CVS Health today announced it expects to complete its acquisition of Signify Health on or around March 29, 2023, subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement.
The companies entered into a definitive agreement in September 2022. Under the agreement, CVS Health announced it would acquire Signify Health for $30.50 per share in cash for a total transaction value of approximately $8 billion. Upon completion of the acquisition, Signify Health will continue to operate as a payor-agnostic business as part of CVS Health.
Signify Health is a leader in Health Risk Assessments, value-based care and provider enablement. With a network of more than 10,000 clinicians across all 50 states and a nationwide value-based provider network, combined with its proprietary analytics and technology platforms, Signify Health is improving patient engagement, patient outcomes and care coordination for stakeholders across the healthcare system, CVS Health said in September when the proposed deal was announced.
The company also said that Signify Health’s clinicians and providers could have an even greater impact by engaging with CVS Health’s unique collection of assets and connecting patients to care how and when they need it.
“Signify Health will play a critical role in advancing our healthcare services strategy and gives us a platform to accelerate our growth in value-based care,” said CVS Health President and CEO Karen Lynch. “This acquisition will enhance our connection to consumers in the home and enables providers to better address patient needs as we execute our vision to redefine the healthcare experience. In addition, this combination will strengthen our ability to expand and develop new product offerings in a multi-payer approach.”
Signify Health’s network of clinicians, physicians, nurse practitioners and physician assistants utilize home-based visits to identify a patient’s clinical and social needs and then connect them to appropriate follow-up care and community-based resources for the patient to have a more connected, effective care experience.
Since acquiring Caravan Health in March 2022, Signify Health has expanded its focus on value-based care and population health. Today, Caravan is already a partner to over 170 providers participating in accountable care organizations serving Medicare beneficiaries, focusing on improving the health of underserved communities.