CVS Health offering tuition assistance for pharmacists
Pharmacy school applications have decreased by more than 60% in less than a decade, internal data showed.
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CVS Health is rolling out two new offerings for pharmacy students: an enhanced PharmD tuition assistance program for eligible pharmacy interns, and a new scholarship for students enrolled in pharmacy schools.
The PharmD tuition assistance program is available to all eligible CVS Pharmacy interns and consists of one $20,000 award each year. The new CVS Health/American Association of Colleges of Pharmacy (AACP) Community Pharmacy Health Equity Award will grant $20,000 to 21 outstanding student pharmacists who face financial barriers in their pursuit of education.
In the company's own Rx Report, it was found that pharmacy school applications have decreased by more than 60% in less than a decade, which prompted the organization to increase exposure to the profession and grow the pharmacist workforce.
WHAT'S THE IMPACT?
This summer, 2024 PharmD graduates who intern with CVS Pharmacy as of April 30 can apply for up to $20,000 towards their final year of tuition.
In the fall, the program will be expanded to CVS Pharmacy interns in their final two years of pharmacy education, with $20,000 available for each year while working as an intern. Recipients will participate in a more flexible learning program with year-round opportunities to enhance their ability to obtain experience before starting their post-graduate professional career in pharmacy.
Meanwhile, in collaboration with the American Association of Colleges of Pharmacy and the CVS Health Foundation, the Community Pharmacy Health Equity Award "promotes diversity of thought, background, perspective and experience" to advance pharmacy education and improve patient health, according to CVS.
The scholarships are intended to promote and support a population of student pharmacists who will care for an increasingly diverse population of patients as part of a healthcare team. Selected awardees must demonstrate leadership, academic success, financial need and a commitment to advancing the profession of pharmacy and patient care.
THE LARGER TREND
CVS Health last set its sights on the pharmacy space in December, altering how it reimburses pharmacies for prescription medications through a new model called CostVantage, which the company promised would evolve the traditional reimbursement model and provide more simplicity and transparency.
CVS CostVantage will define the drug cost and related reimbursement with contracted pharmacy benefit managers (PBMs) and payers, using a transparent formula built on the cost of the drug, a set markup and a fee that reflects the care and value of pharmacy services.
The company plans to launch CVS CostVantage with PBMs for their commercial payers in 2025, working together to ensure a smooth transition.
Jeff Lagasse is editor of Healthcare Finance News.
Email: jlagasse@himss.org
Healthcare Finance News is a HIMSS Media publication.
