CVS Health is planning to close or sell 29 regional pharmacies and discontinue its infusion services offerings, according to a statement shared with Becker's.
Here are eight things ASCs need to know:
1. CVS Health's Coram will end its infusion service offerings for antibiotics, inotropic medications, total parenteral nutrition and other acute home infusion therapies, the Oct. 11 statement said. New patient referrals for these treatments are no longer being accepted.
2. The closures come after CVS Health, one of the biggest players in the battle to acquire physicians, faces major financial struggles. CVS Health's board of directors have retained bankers to review the company, possibly leading to a split, according to The Wall Street Journal.
3. At the end of September, CVS announced plans to lay off 2,900 employees, primarily in corporate roles. CVS Health will also lay off 416 employees at Aetna's headquarters in Hartford, Conn., and 632 employees in its corporate headquarters in Woonsocket, R.I.
4. The company has not planned any layoffs for Coram, the statement said. Impacted staff will be informed in mid-November and potential reductions will not be occurring until late January.
5. Coram has established three pharmacies in Mendota Heights, Mo., Malvern, Pa., and San Diego to serve as dispensing hubs for Coram's specialty medication infusion services and enteral nutrition services.
6. "This is a separate business decision than what was communicated by CVS Health on Sept. 30 about workforce reductions as a result of enterprise cost-saving strategies," the statement said. "We have let colleagues and customers know there will be impacts and we will support patients to ensure a smooth transition."
7. According to the Journal, the company share price has fallen 24% in 2024 and CVS has cut its earnings guidance multiple times during the year.
8. In February, CVS Health closed 25 of its MinuteClinic locations across Los Angeles to ensure patient and consumer demands align with its healthcare delivery strategy.