Current Health has returned to its roots following a reacquisition by co-founder Christopher McGhee, marking a significant step away from its previous ownership under Best Buy.
McGhee announced the move in a LinkedIn post on Tuesday, signalling a renewed focus for the home care technology firm after several turbulent years under the retail giant’s health division.
Best Buy originally acquired Current Health in 2021 for approximately $400 million as part of a broader push into the healthcare space. However, amid ongoing challenges within its health business, the electronics retailer has now offloaded the unit. Financial details of the sale were not disclosed.
Best Buy recently restructured its health operations and recorded a $475 million non-cash goodwill impairment charge related to the segment in its fourth quarter.
In a blog post accompanying the announcement, McGhee said several members of the original Current team, including co-founder Stewart Whiting, will rejoin the company.
McGhee himself will return as CEO. He emphasised that Current Health has already supported more than 70,000 patients and has played a central role in the hospital-at-home space, with over a third of all US patients receiving such care having used its platform.
Following its 2021 acquisition, Current Health partnered with leading health systems such as Mass General Brigham, Geisinger, and Atrium Health to bolster home care delivery.
McGhee said the sector is still in “the early innings” of a larger shift from hospital-centric models to care in the home and community, adding: “The future of healthcare is in the home and the community, and we have a role to play in that transformation.”
Best Buy will assist with the transition over the coming months, according to a spokesperson quoted by Healthcare Dive. The retailer’s health unit will continue to include its Lively brand and emergency response products. The divestment comes as Best Buy, along with several other retailers, reassesses its position in healthcare.
CEO Corie Barry recently acknowledged the slower-than-expected scale of the company’s in-home health services, citing provider financial pressures and uncertainty around federal waivers for hospital-at-home programmes.
Other retail giants have also scaled back their healthcare ambitions. Walmart shuttered its network of health clinics and sold off its telehealth assets earlier this year, blaming rising operating costs and an unfavourable reimbursement environment.
Meanwhile, Walgreens, currently in the process of going private, is reportedly exploring the sale of its stake in primary care provider VillageMD after investing billions in the venture.
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