Dive Brief:
Dive Insight:
Some former members of the Current team, including co-founder Stewart Whiting, will be returning to the home care firm, according to a blog post. McGhee will again serve as CEO.
The company has worked with over 70,000 patients, and more than one-third of all patients in the U.S. that have received hospital-at-home care have used the Current platform, McGhee wrote.
Current has also worked with health systems to support their home care programs. After it was purchased by Best Buy, the firm inked deals with systems like Mass General Brigham, Geisinger and Atrium Health.
Still, the health sector is in “the early innings” of the shift from hospital care to home and community-based services, McGhee wrote Tuesday.
“I came back to build Current Health into a globally significant company. We have so much to do, and the story is not finished,” he said in a statement on LinkedIn. “The future of healthcare is in the home and the community, and we have a role to play in that transformation.”
Best Buy will help to ensure a smooth transition over the next few months, a spokesperson told Healthcare Dive. The retailer’s health unit still includes its Lively senior support brand and emergency response devices.
The sale comes after Best Buy’s health unit has hit some snags. While parts of the health segment, like its active aging and Lively products, remain viable, Best Buy’s in-home health business has been slower to scale, as providers face financial challenges and the future of the federal government’s hospital at home waiver seems uncertain, CEO Corie Barry said on an earnings call late last month.
Other retailers that have deepened their investments in healthcare in recent years have also pulled back. Last spring, Walmart closed its network of health clinics and sold its telehealth assets, citing a challenging reimbursement environment and growing operating costs.
Additionally, Walgreens, which earlier this year notched a deal to be acquired and taken private, is considering selling its stake in VillageMD after investing billions of dollars in the primary care chain.