Late last month, Best Buy with little fanfare bought Critical Signal Technologies (CST) of Novi, Michigan. CST is a device-agnostic telehealth monitoring and social work services platform through its Care Center, covering services such as PERS monitoring, medication management, and remote patient monitoring. Terms were not disclosed for this private company founded in 2006, but CST cares for 100,000 patients and has partnerships with 1,500 payers, including many Medicare Advantage plans.
For those seeking the sunnier uplands of digital health, it’s surprising but gratifying to see Best Buy place another sizable bet in the home health area. The recent acquisition of GreatCall for $800 million is larger, but GreatCall is a turnkey, profitable company. The partnership with Tyto Care [TTA 17 April] to retail their system is relatively low risk, limited in scope, and follows their Midwest intro pattern (followed over 12 years ago with, believe it or not, QuietCare when owned by Living Independently).
Best Buy has gained kudos for moving into specialty areas in healthcare when its fellow retailers have been falling by the wayside. It covers both their bricks-and-mortar–where older adults still like to shop–and online, delivering a large slice of health tech directly to consumers. One asset, the tech-oriented Geek Squad, is a ready made unit for installing and walking older adults through using home tech. MedCityNews, MarketWatch