CVS' CostVantage will Ensure Customers Understand Costs
Colin Smith — December 6, 2023 — Lifestyle
References: drugstorenews
CVS Pharmacy is debuting a new approach to its sales and reimbursement systems titled 'CostVantage.' This new reimbursement model will ensure that CVS is acting honestly and transparently while restructuring its contracts and payments systems to be simple and easy to understand. In order to achieve this, CVS will work with contracted benefit managers and payors.
When commenting on the launch of CostVantage, CVS Health's executive vice president, Prem Shah, stated: “We are leading with an approach that will shift how our retail pharmacy is compensated by implementing a more transparent and sustainable model that fairly aligns pharmacy reimbursement to the quality services we provide," continuing on to outline the centralized goal on clarity and transparency, stating: "It provides our PBM and payor clients a foundational step towards more pricing clarity for consumers."
Image Credit: Shutterstock
When commenting on the launch of CostVantage, CVS Health's executive vice president, Prem Shah, stated: “We are leading with an approach that will shift how our retail pharmacy is compensated by implementing a more transparent and sustainable model that fairly aligns pharmacy reimbursement to the quality services we provide," continuing on to outline the centralized goal on clarity and transparency, stating: "It provides our PBM and payor clients a foundational step towards more pricing clarity for consumers."
Image Credit: Shutterstock
Trend Themes
1. Transparent Pharmacy Reimbursement - CVS is introducing 'CostVantage' to ensure honest and transparent pharmacy reimbursement, simplifying contracts and payments systems.
2. Sustainable Payment Model - CVS is implementing a more transparent and sustainable reimbursement model that aligns compensation with quality services provided.
3. Pricing Clarity for Consumers - CVS's CostVantage aims to provide a foundational step towards more transparency in pricing for consumers.
Industry Implications
1. Pharmaceutical Retail - CVS's transparent reimbursement model is an opportunity for pharmaceutical retail companies to improve clarity and fairness in their own payment systems.
2. Healthcare Benefits Management - Contracted benefit managers can explore new opportunities to work with innovative reimbursement models like CVS's CostVantage to improve transparency for clients.
3. Healthcare Payor Services - Payor services companies can leverage CVS's approach to reimbursement to provide pricing clarity and sustainable payment models for consumers.
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