CVS Health goes from digital transformation to digital optimization

For many of us, the COVID-19 crisis has set alarm bells on personal health care. To better understand how the pandemic has changed the way consumers approach health and wellness, CVS surveyed more than 1,000 US consumers and 400 healthcare providers about what they want Barriers that may hinder the healthcare experience and ability to achieve desired health outcomes”. ”

result? People want a more comprehensive, personalized and digital healthcare experience. And CVS Health is here. In 2022 alone, he plans to invest over $3 billion in optimizing and growing his digital footprint. We would like to introduce some of these efforts.

A hyperautomation pioneer, CVS Health has long leveraged RPA, AI, and other business process automation tools to optimize support functions. For example, using a combination of AI, RPA, machine learning, data analytics, and natural language processing (NLP), CVS Health was able to automate its prescription intake, benefits administration, and revenue cycle management processes. rice field.

CEO Karen Lynch explained in the August 2021 earnings call: One example is a specialty pharmacy script automation program that uses artificial intelligence to produce better results faster, eliminating 30+ manual steps such as benefit validation and pre-approval. ”

As competition from digital pharmacy startups intensifies, CVS Health is developing new ways to strategically use its extensive enterprise data assets. For example, using AI and machine learning, CVS can sync and prepare multiple prescriptions on the same day, suggest side-effect counseling, and further accelerate the refill process.

We also partnered with IBM Watson to build an AI tool to increase awareness of flu vaccines. In an interview last year, CVS Pharmacy Senior Vice President and Chief Marketing Officer Norman de Greve explained: Flu area to provide flu vaccinations and raise awareness of cough, cold and flu medicines.

The campaign was targeted as consumers checked The Weather Channel app, presumably to make decisions about upcoming activities and travel, for flu vaccines available at nearby CVS pharmacy locations nationwide. I received a message about immunizations and medicines for colds and flu.

Driven over 59 million impressions for CVS Media to the ‘Daily Details’ page by connecting with consumers when and where they need it. The campaign includes a flu vaccine designed to alert communities to the risk of contracting the flu, prioritize vaccination, and provide reminders to take proactive measures to stay healthy during flu season. It also included sponsorship. ”

The company is reportedly using AI to help patients make better, more informed lifestyle and health decisions. For example, the company’s Transform Diabetes Care program “combines advanced data analytics with clinical, physical, and digital assets to deliver personalized, predictive, and prioritized comprehensive solutions.” Using the tool, 50% of members with uncontrolled diabetes were able to transition to a controlled state.

If CVS Health’s recent adoption of C-level is any indication, the company’s digitization efforts are just beginning. In July 2022, the company announced the hiring of his new Chief Data, Digital and Technology Officer, Tilak Mandadi.

As reported by The Wall Street Journal, “Prior to Mandadi’s appointment, technology leadership at CVS included president of data and analytics, chief information security officer, CIO, senior vice president of digital engineering and architecture, It was split into SVPs, each reporting to different business leaders on digital products, user experience, and operations.

The creation of the new role aims to bring these areas together, eliminate silos and adopt a more integrated enterprise approach to technology. “

There are even rumors that CVS plans to build its own healthcare metaverse. Already a member of the Decentralized Identity (DID) Alliance, CVS Health filed trademark applications for virtual goods, non-fungible tokens (NFTs), and digital collectibles in March 2022. Essentially all the components needed for a metaverse health clinic.

Will the healthcare metaverse help expand and democratize patient care?

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