Virtual care services provider Wheel buys backend technology from GoodRx

Steven Loeb · November 11, 2022 · Short URL:

This is the company's first acquisition, and it plans to integrate GoodRx's tech into its platform

As telehealth exploded over the last few years, Wheel emerged as the company helping to power those services, acting as the clinical infrastructure, and clinical network, for companies, while also providing clinicians with the training and support so they can have a viable career in telehealth.

The company's focus is on providing its customers with everything they need to deliver care virtually, and now it has made an acquisition that will help it speed up its ability to do this, while also providing its customers with more capabilities.

On Friday, the company announced that it has purchased GoodRx Care's backend virtual care technology, including its clinician-centric EMR, clinical management tools, and patient experience software. No financial terms of the deal were disclosed. This is Wheel's first ever acquisition.

Going forward, Wheel will combine its virtual care platform with GoodRx Care’s technology and integrate it into one solution, thereby expanding its virtual care platform capabilities. Some new capabilities will include a better front-end patient intake that is configurable and integrates with other systems, as well as a more comprehensive clinical tool that makes it easier for clinicians to provide better care. 

This is not the first time Wheel and GoodRx have worked together: since 2020, Wheel has provided its technology and clinician network for GoodRx Care service, which it will continue to do as part of the deal.

"We’re excited to integrate GoodRx Care’s clinician-centric EMR. Since GoodRx is a  longstanding client, we’ve heard first-hand from Wheel clinicians over the years about how much they enjoy using their EMR," Michelle Davey, CEO and co-founder of Wheel, told VatorNews.

"Because of our position working with top companies across the industry, we’ve seen a lot of EMRs, and what GoodRx has built is the best one out there, by leaps and bounds."

Founded in 2011, GoodRx is best known for offering patients a free price comparison tool so they can save money on their prescription drugs, presenting them with coupons that they can give to their pharmacist so they can pull up the lowest discount available.

GoodRx coupons are accepted at over 70,000 retail pharmacies in the United States, Puerto Rico, and the U.S. Virgin Islands; that includes chains like CVS, Walgreens, Kroger, Rite Aid, Costco, and Walmart. The company says it has saved consumers over $40 billion to date and it estimates that it has helped more than 18 million people since 2011.

After this transaction closed, GoodRx will continue to own the consumer-facing GoodRx Care website and mobile app.

"GoodRx built a best-in-class platform, especially with its patient experience. If you’ve ever tried GoodRx Care as a patient, it’s very straightforward and easy to navigate. Everything you’ve always wanted your healthcare experience to feel like," said Davey.

"With this acquisition, we’re taking that underlying technology and making it available to any company that is interested in delivering virtual-first care services that provide an excellent consumer experience."

GoodRx's stock rose 14.43% on Friday to $5.71 share.

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