Table of Contents
WOONSOCKET, R.I. — In 2024, CVS Health continues to broaden and deepen its ability to build a world of health around every consumer, delivering on the ambitious plan created by president and chief executive officer Karen Lynch.
“We are successfully executing on our strategy to advance the future of health care while unlocking new value for consumers,” said Lynch. “The combination of our businesses, and the key growth areas we have invested in, drive our ability to lower the total cost of care, improve health outcomes and deliver on our commitments to customers, consumers and shareholders.”
The company recently announced CVS Healthspire, a division bringing together the organization’s health services — Caremark, Cordavis, Oak Street Health, Signify Health and MinuteClinic. CVS Healthspire will deliver connected patient care, pharmacy benefits, and innovative provider support solutions in communities across the country. In 2023, CVS Health acquired Signify Health and Oak Street Health, significantly advancing the company’s health services strategy with a focus on primary care, in-home evaluations and provider enablement. These capabilities complement the company’s existing retail health clinics that see 6 million patients every year.
Karen Lynch
The two deals were the latest steps in the company’s transformation from a drug store chain into a multifaceted health solutions company. Beginning in 2006, the company moved into retail clinics, then into pharmacy benefits management in 2007, followed by health insurance in 2018 with the purchase of Aetna — this is when Lynch, who had been president at Aetna, joined CVS Health. Today, the company is a powerhouse in both health care and retailing — revenue in fiscal 2023 totaled nearly $358 billion, putting CVS Health at No. 6 on the Fortune 500 list.
“We are shaping the future of health care by creating solutions that are convenient and affordable, and that connect care and put the patient at the center.”
The company is combining Oak Street Health centers with CVS Pharmacy locations in selected markets. Two centers opened in Houston and Garland, Texas, in December 2023, with additional locations expected to open in the first half of 2024.
“People want health care with the same convenience and digital options that they have in every other aspect of their life. Many others are offering point solutions that only address some pain points in the health care system. No one is bringing them together in a coordinated way,” Lynch said. “We will be the leader in hyper-local convenience. We’re scaling our capabilities to be a national care delivery provider while delivering care locally.”
CVS Health is also launching innovative models and offerings. CVS CostVantage, announced late last year, proactively addresses the persistent reimbursement pressure in the retail pharmacy industry, creating a more durable and transparent pharmacy business. CVS CostVantage is a testament to the value CVS Health provides pharmacy patients and the investments the company has made to drive consumer-centricity.
“In a complex world, health care should be simple, sustainable, and accessible to all. Each year, we support the health of over 100 million individuals – in people’s homes, across our digital platforms, and throughout our network of community health destinations – we’re reaching people where they are. We’re helping them on their health care journeys with the goal of improving outcomes for all.”
