About Advance Paradigm Mail Services, Inc
CVS Health Corp. is a leading pharmacy benefits manager with approximately 105 million plan members as well as the nation's largest drugstore chain (topping Walgreens). It runs approximately 9,900 retail and specialty drugstores. In addition to its standalone pharmacy operations, the company operates CVS locations inside Target stores and runs a prescription management company, Caremark Pharmacy Services. The company also offers walk-in health services through its retail network of MinuteClinics that are located in around 1,100 CVS stores. CVS also serves an estimated 37 million people through traditional, voluntary and consumer-directed health insurance products and related services.
CVS Health operates through three main segments: Pharmacy Services, Retail/LTC (long-term care), and Health Care Benefits.
Pharmacy Services, which accounts for nearly half of sales, is the company's pharmacy benefits management (PBM) division. It dispenses drugs through retail specialty pharmacy stores, specialty mail order pharmacies, and mail order dispensing pharmacies. It also operates medical branches, most of which are ambulatory infusion sites, but also include specialist infusion and enteral service facilities. Its other offerings include plan design and administration, formulary management, discounted drug purchase arrangements, and a slew of other services.
CVS's Retail/LTC segment (nearly 30% of sales) operates more than 9,900 pharmacies (including more than 1,700 retail pharmacies and approximately 80 clinics in Target stores), as well as 1,100 MinuteClinic locations, long-term care pharmacy operations, and online operations. The pharmacy accounts for more than three-fourths of sales in this segment, while "front store" retail merchandise accounts for the rest. CVS' MinuteClinics are staffed by nurse practitioners and physician assistants who treat minor conditions, perform health screenings, and deliver vaccinations; some locations also treat chronic conditions.
Health Care Benefits segment (more than 20% of sales) is one of the nation's leading diversified health care benefits providers, serving some 37 million people. The segment offers the information and resources to help members, in consultation with their health care professionals, make more informed decisions about their health care. Related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs, Medicaid health care management services, workers' compensation administrative services and health information technology products and services.
Overall, its products accounts more than 70% of total sales while its premiums accounts about one-fourth of sales and other services accounting the rest.
Based in Rhode Island, CVS retail locations, drugstores, and clinics are located in 50 US states, the District of Columbia, Brazil, and Puerto Rico.
Sales and Marketing
CVS Health's pharmacy services clients include employers, insurance companies, unions, and other health care plan sponsors. The segment makes direct sales of its prescription drugs through its mail service dispensing pharmacies. It also sells indirectly through its retail pharmacy network.
Total revenues increased $62.2 billion or 32% in 2019 compared to 2018. The increase in total revenues was primarily due to the impact of the Aetna Acquisition (primarily reflected in the Health Care Benefits segment) which occurred in November 2018, a 5% increase in Pharmacy Services segment revenue and a 3% increase in Retail/LTC segment revenue.
Net income that year increased, recovering to $6.6 billion from a loss of $594 million in 2018. Results were due to the increase on their revenue offsetting the increase on their operating costs. Cash at the end of 2019 was $6.0 billion, an increase of $1.7 billion from the prior year.
Cash from operations contributed $12.8 billion to the coffers, while investing activities used $3.3 billion, mainly for purchases of investments, and property and equipment. Financing activities used another $7.9 billion as a result of proceeds from issuance of long-term debt.
CVS Health's purpose of helping people on their path to better health guides the Company's approach to transforming the consumer health experience. The Company is working to create the most consumer-centric health company by being consumer obsessed and pursuing its three strategic goals: be local, make it simple and improve health. These goals are embedded in the Company's four Enterprise priorities: growing and differentiating their businesses, delivering transformational products and services, creating a consumer-centric technology infrastructure and modernizing Enterprise functions and capabilities. The Company believes its strategy of putting the consumer at the center of care will drive long-term sustainable value and place the Company at the forefront of the evolution of health care.
Brothers Stanley and Sid Goldstein, who ran health and beauty products distributor Mark Steven, branched out into retail in 1963 when they opened up their first Consumer Value Store in Lowell, Massachusetts, with partner Ralph Hoagland. The chain grew rapidly, amassing 17 stores by the end of 1964 (the year the CVS name was first used) and 40 by 1969.
In 1996 CVS's parent company, named Melville Corporation, restructured. As a result, CVS Corporation became a standalone company trading on the NYSE. Its grew quickly through acquisitions.
CVS Corporation purchased pharmacy benefits manager Caremark Rx in 2007 and changed its name to CVS Caremark Corporation. It changed its name to CVS Health in 2014 to illustrate its broader focus on health.
Health insurer Aetna was acquired by CVS Health in late 2018.
545 E John Carpenter Fwy
Irving, TX 75062-3931
Phone: 1 (972) 830-6199
Employer Type: Privately Owned
Employees (This Location): 300
Employees (All Locations): 300