CVS says it plans to move to primary health care by the end of the year

A CVS Pharmacy store can be seen in the Manhattan area of ​​New York, NY.

Shannon Stapleton | Reuters

CVS said on Wednesday it plans to buy or acquire a stake in the primary health care company by the end of the year as competition heats up with Amazon as well as walgreens.

CEO Karen Lynch announced the company profit for the second quarter call the company wants to team up with a supplier who has a strong management team and technical experience, as well as the ability to grow rapidly.

CVS, best known for its many pharmacies, has touch points throughout the healthcare industry. He acquired the insurance company Aetna and the benefits manager at Caremark pharmacies. Customers can get vaccines or emergency care at MinuteClinic outposts inside its stores. And the company also continues to add value-added health services to these locations — it recently introduced mental health therapy in some stores.

However, CVS does not yet have a doctor’s office where patients can have their annual checkup or make an appointment with a doctor or nurse practitioner. At last year’s investor bottom, Lynch said that CVS wants to change that by buying or partnering with the company.

At that time Dr. Alan Lotvin, executive vice president of CVS Health and president of CVS Caremark, said he sees CVS in primary care. The company wants to offer its doctors longer working hours so that people can visit from 6 am to 9 pm or on weekends. The company also wants to use simple, streamlined technology so customers don’t have to fill out piles of paperwork.

Other healthcare players have already taken steps in this direction. Competing Walgreens Boots Alliance opening hundreds of doctor’s offices in partnership with VillageMD and became the majority owner of the company. walmart has a small but growing number of clinics where people can visit a doctor, dentist or therapist at a low cost.

Amazon stepped up the pressure by announcing last month that purchase primary care provider One Medical about $3.9 billion. According to the boutique medical company, it has 188 medical offices in 25 markets. his last quarterly results.

Lynch said CVS has a competitive edge due to the size of its business. She said nearly 4.8 million customers interact with the company every day at CVS points. In addition, she said visits to MinuteClinic increased by 12% in the second quarter.

CVS can be built “on the solid foundation we already have,” Lynch said.