Here are three recent updates on CVS Health, as reported by Becker's:
1. CVS Health started planning a multiyear program with the goal of cutting $2 billion in costs. The plan will leverage AI, automation and streamlining operations. These updates come after the Woonsocket, R.I.-based company announced a plan to cut costs by hundreds of millions of dollars.
2. On Aug. 28, Rep. James Comer, chair of the House Committee on Oversight and Accountability, called on three PBM executives to "correct the record" regarding testimonies they made during a hearing about how the PBM industry influences prescription drug markets. CVS Caremark President David Joyner was included in the callout, as Caremark is one of the three biggest PBMs.
3. Chicago-based Oak Street Health, a subsidiary of CVS, agreed to pay $60 million to settle allegations that it was involved in a kickback scheme that violated the False Claims Act. The allegations include claims that Oak Street Health was paying kickbacks to third-party insurance agents in exchange for recruiting older adults to the primary care provider's clinics.