Advancement of health services and primary care capabilities will augment performance in foundational businesses while creating new opportunities in high-growth markets. CVS Health leadership team presented a strategy that capitalizes on the significant opportunity to make healthcare more convenient, personalized and affordable for consumers at their annual meeting according to press release.
The CVS Health management team will focus on priority areas for strategic growth, including:
- Maximizing growth in the company’s foundational businesses by continuing to position its existing assets to deliver market-leading health solutions and focusing on high-growth opportunities.
- Advancing primary care delivery capabilities by guiding consumers across the care continuum to sites and to providers that meet their needs — both in person and virtually. This approach will complement the traditional provider network and continue to expand ways to utilize risk-based arrangements and value-based care.
- Optimizing the retail portfolio to serve as community health destinations by pivoting the store footprint to focus on advanced primary care centers, enhanced HealthHUB locations and traditional CVS Pharmacy stores. As announced last month, the company will close approximately 900 stores over the next three years to reduce store density and ensure it has the right kinds of stores in the right locations for consumers and for the business.
- Launching new all-payer health products and services which will diversify the company’s growth portfolio with new health solutions for employers, consumers and health plans. This will include the expansion of home health services, the launch of health-related subscription models for broader populations, the commercialization of analytics and insights, and establishing all-payer and provider enablement services.
- Driving a digital-first, technology-forward approach that will expand the company’s reach and engagement with its more than 35 million online members, launching new consumer-centric services and offerings, enhancing the customer experience and streamlining business operations — leading to higher customer satisfaction levels and lower costs.
- Enhancing health services to meet the needs of consumers when and where they want them, including at home, virtually and in the community. This will include execution of the company’s omnichannel pharmacy strategy, with integration across all fulfillment channels to make pharmacy interactions as personalized and seamless as possible. CVS also reported on a multi-year observational study of Aetna’s commercial self-funded business that shows consistent improvement in utilization and cost of care when the member has both Aetna medical and pharmacy benefits. Integrated members were associated with a sustained 3 – 6% decrease in per member per month medical costs over a three-year period.
Members who filled prescriptions at CVS Pharmacy locations were associated with 6% higher adherence across important chronic conditions, including congestive heart disease, diabetes, and hypertension, and demonstrated at least a 40% higher level of engagement in supportive care management programs in 2020.
