CVS Health has completed its acquisition of Signify Health. The deal, valued at $8 billion, was first announced in September 2022.
Signify Health is a home healthcare services company with a network of more than 10,000 clinicians in all 50 states. According to CVS Health, Signify’s clinicians spend an average of 2.5 times longer with a member during home visits than an average visit with a primary care provider.
The acquisition is one of several recent healthcare moves by CVS health, including a $10.6 billion acquisition of Oak Street Health, a new virtual primary care services offering and investments in a hybrid healthcare company.
“This transaction advances our value-based care strategy by enhancing our presence in the home,” CVS Health President and CEO Karen S. Lynch said in a statement. “Our expanded capabilities will bring us closer to the consumer as we continue to redefine how people access and experience care that is more affordable, convenient and connected.”
According to CVS, the combination with Signify will improve care delivery capabilities, lower costs, improve levels of engagement and enable broad access to high-quality care, particularly for Medicare Advantage patients.
Under terms of the $8 billion deal, CVS Health is acquiring Signify for $30.50 per share. CVS Health funded the transaction price with existing cash and available resources and is committed to maintaining its current credit ratings.
“Our mission has always been to build trusted relationships to make people healthier,” Kyle Armbrester, who will continue to lead Signify Health, said in a statement. “As part of CVS Health, we will be uniquely positioned as a payor-agnostic business to support a more proactive, preventive and holistic approach to patient care.”
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."