On March 29, 2023 CVS Health (NYSE: CVS) reported that it has completed its acquisition of Signify Health (Press release, Signify Health, MAR 29, 2023, View Source [SID1234629503]).
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Signify Health is a leading technology and services company, focused on provider enablement and bringing clinicians into the home to identify chronic conditions, close gaps in care, and address social determinants of health. Signify has a network of more than 10,000 clinicians in all 50 states, who spend an average of 2.5 times longer with a member during home visits than an average visit with a primary care provider.
"This transaction advances our value-based care strategy by enhancing our presence in the home," said CVS Health President and CEO Karen S. Lynch. "Our expanded capabilities will bring us closer to the consumer as we continue to redefine how people access and experience care that is more affordable, convenient and connected."
The combined company will work to improve care delivery capabilities, lower costs, improve levels of engagement and enable broad access to high-quality care, especially for Medicare Advantage customers. Signify clinicians can have an even greater impact by engaging with CVS Health’s unique collection of assets and connecting consumers to care how and when they need it.
"Our mission has always been to build trusted relationships to make people healthier," said Kyle Armbrester, who will continue to lead Signify Health. "As part of CVS Health, we will be uniquely positioned as a payor-agnostic business to support a more proactive, preventive and holistic approach to patient care.
"We’re excited to welcome the Signify team to CVS Health," said Lynch. "I’m confident our shared values and complementary capabilities will work together to better address patient needs."
Under the terms of the transaction, each outstanding share of Signify Health common stock is being exchanged for $30.50 in cash, representing a total transaction value of approximately $8 billion. CVS Health funded the transaction price with existing cash and available resources and is committed to maintaining its current credit ratings.