CVS plans to rapidly expand into primary care by the end of the year
CVS, which already has made forays into primary care through its in-store clinics, says that it plans to either acquire or take a stake in a primary-care company by the end of the year.
During the company’s second quarter earnings call, the company CEO said it wants to team up with a provider with a strong management team and the ability to grow quickly.
Competing chain Walgreens has partnered with VillageMD to offer primary care services across the country.
CVS earlier acquired pharmacy benefits manager Caremark and insurance company Aetna. Its vision is to offer primary care hours from 6 a.m. to 9 p.m. plus weekend appointments, in a way that utilizes technology to eliminate the customer’s need to fill out paperwork.
The primary care space is becoming hypercompetitive. In addition to Walgreens, Amazon recently bought One Medical’s 188 medical offices, while Walmart is adding in-store care in some locations, and private equity firms continue to target primary care practices.