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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.
CVS Pharmacy announced a major update to its ExtraCare Rewards program, transitioning to a 2% back rewards system delivered immediately after transactions instead of quarterly. Starting July, members will see rewards in the CVS App and on receipts, enhancing user experience. Additionally, the program introduces a birthday benefit for its 74 million members, offering $3 in ExtraBucks Rewards. Enhanced app functionality allows users to track rewards conveniently. Special freebies will be available through the app throughout late June and July, celebrating these changes.
Aetna, part of CVS Health (NYSE: CVS), has received approval to expand its Medicare-Medicaid Alignment Initiative (MMAI) statewide in Illinois, effective July 1, 2021. This expansion aims to provide coordinated care for dual-eligible individuals and follows extensive planning by the Illinois Department of Healthcare and Family Services in collaboration with CMS. Aetna is the sole health plan approved for the MMAI across all Illinois counties. Enrollment begins in June 2021, with passive enrollment occurring in phases for multiple cohorts.
CVS Health has launched its first MinuteClinic locations in Utah, expanding its nationwide CVS HealthHUB initiative. These clinics offer high-quality, affordable care without the need for appointments, catering to patients aged 18 months and older. The clinics provide various services, including treatment for common illnesses, wellness screenings, and telehealth options. CVS aims to enhance healthcare accessibility with these locations, which feature expanded operational hours and a broad range of health and wellness products.
CVS Health has successfully installed time delay safe technology in all 355 CVS Pharmacy locations in Georgia. This initiative aims to reduce pharmacy robberies, particularly for controlled substances like opioids. Previously implemented in 2015, time delay safes led to a 70% decrease in robberies in Indianapolis, and a 50% decline across 18 states. The system serves as a deterrent for potential robbers and enhances the safety of both employees and customers. CVS Health continues to address the opioid epidemic through various community initiatives, including drug disposal programs.
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CVS Health announced a new #OneStepCloser sweepstakes, starting June 1, 2021, for customers who have received or will receive a COVID-19 vaccination through their services. Participants can win weekly and grand prizes totaling over a thousand rewards, including cruises and Super Bowl tickets, aimed at encouraging vaccination. More than 17 million doses have been administered nationwide, with CVS locations easily accessible to 85% of the U.S. population. The sweepstakes ends July 10.
CVS Health Corporation (NYSE: CVS) announced that CEO Karen Lynch will participate in a fireside chat with investors at the Goldman Sachs 42nd Annual Healthcare Conference on June 9, 2020, at approximately 10:30 am EST. CVS Health is a diversified health services company with over 300,000 employees, focused on improving healthcare accessibility and affordability through innovative services like HealthHUB locations.
For more information about CVS Health, visit investors.cvshealth.com.
CVS Health (NYSE: CVS) has launched a new Clinical Trial Services business aimed at improving access to clinical trials, a sector where traditional enrollment has been low. The initiative addresses challenges such as participant engagement and retention, exacerbated by the COVID-19 pandemic. Key capabilities include precision patient recruitment, innovative clinical trial delivery, and real-world evidence generation. This move builds on CVS's previous experience with COVID-19 vaccine trials, where over 300,000 volunteers were engaged. The initiative aims to enhance efficiency and participant experience.
CVS Health has appointed Shawn Guertin as the new Chief Financial Officer, effective May 28, 2021. Guertin, previously with Aetna, brings extensive experience in financial strategies and healthcare transformation. He succeeds Eva Boratto, who served successfully for 11 years. CVS Health reaffirms its full-year 2021 guidance, with an Adjusted EPS forecast of $7.56 to $7.68 and cash flow from operations projected at $12.0 to $12.5 billion. The company aims to achieve a low 3x leverage ratio by 2022, emphasizing growth and stability.
CVS Health announced that COVID-19 vaccine appointments for adolescents aged 12 to 15 are now available at over 5,600 CVS Pharmacy locations nationwide, following FDA Emergency Use Authorization for the Pfizer-BioNTech vaccine. Starting May 13, 2021, eligible adolescents can receive the vaccine with parental consent. CVS has administered over 17 million vaccines and plans to offer services at over 9,600 locations by May 16, 2021. The company's Return Ready program will also provide on-site vaccination clinics for larger organizations.