Walmart (WMT 0.77%) is a one-stop shop for many consumers. Between groceries, day-to-day essentials, pharmaceuticals, and auto services, people have plenty of reasons to stop by one of its locations. And Walmart is working on adding to that list.

In recent years, it has been launching Walmart Health locations, which can provide consumers with low-cost healthcare services as well. One thing that could galvanize this effort significantly is an acquisition. Could there be one potentially on the horizon?

Walmart is reportedly eyeing ChenMed

According to a report from Bloomberg, Walmart may acquire a majority stake in ChenMed, a company that provides primary care to seniors. The deal could still be weeks away from happening, assuming it does at all. But if it materializes, it may be worth "several billions of dollars," making it potentially the company's largest move into healthcare yet.

According to its website, ChenMed is a family-owned business with a presence in 15 states and more than 100 centers. It aims to provide affordable "VIP healthcare to seniors." As ChenMed is a privately held company, no details are available as to the potential revenue it may bring in for Walmart.

Why the move could make sense for Walmart

ChenMed's presence, while broad, appears to focus on the southeastern part of the country. And some of the states, including Georgia, Florida, and Texas, are where Walmart has also launched Walmart Health locations.

Walmart Health is the big-box retailer's way of providing Americans with low-cost healthcare options. In addition to medical appointments, Walmart Health centers also provide dental services and the ability to talk with licensed therapists. In certain locations, psychiatrists are available as well.

The retailer has been expanding its health business with 32 Walmart Health locations as of the end of 2022. By the end of next year, it expects that number to more than double to at least 75 locations. If it were to acquire a controlling interest in ChenMed, that would allow the company to quickly accelerate its growth in a big way.

Is Walmart a good stock to buy right now?

A big part of the appeal of Walmart is that its stores are widely accessible, with 90% of the U.S. population living within 10 miles of one of its locations. By building off that accessibility and offering healthcare services, the company can be in an excellent position to develop a huge growth opportunity in healthcare.

The country spends more than 18% of its gross domestic product on healthcare. It totaled $4.3 trillion in 2021 and is a massive area for Walmart to expand deeper into now.

Walmart has generated profits north of $11 billion in each of its last four fiscal years, and it has deep pockets to be able to invest heavily in healthcare. It wouldn't be surprising to see this becoming a greater part of the company's operations in the future. This is certainly a stock for investors to keep a close eye on, as Walmart could be a big player in the healthcare industry in the not-too-distant future.

For now, however, I'd take a wait-and-see approach before buying shares of the company. At more than 31 times earnings, it's an expensive stock to own, and Walmart's healthcare business still has a long way to go -- even with this potential acquisition -- before it can have much of an impact on Walmart's top and bottom lines.