CVS Health Chief Wants to Be Part of People’s ‘Everyday Lives’

I took a step back and said, “What is our real purpose at the company?” I said. What I want to do is give people access to high-quality, affordable healthcare, and make sure that as a company we can help people navigate the healthcare system. Because we are so central to people’s lives, we have the ability to be even more central in people’s lives. That’s the sign I really want to make, to be a part of the daily life of someone they connect with us to stay healthy if they are healthy. If they have health problems, they contact us so we can help manage and navigate it.

Can you give me some examples?

Well, let’s start with the pandemic, shall we? So you came to CVS for your test and we started this when you, you know, came to CVS for your vaccines. We did virtual primary care as a change in the way people think. We’ve added behavioral health professionals to our stores, it’s really different. We will move on to the expansion of health services. I don’t want people to think of CVS Health as just that pharmacy. I want them to think this is a healthcare company.

How big of a problem is theft for your stores right now?

There are some parts of the country that are worse than others, but this does not have a significant impact on our financial results. However, this is a safety issue for our employees. One of the things we do is invest more in security.

How does the labor shortage affect the company? Having trouble recruiting people?

This is a big challenge for us. We increased our fees. We paid pharmacy bonuses last year. We’ve had great recruiting days. But it is a constant balance and a constant battle.

You said you would raise your minimum wage to $15 an hour by this summer. Is this true?

We put it in stages. So we’re spreading that over time, and I don’t know if that’s enough. Obviously we are moderating wages in different parts of the country and I will continue to evaluate that.

What do you see as the most effective ways to cut health care costs for ordinary Americans? And what is your company’s role in doing so?

There are a few things. One, there is a maintenance place. Our role is to offer an alternative home care place at our retail locations or through virtual connections. We are entering the field of primary care because we believe that primary care has a truly significant impact on the cost of health care.