• Health Tech

Best Buy’s Healthcare Foray: Pioneering Technology for Hospital-at-Home Programs

March 25, 2023

• Best Buy’s acquisition of Current Health for $400 million has proven to be a valuable investment, with Best Buy Health now partnering with several large health systems.

• Best Buy’s expertise in consumer technology and navigating into homes has caught the attention of hospitals and health systems.

• Disruptors like Best Buy and Amazon have a significant advantage in applying better technology to newer care models.

 

Best Buy, the well-known tech retailer, has been making significant strides in the healthcare industry by providing technology that could one day help care for individuals in the comfort of their homes. 

While it may be surprising to see Best Buy stepping into healthcare, their expertise in consumer technology and navigating homes with Geek Squad has caught the attention of hospitals and health systems, some of which have already begun partnering with the company.

Best Buy’s $400 million acquisition of remote patient monitoring company Current Health in 2021 has proven to be a valuable investment. 

Best Buy Health partners with several large health systems on hospital-at-home programs, including Atrium Health, NYU Langone Health, Mount Sinai Health System, and Geisinger. 

The company’s entrance into healthcare has been described as compelling and logical by industry experts, who believe Best Buy’s traditional strengths in consumer engagement, advanced logistics, and client-friendly technology position them well to explore a contemporary redefinition of connected health-at-home.

While disruptors like Best Buy and Amazon will undoubtedly face a steep learning curve in the healthcare industry, they also have a significant advantage in applying their technology to newer care models. 

Tony Ambrozie, SVP and Chief Digital and Information Officer at Baptist Health South Florida, believes that if these tech companies can successfully apply artificial intelligence-enabled remote patient monitoring and care-at-home models, they have a good chance of long-term success. This is especially important given the diminishing physician pool and the aging population, which will require newer care models to avoid the exorbitant costs of hospitals.

Best Buy’s foray into healthcare has been met with interest and anticipation, with many industry leaders closely watching what the company does next. With their technology expertise and ability to bring services into the home, Best Buy could be the company that provides the critical link to get into the home so healthcare can be delivered. It’s an exciting development in an industry ripe for disruption and likely to lead to significant advancements in patient care in the years to come.