The retail behemoth Walmart (NYSE: WMT) is pushing deeper into healthcare. Last week, Walmart announced the acquisition of MeMD a national telehealth provider. The company was founded in 2010 and provides virtual care nationwide, leveraging the latest online technologies to deliver high-quality care 24/7. MeMD delivers medical and mental health visits to millions of members nationwide.
This is not Walmart’s first foray into healthcare. MeMD will be merged with Walmart Health, a network of primary care clinics providing services ranging from optometry and mental health counseling services to dental care. The first location opened in 2019 in Dallas, but by the end of 2021, the company expects to have 21 new locations in states such as Georgia, Illinois and Arkansas.
Last year, Walmart teamed up with Clover Health (NASDAQ: CLOV), a managed care provider, to offer a series of Medicare Advantage plans aimed at low-income, Medicare-eligible beneficiaries in certain Georgia counties. Walmart also agreed to offer Clove Health’s Medicare plans while also utilizing its Clover Assistant program.
In June 2020, the company bought the technology and intellectual property assets from CareZone. The assets help patients manage medication and chronic illness.
But, Walmart has some competition in the space from other retail giants. In March, Amazon (NASDAQ: AMZN) announced it would be offering its virtual care platform, Amazon Care, to employers nationwide. The race is on.