CVS Health (formerly CVS Caremark Corporation) is an American retailer and health care company. CVS Health operates over 7,700 CVS Pharmacy and Longs Drugs stores; a pharmacy benefit manager, mail order and specialty pharmacies, a retail-based health clinic subsidiary, MinuteClinic; and an online pharmacy, CVS.com. CVS Health is chartered in Delaware, and is headquartered in Woonsocket, Rhode Island, where its four business units are also headquartered. As of 2014, it ranked 35th in the Fortune Global 500 list of the world's largest companies, and 12th in the United States-only Fortune 500. It was the largest company in either list with operations solely in the United States.
CVS Health has four operating segments: CVS/pharmacy, CVS/caremark, CVS/specialty and CVS/minuteclinic which operates within CVS Pharmacy stores.
Strategic Business Units:
· CVS/pharmacy is one of the nation's largest retail pharmacy chains, with 7,700 stores located in 42 states, the District of Columbia, and Puerto Rico. With more than 40 years in the retail pharmacy industry, CVS/pharmacy generates over 68% of its revenue from the pharmacy business. CVS/pharmacy fills more than one of every seven retail prescriptions in America and one of every five in their own markets. Their ExtraCare program boasts over 70 million cardholders, making it the largest retail loyalty program in the country.
· CVS/minuteclinicoperates inside CVS/pharmacy locations around the United States. It is the nation's largest walk-in medical clinic, with over 900 locations in 29 states and the District of Columbia as of mid-2014.
· CVS/caremark, one of the nation's leading pharmacy benefit management (PBM) companies, provides comprehensive prescription benefit management services to over 2,000 health plans, including corporations, managed care organizations, insurance companies, unions and government entities. It had over 65 million plan members as of mid-2014. With net revenue of approximately $76 billion in 2013, they are also one of the largest PBMs. Caremark operates a national retail pharmacy network with over 68,000 participating pharmacies, as well as 11 mail service pharmacies. Its call centers have been recognized for customer satisfaction excellence by J.D. Power & Associates (J.D. Power & Associates is also a client of Caremark). Caremark operates over 25 retail specialty pharmacies, and its specialty pharmacies have been accredited by the Joint Commission. Its disease management programs through Accordant(R) have also been accredited by the National Committee for Quality Assurance.
CVS/specialty is the specialty pharmacy division that provides an array of specialty pharmacy services for patients who require treatment for rare, incurable or complex conditions.
The CVS name once stood for Consumer Value Stores; though Thomas Ryan, CVS Health's former CEO, has said he now considers it to stand for "Convenience, Value and Service". Caremark was established by James M. Sweeney in 1979, as Home Health Care of America (HHCA), incorporated in Delaware, with corporate headquarters in Irvine, California. The first office was opened in Beachwood, Ohio, with four employees, in conjunction with Ezra Steiger, of the Cleveland Clinic Foundation. Steiger's Hyperalimentation Team worked closely to provide supplies at home for their Parental Therapy patients. Satellite offices were subsequently opened in Atlanta, Philadelphia, Houston, Chicago, and Irvine. HHCA changed its name to Caremark in 1985. In 1987, Caremark was acquired by Baxter International. In 1992, Baxter spun off Caremark as a public company. In 1996, Caremark merged with Birmingham, Alabama, based MedPartners/Mullikin, Inc., with the combined company being called MedPartners, Inc. In 1998, MedPartners changed its name to Caremark Rx.
Source: Wikipedia.
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