Walmart Inc.’s health division will buy telehealth company MeMD as demand for virtual care remains elevated for Americans who got used to seeing doctors from their homes during lockdowns.
The deal, which still needs regulatory approval, is expected to close “in the coming months,” Walmart said in a statement. Terms weren’t disclosed.
Covid-19 drove a spike in adoption of telehealth by both doctors and patients, as physical distancing limited in-person care. Employers and insurers are increasingly turning to virtual channels of medical care, and telehealth providers have become popular assets for private investors.
Walmart and rival Amazon.com Inc. have both been expanding into healthcare services as a way to increase their presence in consumers’ lives. Telemedicine is a natural next step, since it turned from a niche offering to a necessary tool for doctors and patients during the pandemic.