Advocate Aurora Health, now part of Advocate Health, plans to sell a remote patient monitoring company it acquired for $290.7 million.
In 2022, the health system's strategic investment arm, Advocate Aurora Enterprises, bought MobileHelp, which provides medical alert and fall detection technology, planning to pair it with an in-home senior care company, Senior Helpers, it purchased a year earlier for $187 million.
But Advocate Aurora Health, the health system headquartered in Downers Grove, Ill., and Milwaukee, that has since become part of the larger Advocate Health, based in Charlotte, N.C., intends to close on a sale of MobileHelp later this year, according to an April 22 audited financial report. Advocate already sold Senior Helpers to a private equity firm in March.
The companies "no longer fit the strategic priorities of Advocate Health," the report stated. The health system has already accounted for a $150 million asset impairment write-down "related to the expected loss on the sale of MobileHelp," according to the report.
"We remain committed to investing in innovative health-related companies to advance healthcare transformation and redefine patient care," a health system spokesperson told Becker's. "We're focused on building relationships and pursuing strategic investments that enable us to remain nimble while strengthening our ability to provide the safest and highest-quality care."