Costco Wholesale (COST 1.05%) isn't generating the level of growth that it did a few years ago. At less than 10% last quarter, the company's growth rate has been slowing.

But that doesn't mean that the company is running out of growth opportunities. One way it can add more members and boost its top line is by making its membership more valuable to customers and offering more features.

And it can do that via healthcare.

Costco members can get virtual primary care for $29

The wholesale retailer has partnered with Sesame, which runs a healthcare marketplace that connects patients to doctors and where you can get a prescription refilled within minutes, to give its members some low-cost healthcare options. Through the partnership, Costco members can get same-day virtual visits booked for just $29, with whom the site says are "5-star providers."

In addition to virtual primary care visits, members can also book health checkups for $72 that include a standard lab panel along with a virtual follow-up consultation. There is also virtual mental health therapy, which costs $79.

A growing number of companies have virtual offerings, including CVS Health through its MinuteClinic. Tech giant Amazon also offers Amazon Clinic, which helps connect patients to virtual care providers based on their treatment needs. 

This could be just the beginning for Costco

Costco's major rivals, Amazon and Walmart, have been focusing on the healthcare industry in recent years, and that's an area that would make a lot of sense for Costco to go deeper into as well. U.S. healthcare spending will top $7.2 trillion in 2031, which is 67% more than the $4.3 trillion that it spent in 2021.

Walmart has been launching primary care clinics, while Amazon launched an online pharmacy, and it acquired primary care company One Medical earlier this year. Pharmacy retailer Walgreens Boots Alliance has also been spending billions of dollars launching primary clinics at its locations, looking to give shoppers more of a reason to come to its stores and for those stores to be one-stop shops.

Offering in-person primary care doesn't appear to be on Costco's radar just yet, but it's a move that may end up being inevitable, especially with many of its rivals already appearing to be going that route. 

The company may need a growth catalyst

By offering affordable healthcare options, Costco could enhance the value proposition of its membership, making it too good to pass up. If that happens, that could lead to more people signing up for its memberships, thus leading to greater revenue growth. And that's something that could use a boost.

COST Revenue (Quarterly YoY Growth) Chart

COST Revenue (Quarterly YOY Growth) data by YCharts.

Although sales growth improved last quarter for Costco, the company may need more near-term catalysts to justify its valuation as the stock trades at a price-to-earnings multiple of 39, which is well above the S&P 500 average of 19.

Is Costco's stock a buy?

Costco is an excellent business to invest in. Although its 2.6% profit margins aren't great, the company has been able to grow its top line by an impressive 45% over the past three fiscal years (they end in August). The business is as popular as ever, and with room to open more stores all over the world, there's little doubt that its top and bottom lines will get bigger over time.

If Costco decides to offer more healthcare options for its members, that could potentially accelerate its growth rate even further.

Its high valuation, however, could make it difficult for Costco's stock to generate significant returns in the near term; in the past 12 months, the stock is up around 9%. But if you're willing to hold the stock for years, it may not be too late to invest in this solid retail business.