CVS Health Corporation CVS

Overview

CVS Health Corporation is a renowned health solutions provider in the United States, playing a pivotal role in the healthcare sector by offering a wide spectrum of services aimed at improving patient care and accessibility. The company, with its operational footprint spanning across various healthcare and wellness sectors, is structured into three significant segments: Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness. Each segment adheres to a specific set of objectives aimed at addressing the dynamic needs of its diverse clientele, including employer groups, individuals, health plans, and governmental units. Initially known as CVS Caremark Corporation, the company underwent a name change in September 2014, reflecting its broader commitment to health beyond pharmacy services. Founded in 1996 and headquartered in Woonsocket, Rhode Island, CVS Health Corporation has evolved into a vital nexus in the U.S. health care system, seeking to deliver innovative and cost-effective solutions.

Products and Services

• Health Care Benefits

  This segment provides a comprehensive range of health insurance products and related services, catering to various groups such as employer groups, individuals, college students, part-time and hourly workers, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates. The offerings encompass traditional, voluntary, and consumer-directed health insurance products, designed to meet the diverse health coverage needs of its clientele.

• Health Services

  Under this umbrella, CVS Health offers extensive pharmacy benefit management (PBM) solutions, which include plan design and administration, formulary management, retail pharmacy network management, specialty and mail order pharmacy, clinical, disease management, and medical spend management services. These services are tailored for employers, insurance companies, unions, government employee groups, health plans, prescription drug plans, Medicaid managed care plans, CMS, and plans available on public health insurance, ensuring optimized medication management and health outcomes.

• Pharmacy & Consumer Wellness

  This segment of CVS Health is pivotal in selling prescription and over-the-counter drugs, alongside consumer health, beauty products, and personal care items. Beyond storefront sales, it encompasses distributing prescription drugs and providing pharmacy consulting, along with ancillary services to care facilities. CVS operates through an extensive network, including online retail pharmacy websites, long-term care pharmacies, on-site pharmacies within care settings, retail specialty pharmacy stores, compounding pharmacies, and branches that focus on infusion and enteral nutrition services, aimed at enhancing patient care and convenience.