CVS beat out competitors Amazon and UnitedHealth for the acquisition. The acquisition will close in the first half of 2023, according to a Sept. 5 CVS news release.
Here are 10 things that CVS gets with acquiring Signify:
- Signify has a network of more than 10,000 clinicians.
- Signify expects its clinicians to meet with 2.5 million patients in 2022.
- Signify acquired clinical services company Caravan Health in March 2022.
- Caravan’s accountable care organizations expect to serve 700,000 patients in 2023.
- Signify CEO Kyle Armbrester, will remain in his leadership position as part of CVS.
- Signify’s accountable care organizations created more than $138 million in savings in 2021.
- The Signify network is available in all 50 states.
- Signify reported $246.2 million in revenue in the second quarter of 2022. This is a 16 percent increase from the second quarter of 2021.
- CVS said it views the Signify acquisition as a way to move into providing care. “This acquisition will enhance our connection to consumers in the home and enable providers to better address patient needs as we execute our vision to redefine the health care experience,” CVS Health President and CEO Karen Lynch said in the news release. “In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payer approach.”
- Signify clinicians spend 2.5 times longer with at-home patients than an average primary care visit.
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