CVS Health is a pharmacy innovation company helping people on their path to better health. With nearly 10,000 retail locations and more than 1,100 walk-in medical clinics, CVS Health enables people, businesses, and communities to manage health in affordable and convenient ways. However, the CVS Health encounters challenges as it seeks to connect all the data from different business channels to transform the organization into a digital healthcare company. Ultimately, this unique integrated model would increases access to quality care, delivers better health outcomes and lowers overall health care costs.
CVS Health seeks to solve one of the most pressing problems and a major source of consumer financial worry. Recognizing the threat of rising drug prices and high out-of-pocket costs, CVS Health is searching for most advanced solutions for prescribers, pharmacists and patients.
CVS Health's retail pharmacy operations are functioning poorly and dissatisfying customers. A pharmacy service improvement team has documented the current prescription fulfillment process, its exception rates, and the problems generated by exceptions. The company must now decide how to change this process.
CVS Health pharmacists are key resource for patients in identifying opportunities to maximize their prescription benefits and save money at the pharmacy counter. The company is mitigating impact of high drug costs by providing members with robust information and innovative tools to choose lower cost prescription drugs.
Digital business strategies have become an essential aspect of health care and a necessary driver for the optimization of the healthcare experience. Consumers are shifting their preferences toward digital options, and therefore, CVS Health continues to focus on the path of engaging customers successfully through digital integration.
CVS Health created an event simulation of an online prescription order to evaluate measures of performance to deliver improved operational process of online prescription services. CVS Health hopes to identify hidden deviations, for instance the average throughput time of submitting an order online, that could result in increased customer satisfaction.
With Aetna, CVS Health plans to spend about $350 millions on technology in 2019 to improve patient care and help transform its network of over 9,000 stores. These new technological changes, in combination with CVS Health’s assets, can help unlock necessary data to deliver increased consumer engagement and enhance business benefits.
CVS Health has a rich data foundation, starting with the data from pharmacy claims that get processed every year, combined with data on the customer visits to its pharmacies and MinuteClinics, along with payor data from Aetna. Essentially, all these data are connected and organized, linked to events and encounters that help to provide context, making it very useful in determining recommendations and next best actions.
CVS Health has a deep healthcare understanding with the members in its care, which comprises not only clinical knowledge about care processes but also an understanding of members' benefit design. For instance, an intervention or recommendation that conflicts with a member’s benefit design, or does not reflect where the member is in his care journey, is not helpful.
CVS Health has invested in artificial intelligence and machine learning processes that power deep analytics, going far beyond risk stratification and predictive models. CVS Health wants to look at the combination of factors that impact the effectiveness of its outreach and support, and the best way to drive action.
CVS Health has the ability to deliver curated messages to the right people, creating meaningful care encounters for a member when the member is already part of a familiar care team, a way to directly enhance the power of the human touch. The approach also incorporates a feedback loop so that CVS Health can monitor and learn more about what works and what does not.
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