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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 Health has launched its new HealthHUB store format at three Longs Drugs locations in Hawaii, enhancing community access to affordable healthcare. The initiative aims to provide a more integrated health experience, including chronic disease management and wellness products. CVS also pledged $25,000 to Aloha United Way to support healthcare for the homeless. With plans to expand to 1,500 HealthHUBs by 2021, the program addresses both local and national health challenges exacerbated by the ongoing pandemic.
CVS Health Corporation (NYSE: CVS) announced participation in a fireside chat with investors at the Evercore ISI 3rd Annual Global HealthCONx Conference on December 3, 2020, at approximately 12:10 pm ET. Key executives including Larry Merlo, Eva Boratto, and Karen Lynch will be present to discuss the company's strategic direction and consumer-centric initiatives.
CVS aims to redefine healthcare services through HealthHUB locations and innovative chronic condition management programs.
CVS Health has appointed Neela Montgomery as Executive Vice President and President of CVS Pharmacy, effective November 30, 2020. She will oversee approximately 10,000 pharmacies nationwide. Montgomery, previously CEO of Crate & Barrel, has extensive experience in retail and e-commerce. She aims to enhance consumer health services in digital and in-person settings. CVS Pharmacy has played a vital role during the pandemic, delivering COVID-19 testing and flu vaccines. Under Montgomery's leadership, CVS aims to further innovate and meet changing consumer needs.
CVS Pharmacy has integrated PayPal and Venmo QR codes for touch-free payments at 8,200 standalone locations, enhancing customer safety and convenience. This initiative, first announced in July, enables secure transactions without the need for keypads or signatures. Since January, touch-free transactions have surged by 43%. Research indicates that 57% of consumers consider digital payment options when choosing where to shop, with 34% avoiding stores that lack QR payment capabilities. CVS aims to cater to evolving consumer preferences and ensure a seamless shopping experience during the pandemic.
CVS Health, in collaboration with the New Spiritual Light Missionary Baptist Church and Peer Plus Education and Training Advocates, is launching free rapid COVID-19 testing at the Chicago Baptist Institute. This initiative aims to increase testing access, particularly in underserved communities significantly affected by the virus. Testing will be available by appointment, with results provided on-the-spot. CVS is expanding its efforts nationwide, offering drive-thru testing at over 4,000 locations, targeting areas in need according to the CDC's Social Vulnerability Index.
On November 11, 2020, CVS Health announced that Daniel Finke will take over as Executive Vice President and President of the Health Care Benefits Segment effective February 1, 2021. He succeeds Karen S. Lynch, who will become President and CEO. Finke brings over 25 years of experience in health care, including leadership roles at Aetna and EmblemHealth. His commitment focuses on enhancing member health experiences through digital solutions and integrated products, serving over 34 million members in the segment.
CVS Health (NYSE: CVS) is investing $8.7 million in constructing a 116-unit affordable housing complex in Orlando, Florida, part of its commitment of nearly $600 million over five years to address racial inequity. The project, located in the Mercy Drive neighborhood, will provide supportive services for residents, including those experiencing homelessness. Additionally, CVS plans to expand its no-cost preventive health screening program, Project Health, to Orlando in 2021, offering free biometric screenings to identify chronic conditions in underserved communities.
CVS Health Corporation has appointed Karen S. Lynch as the new President and CEO, effective February 1, 2021. Lynch, currently the Executive Vice President and President of Aetna, will also join the Board of Directors. She succeeds Larry J. Merlo, who has served as CEO for 10 years and will remain on the Board until May 2021. The leadership transition is seen as timely, marking the two-year anniversary of CVS Health's unified presence. Lynch is recognized for her customer-focused approach and significant growth achievements, including a 30% increase in Medicare Advantage membership in 2019.
CVS Health reported third quarter revenues of $67.1 billion, a 3.5% increase year-over-year. GAAP diluted EPS was $0.93, down from $1.17 in the prior year, with adjusted EPS at $1.66. The company doubled COVID-19 testing sites to over 4,000, processing over six million tests. Full-year guidance for GAAP diluted EPS has been raised to $5.60–$5.70, while cash flow from operations guidance increased to $12.75–$13.25 billion.
Aetna, a CVS Health company, announced that for the seventh consecutive year, its 2021 Medicare Advantage Prescription Drug plans have outperformed the industry, with 83% of its members enrolled in plans rated 4 stars or higher by CMS, compared to 77% for the industry. The plans' ratings reflect Aetna's commitment to providing quality healthcare, particularly important during the COVID-19 pandemic. Enrollment for these plans begins on October 15, 2020, and will be effective from January 1, 2021.