CVS launches new Healthspire brand in integration of health services business
Healthspire includes Caremark, Cordavis, Oak Street Health, Signify Health and Minute Clinic.
Photo: Mario Tama/Getty Images
CVS Health has announced a new branded name for its health services segment.
CVS Healthspire includes Caremark, Cordavis, Oak Street Health, Signify Health and MinuteClinic. The groups within CVS Healthspire will continue to focus on integration across the company.
CVS Healthspire will begin to roll out publicly this month and advance throughout 2024. Consumers will initially see "Part of CVS Healthspire" appear on select CVS Health care delivery offerings across digital and physical assets as the company continues to create an integrated ecosystem for patients.
CVS has also announced new drug cost models for 2025, CostVantage for pharmacy reimbursement and CVS TrueCost, a new payment option for clients of CVS Caremark.
WHY THIS MATTERS
CVS Healthspire marks the strategic integration of its businesses.
CVS Health bought Signify Health for an estimated $8 billion earlier this year. Signify gives CVS inroads into the at-home diagnostics segment. In September 2022, CVS bested Amazon, UnitedHealth Group and others in acquiring the home health platform.
In May, CVS Health completed its estimated $10.6 billion acquisition of Oak Street Health, a multi-payer, value-based primary care company focused on older adults.
Both Signify and Oak Street capture the nation's aging demographic and increased need for care.
Ahead of its Investor Day, CVS said it would address the new drug pricing models, as well as increased patient enrollment in Oak Street Health, expanded product offerings through Signify Health and enhanced growth in core businesses.
THE LARGER TREND
The company's 2024 full-year projections include at least $366 billion in revenue and operating income of at least $15 billion.
CVS is expected to next announce earnings in February 2024.
ON THE RECORD
"We are successfully executing on our strategy to advance the future of healthcare while unlocking new value for consumers," said CVS Health president and CEO Karen S. Lynch. "The combination of our businesses, and the key growth areas we have invested in, drive our ability to lower the total cost of care, improve health outcomes, and deliver on our commitments to our customers, consumers, and shareholders."
Twitter: @SusanJMorse
Email the writer: SMorse@himss.org
