Fabric Expands Reach with Latest TeamHealth Acquisition
Fabric's Strategic Growth through Acquisition
In a significant move, Fabric, a prominent healthcare technology company, has successfully acquired TeamHealth's Virtual Care Network. This expansion not only broadens Fabric's service capacity but also extends healthcare access to all 50 states and an impressive 36 million additional lives. With this acquisition, Fabric now supports over 75 health systems, 30,000 employers, and a staggering 100 million covered lives.
Enhancing Healthcare Accessibility
The acquisition is a clear indication of Fabric's commitment to improving healthcare services and accessibility. With TeamHealth, which is renowned for its network of more than 14,000 clinicians, Fabric is poised to deliver high-quality virtual healthcare services efficiently. Aniq Rahman, the CEO and founder of Fabric, expressed excitement about this strategic addition, noting that it reinforces their capacity to partner with payers, employers, and provider organizations.
Expanding Provider Networks
Rahman highlighted how integrating the virtual care service line from TeamHealth allows Fabric to expand its medical group. In addition to offering diverse services, this integration introduces a plethora of skilled medical professionals across various specialties such as cardiology, sports medicine, OB/GYN, family medicine, and emergency medicine. This multi-specialty approach positions Fabric as a leader in delivering comprehensive care tailored to individual needs.
The Role of Technology in Patient Care
One of Fabric's primary advantages is its advanced technology suite. The integration of this new service line will leverage Fabric's innovative technology to enhance operational efficiency and improve patient access. Health systems transitioning to Fabric will benefit from state-of-the-art tools designed to create seamless, omni-channel patient experiences. The impressive capability of Fabric's technology reduces provider work time significantly, with just 89 seconds required for virtual consultations, and decreases call center volume by up to 30%.
Collaboration for Better Outcomes
The collaboration between Fabric and TeamHealth promises innovative solutions aimed at improving patient care. Jody Crane, MD, and Chief Medical Officer for TeamHealth, emphasized the excitement surrounding this partnership, remarking that it allows them to harness over 40 years of experience along with Fabric’s cutting-edge technology. Together, they will pioneer advancements in patient care and clinical excellence.
Fabric's Growth Journey
This recent acquisition is part of Fabric's ambitious growth strategy over the past 18 months, during which they have completed four significant acquisitions. These include:
- The leader in on-demand and asynchronous virtual care.
- A top conversational AI and patient engagement solution.
- An expansion into payer and employer solutions.
- The acquisition of TeamHealth's virtual care services.
This strategic series of acquisitions positions Fabric uniquely in the healthcare market, enhancing their ability to deliver comprehensive services and improve access for health systems and payers.
About Fabric
Fabric is a groundbreaking health tech company dedicated to empowering healthcare providers to enhance efficiency and improve the quality of patient care. By utilizing conversational AI, asynchronous telehealth, and intelligent adaptive interviews, Fabric aims to streamline the patient journey across various healthcare settings.
Frequently Asked Questions
What is the significance of Fabric's recent acquisition?
The acquisition of TeamHealth's Virtual Care Network significantly enhances Fabric's ability to provide accessible healthcare services across the U.S.
How many lives does Fabric currently cover?
Fabric now covers over 100 million lives, making healthcare services more accessible to a vast population.
What specialties will Fabric expand into after the TeamHealth acquisition?
Fabric will extend its services into various specialties, including cardiology, sports medicine, OB/GYN, family medicine, and emergency medicine.
How does Fabric's technology improve patient care?
Fabric's technology reduces provider work time and call center volume, ensuring efficient and timely patient care delivery.
Who is leading Fabric?
Fabric is led by Aniq Rahman, the CEO and founder, who emphasizes innovation and accessibility in healthcare.
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