What You Should Know:
– Fabric, a frontrunner in healthcare technology has acquired TeamHealth VirtualCare, a virtual care provider licensed nationwide and part of TeamHealth, a prominent physician practice group in the United States.
– The strategic move marks Fabric’s fourth acquisition in 18 months, reinforcing its dedication to providing top-tier, accessible virtual healthcare services to payers, employers, and health systems. Financial details of the acquisition were not disclosed.
Enhanced Collaboration and Expanded Technology
The acquisition will foster collaboration between Fabric and TeamHealth on projects leveraging Fabric’s technology to boost efficiency and patient access. Health systems previously served by TeamHealth VirtualCare will seamlessly transition to Fabric, gaining access to a broader technology suite designed to elevate omni-channel patient experiences and streamline both virtual and in-person care.
Efficiency and Patient Access
Fabric’s technology has demonstrated remarkable success in reducing provider work time to just 89 seconds in virtual settings, decreasing call center volume by up to 30%, and expediting ER visits by shortening length of stay. This acquisition further expands Fabric’s comprehensive 50-state network, offering payers, employers, and health systems efficient, cost-effective virtual behavioral and urgent care solutions coupled with a five-star consumer experience.
Strategic Growth and Acquisitions
Over the past 18 months, Fabric has actively expanded its capabilities through four strategic acquisitions:
- Zipnosis: Leader in on-demand and asynchronous virtual care.
- GYANT: Top conversational AI and patient engagement solution.
- MeMD: Expansion into payer and employer solutions (acquired from Walmart).
- TeamHealth VirtualCare: Virtual care service line from the nation’s leading physician group.
“We are excited to grow our long-term partnership with Fabric,” said Jody Crane, MD, MBA, chief medical officer for TeamHealth. “Combining Fabric’s technology with our more than 40-year history as the nation’s leading physician practice will allow us to advance exceptional innovations in patient care and clinical outcomes.”