Fabric, a leading healthcare technology company and care enablement system, has officially announced the acquisition of MeMd from Walmart. To provide some context, MeMD is a leading provider of virtual behavioral, urgent, and primary care benefits for well over 30,000 corporate, institutional, and health plan partners and 5 million members. Founded back in 2010 and acquired by Walmart in 2021, the company has established itself a trusted leader in virtual care, a leader who is capable of providing on-demand medical and behavioral health services to more than million members nationwide. Keeping that in mind, the stated development will significantly advance Fabric’s employer strategy, while simultaneously conceiving a significant milestone in the context of its team’s mission to power boundless, high-quality care for consumers across the nation. More on what Fabric should expect to achieve through this acquisition will reveal how it can actively pursue employer and payer expansion. Such an expansion, on its part, will build upon Fabric’s proven behavioral health strategy. Next up, there is the prospect of streamlined efficiency. This efficiency translates to the way MeMD customers will also stand to benefit from Fabric’s industry-leading clinical intelligence and automation, something which can make further cutbacks on the cost of care for employers and employees. Alongside the expanded employer and payer solutions, as well as greater efficiency, there will remain a steadfast commitment from Fabric towards delivering high-quality care and patient satisfaction. Already well-equipped in doing so, the company will look to get even better now, with its newfound access of MeMD’s experienced healthcare professionals team.
“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.”
The acquisition in focus follows up on Fabric’s recent Series A raise, which injected a sum of $60 million into the company’s ecosystem. Going by the available details, this raise will support Fabric by enabling it drive organic sales and make strategic acquisitions. These growth avenues will thrive next to Fabric’s progressively growing enterprise customer base that includes, at the moment, the likes of Cleveland Clinic, OSF HealthCare, Highmark, Wellnow, MUSC Health, and Intermountain Health etc. They will also complement the company’s triple-digit annual sales growth, and at the same time, its team expansion from eight to over 200 employees in under two years. Not just team expansion, the whole effort will also ensure an expansion of its service line across more than 75 enterprise health organizations via Fabric’s Engagement, Virtual Care, and In-Person Care Suites.