CVS Health disclosed Monday it expects to close on its $8 billion purchase of Signify Health this week. Rhode Island-based CVS said the completion of the deal is subject to the satisfaction or waiver of the “remaining customer closing conditions set forth in the merger agreement.”
CVS Health announced the blockbuster deal to buy the tech-enabled home care platform late last summer, stating that Signify would enhance its healthcare services strategy and accelerate the company’s expansion into value-based care. CVS Health beat out a number of other heavy hitters for Signify, including UnitedHealthcare, Option Care Health and Amazon.
Signify uses advanced analytics, technology and a national network of healthcare providers to identify a patient’s clinical and social needs and then connect them to appropriate follow-up care and community-based resources. Last year, the company expected to connect with more than 2.5 million patients with help from Caravan Health, an accountable care organization it acquired a little more than a year ago. Earlier this month, Signify announced a partnership with Cardinal Health on medication management services.
Completion of the Signify deal further transforms CVS from a traditional retail pharmacy to a holistic healthcare company. Last month, it announced the acquisition of Oak Street Health — a multi-payer, primary care provider for older adults — for $10.6 billion. CVS also owns insurance company Aetna.
CVS is among a growing number of retailers trying to revolutionize the delivery of healthcare services. Walgreens Boots Alliance owns Carecentrix, an independent, home-centered platform that coordinates the delivery of healthcare to the home through durable equipment, home infusion and in-home palliative care. Last summer, Amazon bought tech-powered primary care firm One Medical for $3.9 billion.
