The news: CVS Health released its Q2 2022 earnings report and announced plans to acquire a primary care company by the end of the year.
Here are the key results:
Betting on digital health: CVS Health now serves more than 45 million unique digital customers, an increase of 1.5 million since Q1 2021.
Zooming out: In May, we predicted that CVS’ next big move could be a major partnership or M&A deal with a primary care disrupter.
Although CVS hasn’t announced a big deal in primary care yet, in today’s earnings calls it confirmed plans to snatch one up or take a stake in a primary care company by the end of the year. The acquisition is part of the company’s strategy to mix in-person and digital efforts, which includes MinuteClinic.
Trendspotting: Pharmacies like CVS are realizing that customers are comfortable visiting a pharmacy for health screenings and vaccines.
This makes sense, considering customers rely on pharmacies as a one-stop shop for not only medication but health screens—and they’re loyal.
What’s next? We expect an even more focused push into digital to build on the health dashboard’s growth. An upcoming primary care partnership could add more personalization and choices for customers and tie in well with MinuteClinic and the company’s digital approach.
Go deeper: For more on how tech is transforming pharmacies, read our Digital Pharmacies 2022 report.
This article originally appeared in Insider Intelligence's Digital Health Briefing—a daily recap of top stories reshaping the healthcare industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.