The announcement comes just one week Walgreens CEO Rosalind Brewer's sudden departure.
Executives at Walgreens and clinical technology provider Pearl Health say the partnership they announced Tuesday will accelerate the drug retailer's expansion into value-based care.
John Driscoll, president, U.S. Healthcare, of parent Walgreens Boots Alliance says the partnership demonstrates that "Walgreens is committed to being the partner of choice for providers and health systems looking to transition quickly and effectively to value-based care."
"Our partnership with Pearl Health allows us to reach more communities faster and enable comprehensive, affordable care that improves long-term health outcomes and fosters healthier communities," Driscoll says.
New York City-based Pearl Health, launched in 2020, specializes in value-based care and compensation software and tech platforms for independent primary care physician groups. The partnership with Walgreens will leverage that expertise with the retailer's complementary services that include prescription drugs, medication adherence, immunizations, care gap closure, diagnostics, and patient discharge transitions.
"Our technology-powered value-based care model aligns seamlessly with the healthcare services Walgreens offers, particularly in the most vulnerable communities," Pearl Health CEO Michael Kopko says. "With a focus on proactive, coordinated care, we'll collaborate to deliver a better solution to providers and ultimately deliver high-quality services to patients, while managing their care efficiently. We're very excited about the implications of this partnership for patients in Medicare and beyond."
The partnership is the latest in a concerted push by Walgreens to expand its footprint in value-based care. The Deerfield, IL-based company in 2020 bought a minority stake in VillageMD, the primary care provider, and in 2021 paid $5.2 billion for a 63% majority stake in the primary care provider, which operates more than 680 locations across the U.S., including 200 next to the Walgreens drugstores.
In January, VillageMD finalized its $8.9 billion acquisition of primary and multi-specialist care provider Summit Health-CityMD that was backed by a $3.5 billion stake from Walgreens, and includes a minority stake with Evernorth, a Cigna Corp. subsidiary.
Walgreens has also bolstered its home-based care resources with investments in CareCentrix and specialty pharmacy company Shields Health Solutions.
The Pearl partnership announcement comes just one week Walgreens CEO Rosalind Brewer's sudden departure.
“Our technology-powered value-based care model aligns seamlessly with the healthcare services Walgreens offers, particularly in the most vulnerable communities.”
Michael Kopko, CEO, Pearl Health.
John Commins is a content specialist and online news editor for HealthLeaders, a Simplify Compliance brand.
KEY TAKEAWAYS
Pearl Health specializes in value-based care and compensation software and tech platforms for independent primary care physician groups.
The partnership with Walgreens will leverage that expertise with the retailer's complementary services that include prescription drugs, immunizations, and diagnostics.
The partnership is the latest in a concerted push by Walgreens to expand its footprint in value-based care.
The Deerfield, IL-based company in 2021 paid $5.2 billion for a 63% majority stake in the primary care provider.