Health tech company Fabric acquires TeamHealth VirtualCare
Healthcare technology and enablement company Fabric announced it has acquired virtual care provider TeamHealth VirtualCare, a virtual care provider that is part of physician practice group TeamHealth.
Fabric is a care-enablement company that uses conversational AI to help identify patients’ symptoms, then navigate them to the ideal care setting, such as urgent or virtual care and helping schedule primary care visits.
The union of Fabric’s technology and TeamHealth VirtualCare’s provider network will allow Fabric to “deliver operational efficiency, clinical capacity and expanded access for health systems and payers,” the company said in a statement.
Former health systems that were part of TeamHealth VirtualCare will make the switch to Fabric and become the benefactors of an increased technology offering meant to improve multichannel patient experiences and increase efficiency across virtual and in-person care.
Fabric’s technology will help to reduce provider work time in virtual settings, lower call center volume and fast-track ER visits by minimizing length of stay.
In addition, payers, employers and health systems will have a pathway to Fabric’s 50-state network that features virtual behavioral and urgent care options.
“This strategic addition expands our reach across payers, employers, and provider organizations,” Aniq Rahman, chief executive officer and founder of Fabric, said in a statement.
“In conjunction with the acquisition of TeamHealth’s virtual care service line, we are now expanding our medical group with additional highly skilled physicians and advanced practice providers with multi-specialty experience, including cardiology, sports medicine, OB/GYN, family medicine, and emergency medicine. Our versatile technology suite and expanded provider network advance our mission to deliver boundless care across client initiatives and clinical business lines.”
Dr. Jody Crane, chief medical officer for TeamHealth, is optimistic about expanding the long-term partnership with Fabric.
“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,” Crane said in a statement.
Fabric’s acquisition of TeamHealth VirtualCare is the company’s fourth in the past 18 months.
Other acquisitions include on-demand and asynchronous virtual care company Zipnosis, AI and patient engagement solution firm GYANT and payer and employer solutions provider MeMD, which was previously owned by Walmart.
THE LARGER TREND
In June, Fabric acquired Walmart’s telehealth platform MeMD, a company that provides virtual medical and behavioral health services. Fabric will grow its employer and payer offerings and boost its behavioral health initiatives. The company will also integrate its clinical intelligence and automation products into MeMD.
In February, Fabric announced $60 million in Series A funding led by General Catalyst. Also participating in the round were Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, Box Group and Atento Capital. The funding came in the wake of Fabric’s acquisition of GYANT.
Also in February, TeamHealth created TeamACO, an ACO that addresses the healthcare requirements of more than 17,000 post-acute care patients in the U.S.
In 2022, TeamHealth expanded its presence in the Dallas-Fort Worth area by acquiring Acute Care Transitions, an emergency medicine and advanced care at home telehealth provider.
That same year, Crozer Health, a healthcare provider in Delaware County, Pennsylvania, partnered with TeamHealth to include a wide-range of services at Crozer-Chester Medical Center in Upland, Taylor Hospital in Ridley Park, and Delaware County Memorial Hospital in Drexel Hill. As a result of the partnership, patients will benefit from care from TeleHealth hospitalists in the ER or as inpatients.
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