Fabric, a healthcare tech and care enablement company, inked its fifth acquisition in less than three years, acquiring UCM Digital Health.
The deal adds 400 new payer and employer customers and 1 million covered lives across all 50 states. Fabric executives said the acquisition will integrate its AI-enabled virtual care technology and nationwide clinical network with UCM’s deep expertise in serving payers and employers.
"For Fabric, it’s about making healthcare more accessible,” said Aniq Rahman, CEO and Founder of Fabric, in a statement. “We’ve already made meaningful progress in the payer and employer markets, and this acquisition allows us to deepen that impact. By bringing more payers and employers onto our platform, we’re creating a connected experience that streamlines workflows, reduces friction and costs, and ultimately drives better outcomes for members and our partners."
The company, which changed its name from Florence to Fabric in early 2024, has grown its footprint to 75 health systems, 30,000 employers and over 100 million lives, executives said.
Fabric says its care access and experience platform, paired with its nationwide provider network, streamlines virtual-first care, expands access, improves efficiency and outcomes, and reduces both medical and overhead costs.
The company says it's focused on providing cost-effective, innovative solutions that close care gaps for employers and health plans and creating new referral and partnership opportunities for provider organizations.
Fabric officially launched out of stealth in March 2023 and has rapidly built out its tech that automates clinical and administrative work in healthcare. The company has a strategic build-and-buy approach, acquiring other tech and virtual care companies to broaden its capabilities.
In April 2023, it picked up Zipnosis from Bright Health in an all-cash deal to expand its asynchronous virtual care capabilities, and in January 2024, it bought conversational AI assistant, Gyant, in another all-cash deal to expand its "digital front door" for patients.
In June 2024, the company acquired Walmart's MeMD telehealth business as the retail giant announced plans to shutter its primary care clinics.
Last September, it bought TeamHealth VirtualCare, adding TeamHealth's virtual care network to expand access and services across the country and 36 million additional lives.
The company's healthcare customers include SF HealthCare, MUSC Health, Highmark and Intermountain Health.
The company provides a telemedicine platform for health systems and has built a suite of products, from patient intake to self-scheduling to provider documentation tools, to help streamline workflows for in-person and virtual patient visits using conversational AI. The technology improves both the provider and patient experience, according to executives, while also improving operational efficiency.
Its conversational AI tool can automate intake, and its tech can also automate symptom checking and automatically triage and route patients to the most appropriate point of care, including virtual, in-person primary care, urgent care and emergency visits.
Through Fabric’s nationwide provider network, patients can receive a treatment plan for the most common medical conditions in just five minutes or connect with a behavioral health provider within three days. By reducing provider work time to just 89 seconds for asynchronous visits, Fabric enables faster, more convenient care for patients while saving payers up to $17 per member per month, according to the company, while maintaining clinical outcomes equal to face-to-face care.