Best Buy says it has acquired Current Health Ltd., a UK-based provider of remote patient monitoring and engagement technology.
The deal highlights Best Buy's foray into digital health. Best Buy acquired Great Call for $800 million in a move toward home health services. With Current Health, Best Buy will have a platform that's used by healthcare organizations to monitor patients.
According to Current Health's website, primary use cases for its technology are remote patient monitoring, care at home, and decentralized clinical trials. Current Health provides hardware, software, and dashboards for monitoring patients and will round out Best Buy's existing offerings.
In a regulatory filing, Best Buy didn't disclose terms of the deal other than the company paid cash.
Current Health has a home hub and wearables that collect data, as well as integration with medical device companies and electronic health records.
Best Buy says health care is a market with good growth potential for the company due to a bevy of trends, including:
- Technology is making the home a node in healthcare delivery.
- The population is aging, and two out of three seniors live with two or more chronic conditions.
- There will be 54 million seniors in 2023 and 90% of them want to stay at home.
- Payments are tied to value delivered, and in-home services play into improving outcomes.
- Consumers want more control over health matters and caregiving.
- Best Buy has filled in health technology gaps with acquisitions of Great Call and CST.