Babylon Health

Babylon provides online access to healthcare for many acute, chronic, and psychological conditions, including personalized health assessments, activity tracking, treatment advice, and 24/7 virtual consultations with a healthcare provider. It leverages AI in assisting practitioners to diagnose the conditions and has developed many AI-based health services, including a chatbot for the National Health Service in the UK to diagnose illnesses. As of September 2021, Babylon had served over 24 million patients across its markets. The company launched new contracts in H2 2021 adding 135,000 members in line with its plans to manage more than 350,000 lives globally by the start of 2022. Annual membership costs GBP 149 (USD 199), but it also offers the opportunity to schedule one-off appointments. A one-off general and specialist consultation is priced at GBP 49 (USD 65) per visit.

In May 2023 , the company announced that entered an amendment and restatement of its loan facility with AlbaCore Capital LLP and certain affiliates, securing up to an additional USD 34.5 million with similar terms to the original agreement. The facility was secured to support Babylon’s operations and help it take the company private in order to strengthen its operations. The company’s board has approved both the facility and the plan to take the company private.

In August 2023 , the company filed for bankruptcy and sold parts of its business after facing financial turmoil. Earlier in August, Babylon had filed for Chapter 7 bankruptcy in the US and put its UK subsidiary into administration. The UK subsidiary, Babylon Health Services, which covered the majority of remaining operations, was sold to eMed Healthcare UK, a subsidiary of US Telehealth provider eMed. Babylon's GP at Hand app, which allows users to select it as their primary health practice, was not part of the sale and remained operational.

Key customers and partnerships

Babylon has partnerships with Tencent (to tap into the Chinese market), and also offers services in the US, Rwanda, and multiple countries in Asia and the Middle East. Babylon sold its Canadian operations to former partner Telus Health in 2021, signing a multi-year licensing deal estimated at around USD 70 million with Telus for the use of Babylon’s technology after the sale. The company has announced two acquisitions so far in 2022 comprising Higi SH Holdings , a health-checking kiosk developer, and a patient engagement platform DayToDay Health . Higi's acquisition will allow Babylon to expand its market reach and coverage of its digital care offerings across. It also plans to offer DayToDay Health's engagement programs and clinical services to its members as they prepare for and recover from medical interventions and major health events.

In November 2022, the company partnered with Fitbit to provide eligible members with connected devices for care coordination and health management services.

Funding and financials

In May 2023, the company announced that it had entered an amendment and restatement of its loan facility with AlbaCore Capital LLP and certain affiliates, securing up to an additional USD 34.5 million with similar terms to the original agreement. The facility was secured to support Babylon’s operations and help it take the company private in order to strengthen its operations. The company’s board approved both the facility and the plan to take the company private, and as a result, withdrew its expectations for its FY2023 performance.