Walmart, which recently announced the closure of its retail health clinics and telehealth operation, has made a deal with Fabric to sell its virtual healthcare business, MeMD. Fabric is a rapidly growing provider of healthcare technology and the financial terms of the acquisition have not been disclosed. MeMD, acquired by Walmart in 2021 and rebranded as Walmart Health Virtual Care, is a prominent provider of virtual behavioral, urgent, and primary care benefits for numerous partners and members.
In a joint statement, both companies highlighted that the acquisition will further Fabric’s mission to provide high-quality care to consumers nationwide. The deal is expected to be finalized in mid-July, and Fabric intends to leverage its artificial intelligence-powered intelligence and network of medical providers to enhance the virtual healthcare platform.
Walmart’s Executive Vice President of Health & Wellness, Brian Setzer, expressed optimism that under Fabric’s leadership, MeMD will continue to see growth and success in providing care to virtual-first patients across the country. Fabric executives also emphasized their commitment to using technology to streamline MeMD’s services and reduce the cost of care for members.
Aniq Rahman, founder and CEO of Fabric, described the acquisition as aligned with the company’s vision to revolutionize healthcare delivery through innovative technology and exceptional patient care. With customers such as Luminis Health, OSF HealthCare, Highmark Health, and Intermountain Health, Fabric aims to position itself as a virtual platform and clinical network for medical care providers, health insurers, and employers.