CVS pharmacy is a subsidiary of the American retail and Health Care Company. It was initially known as Consumer Value Stores. It later changed to CVS cooperation in 1996. The pharmacy is currently the largest pharmacy chain in the US. According to Fortune 500 in 2016, it was ranked as the largest US cooperation. It sells the prescription drugs. It also sells a wide assortment of general merchandise. These include beauty products, over the counter drugs greeting cards among others. It also provides healthcare services through its medical clinics.
Consumer Loyalty
One of the biggest advantages of CVS is consumer loyalty. Its consumers have remained loyal to the brand. The pharmacy has a policy known as ‘Extra Bucks’ with every 10 prescriptions made. This is the reason behind their great consumer loyalty. Internet presence also allows the pharmacy more exposure to customers. Even though it is not in every state, CVS has managed to reach a good number of consumers in the market through the internet. Some of its platforms are;
• YouTube
• CVS App
Additionally, they have a website about their products and helpful tips on ways to save money. The use of technology enables them to address any issues directly. It also creates customer trust.
Ability to Connect
CVS also has an advantage in its ability to connect across a wide number of important touch points. These include health systems, patients, employers as well as health plans. It is something its competitors are not able to deliver. Again, it enjoys proprietary clinical programs like maintenance choice. This means that patients can fill prescriptions through CVS stores. They can also do this via a new same day delivery. It also enjoys the advantage of owning the largest network of retail clinics and long-term care capabilities. CVS has 1,100-minute clinics. The clinics have over 34 million patients. It continues to offer good health care countrywide.
Client Retention
Over the past five years, CVS has managed to have more than $40 billion in gross wins. It has also managed to retain 96%-97% of its clients. Its wide presentation volume is expected to continue to rise in 2017.The pharmacy has also had factors that have enabled it to lower drug costs by 3.3%. The factors range from generic utilization, site care management, real-time surveillance among others.
Broad Clinical Capabilities
CVS has the widest capabilities to completely manage patients and improve access to medication. It also has the specialty to provide medical support and drive great results. It is also the leading pharmacy in the provision of long-term care space. This is made possible by their broad clinical capabilities. As a result, it can enhance the continuity of care which will improve patient outcomes. In addition, it offers a site of care management. This is through their industry leading infusion services. It aids in the transfer of patients to lower cost sites of care, which are more convenient.
With all these advantages, CVS has helped healthcare stakeholders achieve their goals of making sure health care is more accessible and effective.