Bloomberg reported Walmart is interested in purchasing majority ownership in ChenMed, a chain of primary care clinics focused on health for older adults.
Five details:
1. The deal values ChenMed at "several billion dollars," according to Bloomberg. Terms haven't been finalized and another buyer could emerge.
2. ChenMed focuses on bringing value-based care to Medicare beneficiaries, especially those with multiple chronic conditions. The physician-led teams focus on prevention, according to the company's website.
3. If the deal is finalized, Walmart would have ownership in the company's more than 100 health centers in 15 states. Last year, Walmart announced co-branded Medicare Advantage plans with UnitedHealth with the goal of bringing value-based care to hundreds of thousands of seniors.
4. Walmart hasn't commented on the deal, which would be the company's biggest purchase in the healthcare space. In 2021, the company purchased MeMD, a telehealth provider.
5. In August, ChenMed appointed Steve Nelson president of the company. Mr. Nelson was co-chair and CEO of Duly Health and Care, an Illinois-based multispecialty physician group, and has experience as UnitedHealthcare's CEO.