Fabric Makes Fourth Acquisition in 18 Months, Now Covers Over 100 Million Lives

• The acquisition of TeamHealth's Virtual Care Network expands access and services across all 50 states and 36 million additional lives.
• Fabric now serves over 75 health systems, 30,000 employers, and 100 million covered lives.
  

NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Fabric, a leading healthcare technology company, today announced the acquisition of TeamHealth VirtualCare, a virtual care provider licensed in all 50 states and part of TeamHealth, the leading physician practice group in the United States with more than 14,000 clinicians. This acquisition marks Fabric's fourth in 18 months and enhances Fabric's commitment to delivering high-quality, accessible virtual healthcare services to payers, employers, and health systems.

"This strategic addition expands our reach across payers, employers, and provider organizations," said Aniq Rahman, CEO and founder of Fabric. "In conjunction with the acquisition of TeamHealth's virtual care service line, we are now expanding our medical group with additional highly skilled physicians and advanced practice providers with multi-specialty experience, including cardiology, sports medicine, OB/GYN, family medicine, and emergency medicine. Our versatile technology suite and expanded provider network advance our mission to deliver boundless care across client initiatives and clinical business lines."

Moving forward, Fabric and TeamHealth will collaborate on projects leveraging Fabric's technology to drive efficiency and patient access. Health systems previously served by TeamHealth VirtualCare will transition to Fabric, where they will benefit from an expanded technology suite designed to enhance omni-channel patient experiences and improve efficiency across both virtual and in-person care. Fabric's technology reduces provider work time to just 89 seconds in virtual settings, decreases call center volume by up to 30%, and fast-tracks ER visits by reducing length of stay. Payers, employers, and health systems will also gain access to Fabric's comprehensive 50-state network, offering efficient, cost-effective virtual behavioral and urgent care solutions and a five-star consumer experience.

"We are excited to grow our long-term partnership with Fabric," said Jody Crane, MD, MBA, chief medical officer for TeamHealth. "Combining Fabric's technology with our more than 40-year history as the nation's leading physician practice will allow us to advance exceptional innovations in patient care and clinical outcomes."

In the past 18 months, Fabric completed four acquisitions, including:

• The leader in on-demand and asynchronous virtual care, Zipnosis
• The top conversational AI and patient engagement solution, GYANT
• An expansion into payer and employer solutions through the acquisition of MeMD from Walmart
• And most recently, the virtual care service line from the nation's leading physician group, TeamHealth

The combination of technology and expansive provider network enables Fabric to deliver operational efficiency, clinical capacity, and expanded access for health systems and payers. To learn more about Fabric's vision for digital transformation, download the newly published Guide to Care Enablement.

About Fabric:
Fabric is a health tech company that powers healthcare providers to move faster, work smarter, and deliver better care to patients, employees, and health plan members. Leveraging conversational AI, asynchronous telehealth, and intelligent adaptive interviews, Fabric unifies virtual and in-person care across intake, triage, routing, and treatment while automating clinical workflows and consumer journeys. Enabled by Fabric's technology, the company offers flexible virtual staffing models through its 50-state clinical network that provides virtual urgent care, primary care, and behavioral health. The organization serves 30,000 employers and enterprise organizations, including Luminis Health, OSF HealthCare, MUSC Health, Highmark, and Intermountain Health. Fabric is backed by General Catalyst, Thrive Capital, GV (Google Ventures), Salesforce Ventures, Vast Ventures, BoxGroup, and Atento Capital.

Media Contact:
Merrita Villa
VSC for Fabric
[email protected]

SOURCE Fabric Labs Inc.