The news: Walgreens completed its majority stake investment in home health platform CareCentrix.
Here’s how CareCentrix works: It provides patients a network of home providers, while its analytics platform helps care teams better coordinate.
CareCentrix’s analytics platform, HomeBridge, creates one place for care teams to access, analyze, and collect patient data.
What CareCentrix means for Walgreens and competitors: The investment will help Walgreens amp up its healthcare strategy in two key ways:
1. CareCentrix will expand Walgreens’ patient reach beyond its clinics.
Last year, Walgreens said its investment in retail clinic partner VillageMD would help it open 1,000 VillageMD clinics next by 2027. The next natural step would be for Walgreens to complement its in-person care with home care services. Especially since CareCentrix already comes with a built-in patient pool. It manages care for 19 million individuals across 7,400 provider locations, per Walgreens.
2. Walgreens gains a competitive edge against CVS and Amazon.
Both CVS and Amazon exhibited an interest in home healthcare over the past year. In fact, over the past month, the duo separately approached home healthcare company Signify Health as a potential acquisition target.