Corporate Investors in Primary Care — Profits, Progress, and Pitfalls

NEJM January 12, 2023
Soleil Shah, M.Sc., Hayden Rooke-Ley, B.A., and Erin C. Fuse Brown, J.D., M.P.H.

On July 21, 2022, Amazon announced plans to acquire One Medical — a primary care practice with nearly 200 locations serving more than 700,000 patients — for $3.9 billion. The deal, if approved, would represent Amazon’s largest payment for a health care company to date. On September 5, 2022, CVS Health confirmed its acquisition of Signify Health, which offers in-home and traditional primary care, for around $8 billion.

These deals reflect a broader trend in the United States toward corporate investment in primary care, driven by an increasing focus on “total-cost value-based care” — a model in which health care providers are paid to manage the total cost of care for their patients and the size of each patient’s capitated...

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