Riding a wave of pandemic-fueled momentum for virtual care, Cigna subsidiary Evernorth is acquiring telehealth provider MDLive, the companies announced Friday.
The news marks a significant strategic pivot for MDLive — which had at one point planned to go public at the start of the year — and reflects broader shifts in the virtual care landscape as the public stage for telehealth companies grows increasingly crowded. Cigna, a longtime investor in MDLive, will wrap the telehealth provider into Evernorth’s portfolio of health services, which already includes chronic care and pharmacy capabilities.
MDLive, which brought in $50 million in new funding in September to expand its virtual health platform, has built its business offering urgent and primary care. In today’s crowded virtual care landscape, some experts say companies will have to offer a broad range of services to stay viable.