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CVS Health (CVS) Works to Cut Down on Readmission Rates
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Leading pharmacy services provider, CVS Health (CVS - Free Report) recently conducted a study on medication reconciliation programs under CVS Health Research Institute. As per the findings of this study, this program will help in improving patient’s health and reduce the risk of readmission by 50%. This will accordingly help in saving unnecessary healthcare costs.
The medication reconciliation program deals with a patient’s transition from hospital to home under the supervision of a pharmacist. The study dealt with readmission cases of over 260 members, for a period of above five months, under national health plans. The findings showed that, the overall risk of readmission decreased to 11% from 22% for those enrolled under the program.
Additionally, the health plan resulted in savings of $2 for every $1 spent on the program, resulting in savings of over $1300 per patient. This study is expected to prove as a major boost in terms of market adoption of CVS Health’s Medication reconciliation program, taking into consideration the huge healthcare readmission cost the nation has to bear each year.
According to recent data, one out of seven hospital-discharged patients is readmitted within 30 days leading to an additional $41 billion of health care costs annually. The company is confident about its research outcome, and believes this to lead to an efficient healthcare system in susceptible population.
Recently, CVS Health announced that its retail medical clinic, MinuteClinic, had opened new locations in Northern Virginia. Moreover its specialty pharmacy has been honored with Specialty Pharmacy accreditation from URAC, a Washington, DC-based health care accrediting organization that establishes quality standards for the health care industry.
With its focus on helping patients return to normal life, initiative to help patients for a safe livelihood and along with their new services CVS Health is expected to remain on growth trajectory over the longer term.
At present, CVS Health carries a Zacks Rank #4 (Sell). However, with the recent flow of positive news, there might be an uptrend in its share price.
Key Picks
Better-ranked stocks in the medical sector are Diplomat Pharmacy, Inc. , Herbalife Ltd. (HLF - Free Report) and Progressive Care, Inc. (RXMD - Free Report) . While Diplomat Pharmacy and Herbalife sport a Zacks Rank #1 (Strong Buy), Progressive Care carries a Zacks Rank #2 (Buy).
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CVS Health (CVS) Works to Cut Down on Readmission Rates
Leading pharmacy services provider, CVS Health (CVS - Free Report) recently conducted a study on medication reconciliation programs under CVS Health Research Institute. As per the findings of this study, this program will help in improving patient’s health and reduce the risk of readmission by 50%. This will accordingly help in saving unnecessary healthcare costs.
The medication reconciliation program deals with a patient’s transition from hospital to home under the supervision of a pharmacist. The study dealt with readmission cases of over 260 members, for a period of above five months, under national health plans. The findings showed that, the overall risk of readmission decreased to 11% from 22% for those enrolled under the program.
Additionally, the health plan resulted in savings of $2 for every $1 spent on the program, resulting in savings of over $1300 per patient.
This study is expected to prove as a major boost in terms of market adoption of CVS Health’s Medication reconciliation program, taking into consideration the huge healthcare readmission cost the nation has to bear each year.
According to recent data, one out of seven hospital-discharged patients is readmitted within 30 days leading to an additional $41 billion of health care costs annually. The company is confident about its research outcome, and believes this to lead to an efficient healthcare system in susceptible population.
Recently, CVS Health announced that its retail medical clinic, MinuteClinic, had opened new locations in Northern Virginia. Moreover its specialty pharmacy has been honored with Specialty Pharmacy accreditation from URAC, a Washington, DC-based health care accrediting organization that establishes quality standards for the health care industry.
With its focus on helping patients return to normal life, initiative to help patients for a safe livelihood and along with their new services CVS Health is expected to remain on growth trajectory over the longer term.
At present, CVS Health carries a Zacks Rank #4 (Sell). However, with the recent flow of positive news, there might be an uptrend in its share price.
Key Picks
Better-ranked stocks in the medical sector are Diplomat Pharmacy, Inc. , Herbalife Ltd. (HLF - Free Report) and Progressive Care, Inc. (RXMD - Free Report) . While Diplomat Pharmacy and Herbalife sport a Zacks Rank #1 (Strong Buy), Progressive Care carries a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>