CVS Health Corporation is a US retail pharmacy It was founded by Stanley and Sidney Goldstein and their partner Ralph Hoagland in 1963, and was originally known as Consumer Value Stores (CVS). The business started as health and beauty stores, but pharmacies were added in several years. In recent times, a new CEO, Larry Merlo, has been appointed, and in November 2018, CVS participated in a $ 70 billion acquisition of insurance giant Aetna. This merger of a giant pharmacy chain and a large insurance business will inevitably result in lower healthcare costs.
Larry Merlo has big plans for the newly merged company. He plans to significantly shift the focus of companies from retail. Slow down the business to focus more on healthcare. This new strategy includes the concept of offering medical services alongside prescription drugs and other health products. CVS plans to revolutionize healthcare in the US by putting patients (consumers) at the center rather than doctors, hospitals, and other healthcare providers.
CVS plans for the future
In the first instance, CVS is concentrating its focus on the management of five common chronic conditions:
- Cardiovascular disease
- Behavioral health
CVS screening services
CVS also plans to offer comprehensive screening services where they will be able to identify and help people manage these chronic diseases. They plan to do their thing by coordinating with physicians and other healthcare providers, using the latest technological advances to connect advanced modern devices with health screenings to predict and prevent major health events before they happen (for example, prediabetes symptoms). Aetna.
In an interview with CNBC, Larry Merlo, CEO of CVS reported that there will be a pilot of clinical programs in the new concept stores. The pilot will allow CVS to determine which programs are the most effective and best suited to be implemented at all CVS locations. The combination of a well-planned clinical program along with the medication support that CVS will offer will result in a reduction in avoidable hospital readmissions.
CVS working in partnership with family physicians
A significant advance is the way CVS can work together with physicians. While physician services will always be essential, CVS clinics can offer many services to support the family physician and provide peace of mind to patients. Pharmacies have extended opening hours, for example, and are open on weekends. CVS is not intended to replace family doctor services, in fact, one service they have accidentally become providers of is providing patients with lists of local doctors. There are a great many people who have never registered with a family doctor, and it is only when they enter a CVS clinic that they finally recognize the need to register.
Ultimately, CVS strives to have a service where its patients’ physicians can be notified of the treatments and information provided to the patient. This union of services will ensure that patients can treat the clinic as an extension of the doctor’s office where patient records can be accessed, so that care is fully coordinated. This will require strong relationships to be established between clinics and physicians.
Private consultation rooms
CVS services are provided in private practices. The testing service means that when patients test positive for strep or flu, the pharmacist can provide access to necessary medication on the spot. This means that the patient usually receives faster treatment than if they had to wait to see their GP. CVS is currently the largest walk-in clinic provider in the entire United States, with more than fifty percent of the American population living within ten miles of a MinuteClinic. CVS has ambitious plans to continue its innovation and constant improvement of the patient experience. They will do so by expanding their MinuteClinic service. Most of the services offered at MinuteClinics cost less than $ 100. This is up to 90 percent cheaper than urgent care centers and hospital emergency departments. Millions of patients now depend on CVS for the provision of accessible and affordable healthcare services.
CVS MinuteClinics offers more services than typical …