Healthcare Technology and Support Companies Fabric announced it has acquired virtual care provider TeamHealth VirtualCare, part of physician practice group TeamHealth.
Fabric is a care enablement company that uses conversational AI to identify patient symptoms and direct them to the ideal care environment, like urgent care or virtual care, or help with scheduling primary care visits.
The integration of Fabric’s technology with TeamHealth Virtual Care’s provider network will enable Fabric to “provide operational efficiencies, clinical capabilities and expanded access to health systems and payers,” the company said in a statement.
Health systems previously part of TeamHealth VirtualCare will switch to Fabric and benefit from enhanced technology offerings aimed at improving the multi-channel patient experience and increasing efficiencies across virtual and in-person care.
Fabric’s technology helps reduce healthcare worker time in virtual environments, reduce call center volumes, and speed up emergency department visits by minimizing hospital stays.
Additionally, payers, employers and health systems will be provided with a pathway into Fabric’s 50-state network with virtual behavioral and urgent care options.
“This strategic addition expands our reach across payers, employers and provider organizations,” Fabric CEO and founder Anik Rahman said in a statement.
“With the acquisition of TeamHealth’s virtual care service line, we are expanding our medical group by adding highly skilled physicians and advanced practice providers with experience in multiple specialties, including cardiology, sports medicine, obstetrics and gynecology, family medicine and emergency medicine. Our versatile technology suite and expanded provider network will advance our mission of delivering limitless care across our client engagements and clinical business lines.”
Dr. Jodie Crane, chief medical officer at TeamHealth, is optimistic about expanding the long-term partnership with Fabric.
“Combining Fabric’s technology with our more than 40-year history as one of the nation’s leading physician practices will enable us to drive extraordinary innovation in patient care and clinical outcomes,” Crane said in a statement.
Fabric Acquisition TeamHealth VirtualCare marks the company’s fourth project in the last 18 months.
Other acquisitions include: on-demand and asynchronous virtual care company Zipnosis, AI and patient engagement solutions company GYANT, and payer and employer solutions provider MeMD (formerly owned by Walmart).
Larger trends
In June, Fabric has acquired MeMD, a Walmart telehealth platform that provides virtual care and behavioral health services. Fabric will expand its offerings for employers and payers and enhance behavioral health initiatives. It also plans to integrate its clinical intelligence and automation products into MeMD.
In February, Fabric $60 million in Series A The funding was led by General Catalyst. Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, Box Group and Atento Capital also participated in the round. The funding comes on the back of Fabric’s acquisition of GYANT.
Also in February, TeamHealth launches TeamACOis an ACO that serves the medical needs of more than 17,000 post-acute care patients in the United States.
In 2022, TeamHealth will expand its presence in the Dallas-Fort Worth area, Acute care transitionsan advanced care provider in urgent care and at-home telehealth.
same year, Closer HealthThe Delaware County, Pa., health care provider has partnered with TeamHealth to offer 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. The partnership allows patients to receive care from TeleHealth hospital physicians in the ER or as inpatients.
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