Walgreens, CVS, and Walmart Pharmacies Striving to Be a Point of Care Health Care Destinations For Annual Checkups: Physicians Working with Pharmacists
By Dr. Lawrence Jones II
New initiatives by Walgreens and CVS Pharmacies, and Walmart strive to have stores converted to healthcare destinations that not only fill prescriptions but also have doctors who can write them and provide other types of care, such as annual checkups. The two companies are rivals; however, both are committed to improving the healthcare experience. Repco (August 3, 2022) reports that CVS, best known for its many drugstores, has touchpoints across the healthcare industry. For example, customers can get vaccines, and the company recently introduced therapy for mental health at some stores.
CVS doesn't yet have doctor offices where patients can go for an annual checkup or appointments with a physician or nurse practitioner. CEO Karen Lynch said that the company wants to team up with a provider with a strong management team, tech background, and the ability to increase. Dr. Alan Lotvin, executive vice president of CVS Health and president of CVS Caremark, said he envisioned CVS standing out in primary care. He wants CVS to offer longer hours at its doctor's offices so people can visit as early as 6 a.m. and as late as 9 p.m.
Repco (October 14, 2021) Walgreens' broader effort to open Village Medical clinics at existing Walgreens drugstores. “The goal is to have at least 600 primary-care clinics in more than 30 U.S. markets by 2025 and 1,000 by 2027.” Walgreens CEO Roz Brewer said that the clinics will simplify care for patients. She said Walgreens and VillageMD will have pharmacists and physicians who work together. In addition, they will access the same tech platform that pulls together medical records.
Reed (August 11, 2020)"When you look at the significant pharmacy business trends of the past couple of years, CVS acquiring Aetna Insurance, Walgreens partnering with Humana, and Walmart moving into health insurance, it's clear that pharmacy operators are re-positioning themselves. Reed also reports that "consumers are embracing the visionary trends and overall satisfaction as consumers use more health and wellness-oriented services."
J.D. Power's customer study also found nearly half of retail pharmacy customers used at least one health and wellness-oriented service provided by their pharmacy. Customer satisfaction with retail pharmacies has jumped 2.6 % points higher on a 1,000-point scale among those customers who use health and wellness services. These next few years will be pivotal for retail health care. Stay tuned for updates in 2023. The Narrative Matters!
References:
Repco, M. (October 14, 2021).Walgreens boosts stake in primary-care company VillageMD with a $5.2 billion investment. Walgreens buys majority stake in primary care company VillageMD (cnbc.com)
Repco, M. (August 3, 2022). CVS says it plans to get into primary care by year-end. CVS says it plans to get into primary care by year-end (cnbc.com)
Reed, T. (August 11, 2020). Consumers are embracing pharmacy expansion into primary care, says J.D. Power. Consumers are embracing pharmacy expansion into primary care, says J.D. Power | Fierce Healthcare