CVS Health projects at least $304B in revenue for 2022
CVS Health projects at least $304B in revenue for 2022 CVS Health expects to earn at least $304 billion revenue next year, the healthcare giant announced at its investor day Thursday. Thoughtfully Orchestrated CX Implementation That Drives Member Outcomes Doesn’t Happen Overnight
For 2022, the business projects revenues of $304 billion to $309 billion. Additionally, CVS anticipates earnings per share to range from $8.10 to $8.30
According to the release, CVS also revised and raised its 2021 projection. Currently, the business anticipates sales of at least $290.3 billion and profits per share of at least $8.
The corporation is contemplating a big shift in approach, eliminating 900 retail locations over the next three years while investing in primary care, digital health, and new payer solutions once the revised data are released. Additionally, the business is preparing new store layouts that highlight such offerings.
“Now is the time to undertake our next major evolution and capitalize on our role as the leading health solutions company in America,” said CVS Health President and CEO Karen Lynch in a statement. “By leaning into our high-growth foundational businesses and expanding our reach in areas like health services and primary care, we have an opportunity to shift care to be more centered around the consumer while capturing a meaningfully greater portion of health care spend.”
“Ultimately, this plan is only possible with our unique combination of assets which will allow us to lower costs, increase access to quality care and improve health outcomes for consumers, patients and members—while delivering superior results for shareholders,” Lynch said.
CVS said it’s focused on a long-term growth trajectory that aims to return to low double-digit earnings per share growth starting in 2024 and moving forward.
“We have a strategic financial approach that will focus on a combination of foundational business growth, new sources of incremental value and strategic capital deployment in order to reach our long-term growth targets and drive shareholder returns,” CVS Health CFO Shawn Guertin said.
Cigna’s Evernorth subsidiary is expanding its diabetes care value program to combine traditional pharmaceutical interventions with devices, tools and resources to help patients better understand and manage their diabetes.
Diabetes is a complex chronic condition that affects more than 37 million Americans. Another 96 million adults are considered prediabetic, according to the Centers for Disease Prevention and Control. Managing diabetes also can be overwhelming and costly to employers and plan sponsors.
The American Diabetes Association estimates that each year, diabetes results in $237 billion in medical expenses and $90 billion in lost productivity.
The usage of continuous glucose monitors (CGMs) will now be covered under the pharmacy benefit of Evernorth’s diabetes care value programme. Greater convenience and important clinical information concerning a patient’s blood sugar levels are made possible via CGM integration.
According to Christine Gilroy, M.D., chief medical officer and vice president of clinical strategy at Express Scripts, diabetes is a broad disease process that necessitates a comprehensive approach to help patients manage the condition, even in cases where specialty medications are available for treatment.
“We see the need for us to invest significantly in this area and consider creating programmes that cover the whole range of diabetes. Not only those using some of the specialist drugs for type 2 diabetes are affected. The modifications we are now adding to the programme with continuous glucose monitoring, followed by insulin access, “Gilroy stated in a conversation.
CGMs are commonly covered as durable medical equipment under the medical benefit, although Gilroy pointed out that this frequently comes with a significant payment.
“It actually makes it impossible to fund what may be a highly protective and life-saving intervention for people who are type 1 diabetics or fragile type 2 diabetes,” she added.
She added, “We’re working to expand the breadth and depth of the blanket that we’re weaving and adding in the continuous glucose monitors in addition to some of the adherence guarantees for specialty type 2 medications. We’re also broadening the patient support that we offer through our therapeutic resource center.”
Launched in 2017, Evernorth’s diabetes care value program aims to support people living with diabetes and those at risk for the disease to help manage their health, and help blunt the costs associated with diabetes for patients and plan sponsors.
Cigna rebranded its health services business line as Evernorth back in 2020. Evernorth includes a slew of Cigna segments, including pharmacy benefit manager Express Scripts and specialty pharmacy Accredo.
As part of the expanded diabetes care value program, Evernorth also is rolling out predictive analytics to enable proactive outreach to eligible patients and their providers to support shared decision-making surrounding the potential benefit and use of a CGM.
“We’re using the data that we have on 110 million covered lives across the United States to delve into identifying those individuals that are on medications that indicate that they are brittle or otherwise at-risk and would benefit from a continuous glucose monitor,” Gilroy said. “It’s about really engaging in advance and identifying those individual individuals who could benefit from continuous glucose monitor support.”
Evernorth’s diabetes care value program also includes a preferred quality pharmacy network that can lower costs and improve adherence, National Preferred Formulary or utilization management tools to drive to the lowest net cost diabetes medications, and reimbursement opportunities when patients fall off therapy, according to the company.
Members who enroll in the program also have access to digital diabetes prevention and obesity solutions and digital care for type 1 and type 2 diabetes to send CGM results to clinicians who analyze the data and provide meaningful coaching interventions.
Express Scripts’ diabetes therapeutic resource center also offers specialized support for members around medication education and counseling to improve adherence to treatments. Staffed by pharmacists and other diabetes experts, it enables the organization to “check-in” on patients through text messages and other engagement, Gilroy said.
“The therapeutic resource centers were developed in order to help manage adherence and side effects for expensive and impactful medications. We work to educate members about the medications and educate them about the risk of discontinuing the medications or the need to connect to a different medication. We also advocate for them with their prescribers,” she said.
She added, “In some instances, we even go into the home and do home delivery services for some of these medications.”
The diabetes program is part of Evernorth’s slate of SafeGuardRx programs that focus on a spectrum of chronic conditions. As health conditions are often interconnected, the program’s comprehensive approach supports improved outcomes across a spectrum of chronic conditions. The diabetes care value program helped an additional 16.9% of enrolled patients at risk for heart disease and stroke start statin therapy, according to the company. If all plans were to similarly increase statin use, nearly 20,346 heart attacks would be prevented over the next 10 years, Evernorth estimates.
The insurance giant announced Wednesday that CenterWell is the official name for more than 350 home health locations in 38 states.
“The rollout of the CenterWell Home Health brand reinforces our efforts to expand our home health capabilities to meet the needs of our patients,”
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