Cigna's health services arm Evernorth will be a minority owner in VillageMD after it invested in the primary care disruptor's acquisition of Summit Health.
The roughly $8.9 billion deal combines Village Practice Management with physician practice group Summit Health, the parent company of CityMD urgent-care centers.
Evernorth's collaboration with VillageMD is part of its effort to accelerate value-based services that "deepen relationships with high-performing primary care physicians and specialists to improve outcomes and lower costs," according to a Nov. 7 news release from Cigna.
"Harnessing the breadth of Evernorth’s health services capabilities and connecting them with physicians who provide care in a value-based model like VillageMD helps more people to get the right care at the right time, driving better health and value," Evernorth CEO Eric Palmer said in the release.
The transaction is still subject for review but is expected to close in the first quarter of 2023. Walgreens Boots Alliance is the majority owner of VillageMD.