GoodRx filed documents with the SEC on Thursday to acquire the backbone of GoodRx Care’s virtual care technology for $19.5 million in cash, Wheel CEO Michelle Davey confirmed to Axios.
Important reasons: It may sound understated, but as virtual first care companies proliferate and scale, digital health infrastructure is quickly emerging as one of the hottest spots in the space.
Transaction Details: Under the terms of the license agreement, Wheel will have access to GoodRx tools for clinical management, patient engagement, and medical records.
- GoodRx will continue to own the consumer-facing GoodRx Care website and mobile app, according to the filing.
- GoodRx will continue to use this technology to provide telemedicine to its users using Wheel’s technology and staffing services.
- We plan to close the sale by the end of the month.
environment: The deal comes at a time when health techs are enjoying their Shopify moment amid a wave of startups vying to provide the tech backbone for healthcare companies. for example:
Catch up soon: Since 2020, Wheel has partnered with GoodRx to provide the company with a nationwide network of clinicians.
- Davey told Axios that clinicians’ positive experiences with GoodRx’s electronic medical record (EMR) tool were a big influence on the decision.
- “We have seen many EMRs, but the one that GoodRx built is by far the best,” says Davey.
What they say: The deal comes at a time when medical technology is facing a “major inflection point,” according to Davey, to expand Wheel’s reach across the healthcare ecosystem, including emergency care centers and traditional healthcare providers. It will be expandable.
- Davey says: