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VillageMD has successfully completed the acquisition of Summit Health-CityMD on January 3, 2023 for $8.9 billion, expanding its capacity in primary, specialty, and urgent care services. This merger, supported by Walgreens Boots Alliance (WBA) and Cigna Corporation (CI), aims to enhance patient-centered care through a combined workforce of 20,000 professionals. The collaboration intends to leverage innovative healthcare delivery models across 680 locations in 26 markets, targeting improved health outcomes and value-based care.
Positive
Acquisition enhances VillageMD's service offering in primary, specialty, and urgent care.
Combination creates one of the largest independent provider groups in the U.S.
Strengthened by the backing of WBA and CI, offering strategic growth potential.
Access to 680 provider locations improves market reach.
Negative
Acquisition cost of $8.9 billion may strain financial resources.
Integration challenges may arise with the combination of operational systems.
Transformative Acquisition Provides an Exceptional, Comprehensive Patient Experience including Primary, Specialty and Urgent Care Services
CHICAGO & NEW YORK--(BUSINESS WIRE)--
VillageMD announced today that on Jan. 3, 2023, it completed the previously disclosed acquisition of Summit Health-CityMD, a leading provider of primary, specialty and urgent care.
“Our new organization will continue to be patient centered, physician led and committed to transforming the way healthcare is delivered in the United States,” said Tim Barry, CEO and Chair of VillageMD. “As we combine forces, our workforce of 20,000 people will have even more expertise, tools and resources to provide the best care for our patients – whenever and wherever care is needed.”
On Nov. 7, 2022, VillageMD announced it entered a definitive agreement to acquire Summit Health-CityMD for $8.9 billion with investments from Walgreens Boots Alliance, Inc. (Nasdaq: WBA) and Evernorth, the health services business of Cigna Corporation (NYSE:CI).
Serving all patients and operating in multi-payer mode with more than 680 provider locations in 26 markets, the companies are combining VillageMD’s innovative platform and value-based care model with Summit Health-CityMD’s expertise delivering multispecialty and connected care.
“Providing high-quality care with a focus on clinical outcomes in an exceptional patient experience is in the DNA of both organizations,” added Barry. “Together, we are poised to deliver on the promise of value-based care for more communities, families and individuals.”
VillageMD is conducting a national search for a president of the company, reporting directly to Barry. Dr. Jeff Le Benger, current chair and former CEO of Summit, will act as interim president.
About VillageMD
VillageMD is committed to offering high-quality, accessible primary care options for communities across the country through Village Medical and affiliated practices. VillageMD partners with physicians to provide the tools, technology, operations, staffing support and industry relationships to deliver high-quality clinical care and better patient outcomes, while reducing the total cost of care. The Village Medical brand provides value-based primary care for patients at traditional free-standing practices, Village Medical at Walgreens, at home and via virtual visits. VillageMD and Village Medical have grown to 22 markets and are responsible for the care of more than 1.6 million patients. To learn more, please visit www.villageMD.com.
About Summit Health-CityMD
Summit Health-CityMD helps patients with all of their primary and specialty care needs. Whether it’s getting annual checkups, raising a family, or prioritizing healthy aging, Summit Health works as a team to deliver care that helps patients make the right choices and stay a step ahead of any issues. Exceptional doctors are committed to providing the best care and supporting patients over a lifetime. And if patients ever need urgent care, they can walk right in to CityMD, whose providers are part of the connected care team. Together, Summit Health and CityMD have more than 2,800 providers across more than 370 locations in New York, New Jersey, Connecticut, Pennsylvania, and Central Oregon. To learn more, visit summithealth.com.
