The news: Best Buy is acquiring remote patient monitoring (RPM) company Current Health—a move that’ll help it carve out a bigger spot in the future of home healthcare.
How we got here: This isn’t Best Buy’s first foray into digital health—it acquired two other healthcare companies before:
A key differentiator: Unlike its previous acquisitions, Current Health brings in health system clients—which could be a gamechanger for Best Buy’s attempt to elbow into mainstream healthcare.
What’s driving Best Buy to healthcare? Namely, a way to pry open new revenue streams.
While Best Buy ranks as a top ecommerce retailer in 2021, its revenues (which come mainly from its consumer electronics sales) have stayed relatively stagnant, averaging around $43 billion annually over the last decade with little variation from year to year.
As the likes of Amazon and Walmart continue to threaten Best Buy’s consumer electronics business, focusing on RPM can help Best Buy diversify its revenue streams and plant a flag in the quickly growing digital health market.
What this acquisition means for Best Buy’s future: Its Current Health acquisition should drive its senior-focused healthcare push forward, in particular.
Go deeper: To learn more about how remote patient monitoring is taking root across US healthcare, check out our Remote Patient Monitoring report.