Tech retailer Best Buy is set to make a foray into the health care industry by offering prescription devices for monitoring glucose levels. The company recently announced that it will be selling the Dexcom G7 Continuous Glucose Monitoring system to eligible customers through its online platforms.
The Dexcom G7 is a state-of-the-art device designed to aid in the treatment of diabetes. It features a small device that is inserted beneath the skin to provide real-time tracking of glucose levels. The data collected can be easily transmitted to a receiver or a smartphone app for convenient monitoring.
This marks the first time that Best Buy is venturing into the realm of prescription-based medical devices. However, they are committed to expanding their offerings in the glucose monitoring sector and aspire to explore additional avenues within the health care space.
“As a leader in the health and wellness industry, Best Buy strives to provide easy access to a wide range of technology products that support individuals in maintaining their well-being at every stage of life,” states a press release from the company. “With the introduction of the CGM offering, we are streamlining the process of purchasing a glucose monitoring device as well.”
To facilitate the purchase of the Dexcom device, interested customers can visit BestBuy.com or make use of BestBuy’s dedicated health portal, Wellness.BestBuyHealth.com. Those accessing the portal will be guided through an online questionnaire provided by Wheel, a telehealth partner working in conjunction with Best Buy. Following completion of the questionnaire, Wheel will issue a prescription if the responses indicate eligibility, ultimately enabling Best Buy to sell and deliver the device to customers.
Best Buy’s move into offering prescription-based health care devices reflects their commitment to enhancing customer accessibility and convenience in the digital age.
Best Buy Expands Into Health Care
Best Buy, known for its electronics retail business, has been making strides in the health care industry. In 2018, the company acquired GreatCall, a health technology firm specializing in products for older adults. This acquisition allowed Best Buy to offer safety products like the Lively medical-alert device. Building on this momentum, Best Buy further expanded its presence in health care by acquiring Current Health, a platform that combines remote patient monitoring, telehealth, and patient engagement to facilitate home care.
In addition to these acquisitions, Best Buy now offers a diverse range of over-the-counter health technology products, including hearing aids. While the demand for electronics has decreased, this move toward health care diversification positions Best Buy for long-term profitability and growth.
Despite the positive outlook for Best Buy Health, it is important to note that these initiatives are still in their early stages and may not generate significant revenue immediately. However, analysts, such as Steven Forbes from Guggenheim, remain optimistic about the potential of this segment. Forbes has a Buy rating on Best Buy shares and predicts that Best Buy Health will contribute positively to the company’s EBIT margin outlook by approximately 10 basis points in 2023, with further growth expected in the future.
As Best Buy continues to innovate and expand its health care offerings, it plans to introduce insurance coverage for these devices in the near future. Additionally, the company aims to enable customers to upload prescriptions from their own health care providers, further enhancing the convenience and accessibility of its health care products and services.
Despite facing challenges in the electronics market, Best Buy remains committed to diversifying its business and capitalizing on the opportunities in the health care sector. With its strategic acquisitions and expanding product portfolio, Best Buy is well-positioned to address the evolving needs of consumers and increase its profitability in the long run.
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