CVS Health (NYSE: CVS) has doubled down on its plans to integrate care across its foundational business.
The retail powerhouse, which owns payer giant Aetna, noted in its first-quarter financial filings that it serves 2.9 million members who are enrolled in its integrated medical and pharmacy plans. Members registered in the integrated offering have a 25% greater utilization of “critical mental” health care.
During an earnings call Wednesday, CVS CEO Karen Lynch explained that members enrolled in the integrated offering are seeing other health benefits, including a 19% reduction in ER visits and up to 15% lower hospital admission and readmission rates.
“Overall, these integrated plans offer members access to quality, better-coordinated care and improved health outcomes,” Lynch said during the call. “As we continue to extend our capabilities, we will develop more powerful connections that drive superior patient experiences, better outcomes and lower costs.”
In Q1, CVS reported $85 billion in revenue, an 11% increase year over year. It adjusted its full-year revenue guidance to $347.7 billion to $353.5 billion.
CVS has focused on providing holistic care for some time. Its health care benefits cover medical, pharmacy, dental and behavioral.
“We, as a health services organization, are committed to treat people’s mental health and physical health collectively,” Cara McNulty, president of behavioral health and mental wellbeing at CVS Health, previously told Behavioral Health Business. “Your head is connected to your heart, your heart is connected to your head and that is the premise we go with.”
Overall, CVS’ health benefits division Aetna continues to see high behavioral health utilization rates. In 2021, CVS reported 10 million virtual mental health visits, and that trend appears to be continuing.
“Mental health remains above pre-pandemic levels,” Daniel P. Finke, EVP and president of health care benefits, said on the earnings call. “We also think that’s a good thing because demand is being met.”
CVS has increasingly invested in the behavioral health space. In April, CVS Health announced it would staff half a dozen Los Angeles-based MinuteClinics with licensed mental health providers.
Additionally, last year the payvider teamed up with telehealth company Amwell to offer a new primary care offering, which includes on-demand mental health services.
Companies featured in this article:
