CVS Health taps Tilak Mandadi as new EVP, chief data, digital and technology officer

Tilak Mandadi

Photo courtesy of CVS Health

CVS Health has named Tilak Mandadi executive vice president and to the newly created role of chief data, digital and technology officer. The company said Mandadi's tenure in the new roles will begin July 25.

Mandadi will be responsible for the company's data, digital and technology strategy, while overseeing growth and innovation, according to CVS.

He joins CVS Health from MGM Resorts International, where he served as chief strategy, innovation and technology officer. Prior to that, he served in senior digital strategy roles for Disney Parks, Experiences and Products and American Express.

Mandadi will become a member of the company's executive leadership team and will report directly to president and CEO Karen S. Lynch. He holds a master's degree in computer science from the University of Oregon.

WHAT'S THE IMPACT?

Lynch said that technology is a catalyst for value creation and growth, and lauded Mandadi's hiring and efforts to enhance the company's data and digital health capabilities.

"It is crucial that we continue to enhance customer engagement and experiences, and we're confident Tilak will drive these efforts as we prioritize serving consumers wherever and whenever they need healthcare," she said.

Mandadi said he was excited about CVS' growing commitment to digital solutions.

"CVS Health serves more than 44 million unique digital customers and is increasingly integrating digital solutions into the consumer healthcare experience," said Mandadi. "I look forward to helping make healthcare more seamless, convenient and personalized, and driving business agility and growth through technology, data, digital and experiential innovations."

THE LARGER TREND

CVS Health beat industry expectations by bringing in $2.3 billion in profit in the first quarter of this year, a slight increase over the $2.2 billion profit posted during the same time last year, according to an earnings report filed in May.

The company also saw revenue climb 11.2% over that time, hitting $76.8 billion during the quarter, compared to $69.1 billion in Q1 2021.

In December, CVS Health projected that revenue for 2022 would likely fall between $304 and $309 billion. 

The growth in revenue projections is due in part to a company strategy of investing in high-growth areas of the business and introducing new health products, services and technologies, which CVS said will enhance shareholder value.

The company will focus on a number of priorities meant to enhance this strategic growth, including advancing primary care delivery capabilities. CVS said this will guide consumers across the care continuum to sites and to providers that meet their needs – both in-person and virtually. 

This approach is geared to complement the traditional provider network and to continue to expand ways to use risk-based arrangements and value-based care.

CVS will also focus on optimizing the retail portfolio to serve as community health destinations by pivoting the store footprint to focus on advanced primary care centers, enhanced HealthHUB locations and traditional CVS Pharmacy stores. As announced in November, the company will close about 900 stores over the next three years to "reduce store density."

Twitter: @JELagasse
Email the writer: jeff.lagasse@himssmedia.com