Why are you considering a role as a healthcare provider?
When you build strategy, especially if you’re building health strategy in a company that’s not a health company, I always think you look first at the core competencies of the company you’re building it in. I’ve already mentioned Best Buy’s core competencies. In the pandemic, physicians were taking remote patient monitoring devices out of packaging, installing batteries, placing the device in new packaging. They were training patients on how to use it, and they were also providing technical support when something wasn’t working at home. Doctors don’t have time for this. Nurses don’t have time for this.
We thought, “This is a need that fits perfectly with Best Buy’s capabilities.” That’s what we’re going to focus on now.”
We acquired Current Health for its HIPAA-compliant platform that connects devices in the home and then connects to electronic health records. We don’t need to be doctors. There are many doctors in the world. Best Buy is not a healthcare organization, but we are an amazing technology organization, and these are the capabilities we will bring to the fore.
You have acquired several companies as part of your health care strategy. What is your stand on mergers and acquisitions now?
We want to look into anything that makes home care possible. I can imagine there are other companies that could come into our portfolio and enable care. It can be a joint venture or a partnership. It could be a takeover.
What is the status of your partnership with health systems through Current Health?
Current health has exceeded our expectations. When we were considering a home care platform, we screened 300 companies. We chose Current Health for the outstanding management team and—without a hitch—the current platform. When we acquired Current Health, they partnered with nine hospital systems in the US and 11 in the United Kingdom. We now partner with 32 health trusts in the UK, and we partner with 22 health systems in the US. We partner with five of the top 20 health systems in America. What we found is our value proposition of being the Chief Technology Officer for Care. Home resonated with the top health systems in America, and so we began scaling our efficiencies and setting up the platform to connect patients and their caregivers much faster than we thought possible.
What’s next for Best Buy Health?
We will always keep hiring developers. We’ll probably never have too many developers, as there’s a lot we can do to increase competent care at home.
We started using Geek Squad and Geek Squad City about 18 months ago for logistics and support. We first began delivery of commercial and personal emergency-response equipment to individuals’ homes in our commercial aging-at-home business. Then we started with a pilot to enable at-home care with Geek Squad agents, either by having the devices delivered to the patient’s home or just supporting patients from our Geek Squad City campus. The pilot was successful. We will be extending support from Geek Squad to the hospital enabling home care.
We believe that people prefer to have treatment at home. They are there with their families, maybe their pets. This is a familiar place. We want to be able to expand this to more health systems and more payers, and so that’s where we’re going.