CVS Health Corp is a healthcare company that operates in the United States. The company was founded in 1963 as Consumer Value Store, and it was later renamed CVS Corporation. In 2014, the company changed its name to CVS Health Corporation to reflect its focus on healthcare services.
Business Operations
CVS Health Corporation operates in three main business segments: Pharmacy Services, Retail/LTC, and Health Care Benefits. The Pharmacy Services segment provides pharmacy benefit management (PBM) services to employers, health plans, and government programs. The Retail/LTC segment includes retail pharmacies and long-term care pharmacies. The Health Care Benefits segment provides health insurance plans and related services to employers and individuals.
Corporate History
CVS Health Corporation has a long history of acquisitions and mergers. In 1996, the company acquired Revco, a regional drugstore chain. In 2006, CVS acquired MinuteClinic, a retail health clinic chain. In 2015, CVS Health Corporation acquired Omnicare, a provider of pharmacy services to long-term care facilities. In 2018, the company acquired Aetna, a health insurance company. This acquisition allowed CVS to expand its healthcare services and offer a more integrated healthcare experience to its customers.
- CVS Health Corporation was ranked #5 on the Fortune 500 list in 2021.
- The company has over 9,900 retail locations and more than 1,100 MinuteClinic locations.
- CVS Health Corporation is committed to sustainability and has set goals to reduce its carbon footprint and increase its use of renewable energy sources.
Final Thoughts
CVS Health Corporation is a leading healthcare company in the United States, offering a wide range of services to its customers. The company’s focus on healthcare services, as reflected in its name change in 2014, has allowed it to expand its offerings and provide a more integrated healthcare experience. With its commitment to sustainability and continued growth through acquisitions and mergers, CVS Health Corporation is poised to remain a major player in the healthcare industry.