CVS Eyes Signify Health will expand its services

CVS is reportedly looking to buy healthcare platform Signify Health, which would allow the pharmacy chain to expand into home healthcare services.

Signify has explored “strategic alternatives,” which could include a sale, according to a Wall Street Journal report on Sunday (August 7) ​​citing unnamed sources.

The initial offers are coming to an end soon, and sources said the CVS Journal is about to submit one. However, CVS may face competition from other managed care providers and private equity firms, and Signify has yet to make a decision.

If CVS secures the acquisition, it could help the company add more gravity to its operations as a medical service provider – and the company has said it wants to strike a deal to do something about it by now. the end of the year.

Signify’s services use analytics and technology to help health plans, employers, physician groups and health systems with home care, and the company also offers home health assessments, according to the report.

The healthcare platform went public in February last year, but its shares fell below its initial public offering (IPO) price of $24. Earlier this year, the company said it would likely close one of its units due to changes to a government payment model, instead wanting to focus on “more profitable” businesses.

PYMNTS wrote about how CVS made further progress toward new healthcare initiatives as more pharmacy retailers bolstered their healthcare offerings.

Read more: CVS moves closer to providing primary healthcare

CVS CEO Karen Lynch recently said the company wants to work with a healthcare provider that has “a strong management team, a background in technology, and can scale quickly.”

The report noted that this would bolster the company’s current offerings, as it has already added MinuteClinics to several of its stores, allowing customers to obtain various vaccines or services. Some stores have also added mental health services.

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