Mar 08, 2023
Best Buy has found a different way to get in on the healthcare trend that has seen Amazon.com, CVS, Walgreens, Walmart and others offer in-person and/or telehealth services for various medical conditions treated in a primary care setting.
The consumer electronics retailer said it was partnering with Atrium Health to provide and install devices enabling patients to get hospital care while remaining at home. Atrium will buy the devices from Best Buy and the retailer’s Geek Squad will handle installation and retrieval when patients complete their care.
Atrium closed a merger with Advocate Aurora Health in December to create Advocate Health, the fifth largest healthcare system in the U.S. with 67 hospitals and more than 1,000 healthcare offices across six states. Atrium Health is part of Advocate Health.
“We knew Atrium Health was the right partner to help tackle the unique challenges within the care at home experience,” said Deborah Di Sanzo, president of Best Buy Health, in a statement. “We’re excited to leverage our expertise in omnichannel, supply chain, Caring Center support and services, in-home support and our ability to connect patients and providers through Current Health’s care at home platform. Those strengths, combined with Atrium Health’s extensive clinical expertise and deep experience leading in virtual care, will help us improve and enable care in the home for everyone.”
“Our partnership with Best Buy Health will help change the lives of our patients and consumers, giving them access to the tools and experiences they need to receive care in the comfort of their own home,” said Dr. Rasu Shrestha, chief innovation and commercialization officer at Advocate Health. “Our surveys show high levels of patient satisfaction for our hospital at home experience and the use of virtual care is a valuable tool in our efforts to eradicate both economic and geographic disparities in accessing health care services. Together with Best Buy Health, we will combine our strengths to provide better outcomes and equitable access for patients who will receive their care in the home.”
Best Buy Health is focused on enabling medical care at home with three focus areas: wellness, aging and care. The company’s Lively brand offers devices, health and safety services, and Caring Centers to help adults live independently. Best Buy’s Current Health platform has been developed to improve the care-at-home experience through remote patient monitoring, telehealth and patient engagement.
DISCUSSION QUESTIONS: How do you assess Best Buy’s approach to cashing in on the health and wellness market opportunity? What is your take on the approaches being taken by other large retailers, including Amazon.com, CVS, Walgreens, Walmart, et al.?
“While I remain concerned about the branding fit I do not think it will matter much, this effort will be positive for both companies.”