Evernorth Completes Acquisition of MDLIVE to Expand Access to Virtual Care
BLOOMFIELD, Conn. and MIRAMAR, Fla. -- Evernorth, the health services portfolio of Cigna Corporation, today announced that it has completed its acquisition of MDLIVE, a privately held, leading 24/7 virtual care delivery platform. The transaction, first announced on February 26, expands Evernorth’s capabilities to lower the cost of care – while increasing access to health care providers – through virtual visits that can be accessed from the home or anywhere.
“By bringing MDLIVE into Evernorth, we have a highly complementary platform that will rapidly expand our capabilities to deliver greater affordability, predictability and simplicity for our customers and clients,” said Eric Palmer, President and Chief Operating Officer of Evernorth. “Evernorth is uniquely positioned to bring new, differentiated and future-state care solutions that substantially lower medical costs and improve the overall health care experience.”
“MDLIVE and Evernorth share a common vision and passion for changing health care for the better,” said Charles Jones, Chairman and Chief Executive Officer of MDLIVE. “Together, we can accelerate the delivery of new virtual care capabilities in a way that will optimize the care journey for our clients and customers.”
The transition will enable a new end-to-end care experience to complement – not replace – the way customers and patients interact with their existing providers to drive better health outcomes and more convenient access to care. As demand for virtual care grows, with over 75 percent of Americans seeing a future of health care at home, Evernorth and MDLIVE will be able to improve the patient experience, close the patient-provider accessibility gap, and bring providers opportunities to augment the services they currently offer.
With the completion of the acquisition, MDLIVE will operate within Evernorth’s portfolio of health services offerings, which also includes Express Scripts, Accredo and eviCore companies. MDLIVE will continue to serve its clients and customers and expand its existing virtual care capabilities while also creating new solutions with Evernorth to bring a more connected patient care experience for the diverse needs of health plans, employers, government organizations – and the people they serve.
BofA Securities acted as exclusive financial advisor to MDLIVE, and Davis Polk & Wardwell served as legal counsel.
Greenhill & Co., LLC served as exclusive financial advisor to Cigna. Wachtell Lipton Rosen & Katz served as legal counsel, and Sheppard, Mullin, Richter & Hampton acted as regulatory counsel to Cigna.
Evernorth is Cigna's high-performing health services portfolio. The Evernorth brand is anchored by Evernorth Health, Inc., a wholly-owned subsidiary of Cigna Corporation, and the parent company of the Express Scripts, Accredo and eviCore companies. Evernorth brings together and coordinates premier health services offerings to deliver innovative and flexible solutions for health plans, employers and government programs. All Evernorth solutions are serviced and provided by or through operating affiliates of Evernorth Health or third-party partners. To learn more about Evernorth, visit https://www.Evernorth.com/.
MDLIVE offers convenient, affordable and contagion-free virtual healthcare services to over 60 million members nationwide. Our network of board-certified physicians, dermatologists, psychiatrists and therapists are specially trained in virtual care and are committed to the highest quality treatment and the best possible patient experience. We leverage technology and artificial intelligence to simplify and streamline, connecting providers and patients whenever and wherever it's most convenient, often within just minutes. To learn more about our expanding product suite and our partnerships with major health plans, hospital systems and employers, visit www.MDLIVE.com, download our app, or text "Sophie" to MDLIVE (635483) to register.