Best Buy has sold Current Health, a remote patient monitoring company it bought in 2021 for $400 million.
Current Health co-founder Christopher McGhee reacquired the company from the tech retailer, according to a June 24 LinkedIn post. Financial terms of the deal were not disclosed.
“I came back to build Current Health into a globally significant company,” he stated in the post. “We have so much to do, and the story is not finished. The future of healthcare is in the home and the community, and we have a role to play in that transformation.”
More than a third of U.S. hospital-at-home patients have been cared for using the Current Health platform, the company said. Current Health has partnered with some of the biggest health systems, including New York City-based NYU Langone Health, New York City-based Mount Sinai Health System and Danville, Pa.-based Geisinger.
Best Buy has been reorganizing its Best Buy Health arm, including $109 million in restructuring costs in May mostly related to the business, after its hospital-at-home line has been slower than expected.
“The strategy of the health business is enabling care at home for everyone. And that fundamental belief system for us remains,” Best Buy CEO Corie Barry said in a May earnings call. “The part that has been harder and taken longer to develop than we initially thought is some of the very discrete in-home health that we are providing in partnership with some of the healthcare industry.”
