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CVS Health Corporation operates an integrated health care model that combines retail pharmacy, pharmacy benefit management, health insurance, medical clinics, specialty and mail pharmacy support, and related consumer health services. Recurring company news includes quarterly results and guidance, segment performance across Health Services, Health Care Benefits, and Pharmacy & Consumer Wellness, and capital returns through common-stock dividends.
Updates also cover CVS Caremark formulary decisions, biosimilar adoption, Aetna prior authorization and plan-administration initiatives, community health investments by the CVS Health Foundation, and developments involving Omnicare, the company's long-term care pharmacy subsidiary.
OmniLife, a health technology platform for transplant hospitals, is a finalist for the 2022 Innovation Challenge by Lyfebulb and CVS Kidney Care. The challenge, aimed at improving kidney health, will award $25,000 to the best concept on May 19, 2022. OmniLife, committed to enhancing patient care in the transplant ecosystem, is also involved in NIH-funded clinical trials with major centers. The finalists will present scalable solutions to make kidney care more equitable and accessible, reflecting advancements needed in chronic kidney disease treatment.
Lyfebulb and CVS Kidney Care announced the 10 finalists for the 2022 Innovation Challenge aimed at enhancing health equity and outcomes in kidney disease. The challenge seeks innovative solutions to modernize treatment options for chronic kidney disease, which have largely remained stagnant. The finalists will present their ideas at a summit on May 18-19, 2022, in Austin, Texas, with the chance to win a $25,000 prize to support their initiatives. This initiative reflects CVS's commitment to addressing disparities in kidney health.
CVS Health Corporation (NYSE: CVS) announced the retirement of David W. Dorman as Independent Chair of the Board of Directors, effective May 11, 2022. Roger N. Farah has been selected to succeed him. Dorman has served since 2011 and joined the Board in 2006, while Tony L. White will also retire after being a director since 2011. CEO Karen S. Lynch praised Dorman's leadership and contributions to the company's growth. The Board will be reduced to 11 members following these retirements, as CVS Health continues to navigate the evolving healthcare landscape.
CVS Health has approved a quarterly dividend of $0.55 per share on March 9, 2022, for its common stock. This dividend will be payable on May 2, 2022, to shareholders on record as of April 22, 2022. As a leading health solutions provider, CVS Health aims to enhance community health through comprehensive services that include chronic disease management and affordable healthcare access.
CVS Health (NYSE: CVS) is investing over $15.3 million in a partnership with Pedcor Investments and WNC to develop 312 affordable housing units in San Antonio. This initiative addresses social determinants of health in underserved communities, particularly aiding families with incomes between 30% and 60% of the Area Median Income. The project, Crosswinds Apartment Homes, will feature a variety of amenities aimed at promoting healthier living. This investment is part of CVS Health's broader commitment, having allocated $185 million for affordable housing nationwide in 2021.
Aetna Better Health of Louisiana, a CVS Health company, has been selected for a new statewide Medicaid contract, continuing its service to over 150,000 enrollees in various Medicaid programs. This contract will support Medicaid eligible populations, including those in CHIP, TANF, SSI, and behavioral health programs. Aetna has demonstrated success in improving health outcomes and addressing disparities, notably achieving the highest vaccination rates among Louisiana Medicaid plans. The contract is expected to begin later this year, pending negotiation and approval processes.
CVS Pharmacy launched six innovative home health care products under the CVS Health brand, designed in collaboration with Michael Graves Design. These products aim to cater to the aging population and caregivers, addressing unmet needs in bathroom safety and mobility. Available at over 6,000 CVS locations and online, the new offerings include comfort grip canes and travel walkers. With over 70 million Americans aged 65 and older projected by 2030, CVS is committed to enhancing everyday lives through quality, aesthetically pleasing health care solutions.
CVS Health (NYSE: CVS) has announced that Shawn Guertin, Executive Vice President and Chief Financial Officer, will speak at the Barclays Global Healthcare Conference on March 15, 2022, at approximately 8:00 am ET. An audio webcast of this event will be available live on the CVS Health Investor Relations website, with an archive available for one year.
CVS Health is a leader in health solutions, dedicated to enhancing community health through various services and support.
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CVS Health (NYSE: CVS) has launched a new digital service allowing consumers to order at-home COVID-19 test kits with zero upfront costs. This service simplifies the process by enabling consumers to enter their insurance details online, with CVS handling all claims. Notifications regarding order status will be sent via email or text. Following recent federal guidance effective January 15, 2022, insurers must cover up to eight tests per person per month. In 2021, CVS sold 22 million test kits and administered over 59 million COVID-19 vaccines.