
combined strengths of both organizations will drive innovation and
provide millions of patients with access to lower-cost,
high-quality care. Fabric will also continue to serve Sam's Club
members as a convenient, affordable telehealth solution.
Fabric recently closed a $60
million Series A — continuing to drive rapid growth
through organic sales and strategic acquisitions, as demonstrated
by:
- A growing enterprise customer base that includes Cleveland
Clinic, OSF HealthCare, Highmark, Wellnow, MUSC Health, and
Intermountain Health
- Triple-digit annual sales growth
- Team expansion from eight to over 200 employees in under two
years
- Service line expansion across 75+ enterprise health
organizations via Fabric's Engagement, Virtual Care, and In-Person
Care Suites
Fabric's industry-leading care enablement system offers an
AI-powered solution that triages and routes patients to the most
appropriate point of care based on time of day, availability,
distance, and disposition while streamlining treatment across
virtual and in-person workflows. Fabric's technology will advance
MeMD's efficiency, improving access to behavioral health and
medical care nationwide while reducing the cost of care.
About Fabric:
Fabric is a health tech company that powers healthcare providers
to move faster, work smarter, and deliver better care to patients,
employees, and health plan members. Leveraging conversational AI
and intelligent adaptive interviews, Fabric unifies virtual and
in-person care across intake, triage, routing, and treatment while
automating clinical workflows and consumer journeys. Customers
include Luminis Health, OSF HealthCare, MUSC Health, Highmark, and
Intermountain Health. Fabric is backed by General Catalyst, Thrive
Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures,
BoxGroup, and Atento Capital.
Media Contact:
Merrita Villa
VSC for Fabric
fabric@vsc.co
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SOURCE Fabric Labs Inc.