TeamHealth sold its virtual care provider platform to Fabric, a healthcare technology company.
The two companies will work together to leverage Fabric's technology for driving efficiency and patient access to care. Post acquisition, Fabric has a network of more than 75 health systems, 30,000 employers and 100 million covered lives.
TeamHealth VirtualCare, which is licensed in all 50 states, will transition the health systems it serves to Fabric, which has been able to reduce provider work time to 89 seconds in virtual settings and lower call volume by up to 30%. The technology also has the capability to fast-track ER visits.
TeamHealth VirtualCare is Fabric's fourth acquisition in 18 months. The company also recently acquired on-demand and asynchronous virtual care platform Zipnosis, conversational AI and patient engagement company Gyant and Walmart's payer and employer solution MeMD.