Blue Cross Blue Shield expands coverage to reimburse travel costs for some services
Blue Cross Blue Shield recently expanded their coverage as an option to reimburse travel costs for some of its services, including abortions. While abortions can still be performed legally in Michigan, that could change after some pending court cases.
CVS posts strong Q4 numbers, but pandemic weighs on results
CVS Health Corporation (CVS) on Tuesday, Feb. 16 reported a fourth-quarter net income of $973 million. The company's health insurance business also has started adding claims for COVID-19 treatments. CVS Health earned $973 million in the final quarter of 2020, with results adjusted for one-time gains and costs totaling $1.30 per share. CVS Health operates one of the nation’s largest drugstore chains with nearly 10,000 retail locations. AdShares of CVS Health Corp. slipped 4% to $71.24 while broader markets rose slightly Tuesday.
Former Aetna CEO says repealing Obamacare 'would be a huge mistake' and the law can be fixed
Former Aetna CEO Mark Bertolini told CNBC on Wednesday that the flaws in the Affordable Care Act can be fixed without totally getting rid of the law. "To tear ... this very important program out now, in the midst of this pandemic and huge unemployment, would be huge mistake," Bertolini said on "Squawk on the Street." Medicaid is the health coverage program for low-income Americans, and Obamacare allowed states to expand eligibility for it. In total, more than 20 million Americans have obtained health insurance coverage due to the ACA. Some progressives, such as Sen. Bernie Sanders, I-Vt., have proposed shifting to a single-payer health insurance in the U.S., calling it "Medicare for All."cnbc.com
CVS Health picks Lynch to lead as CEO starting in February
CVS Health shares jumped higher than broader indexes. More recently, CVS health has started opening stores it calls “HealthHubs” that have dietitians and are geared toward helping customers monitor chronic conditions like diabetes and stay on top of their health. She came to CVS Health when Aetna was acquired and served as an executive with another insurer, Cigna, before that. CVS Health will become the largest company in that group, topping General Motors, which is led by Mary Barra. CVS Health Corp., based in Woonsocket, Rhode Island, runs one of the nation’s largest drugstore chains with about 9,900 retail locations.
Coronavirus could be a boon for telemedicine, as health industry hopes to keep 'worried well' out of the hospital
But the crisis could provide a bright spot for one sector of the health industry that has struggled to gain widespread acceptance: Telemedicine. Virtual services, like online symptom-checking tools and remote consults with doctors, could keep the so-called "worried well" from flooding hospitals. Official recommendations from both the Centers for Disease Control and the World Health Organization encourage the use of telemedicine apps. Aetna offers video visits through the CVS MinuteClinics, which is a cash-only service. Aetna, which merged with CVS in 2018, also has a telemedicine benefit through Teladoc, which takes most forms of insurance.cnbc.com
CVS Health beats on fourth-quarter earnings and revenue
CVS Health on Wednesday reported fourth-quarter earnings and revenue that beat Wall Street's expectations, boosted by higher sales in its pharmacy benefit management business. Same-store sales rose 3.2% during the quarter, with sales in its pharmacy unit up 4.1%, CVS reported. The company's pharmacy unit reported revenue of $37 billion during the three months ended Dec. 31. It's retail segment, which includes general merchandise and prescription refills, reported revenue of $22.5 billion, slightly above what it made last year. Shares of CVS Health are down half a percent so far this year, but have risen more than 13% over the last 12 months.cnbc.com
Former Aetna CEO Mark Bertolini reportedly said he is getting forced off CVS board
Former Aetna CEO Mark Bertolini said he is being forced off the board of CVS Health, the Wall Street Journal reported on Monday. Bertolini has served on the CVS board since November 2018, when CVS purchased Aetna for $69 billion. Bertolini said he was willing to remain on the board and that the integration between CVS and Aetna "is far from over," according to the Journal. CVS Chairman David Dorman thanked Bertolini "for his contribution to the successful integration of Aetna" in the statement announcing the changes. Read more about the CVS board changes in the Wall Street Journal's report.cnbc.com
CVS Health earnings Q3 2019
Pedestrians pass in front of a CVS location in New York. CVS Health reported third-quarter earnings that beat Wall Street's estimates as its Aetna insurance business helped juice the company's profit by 10%. Excluding one-time items, such as a charge related to closing stores, CVS earned $1.84 per share, above the $1.77 per share expected by analysts surveyed by Refinitiv. Revenue reached $64.81 billion, a sharp increase from the year earlier, before CVS acquired health insurer Aetna last November. The company raised its full-year adjusted earnings forecast to between $6.97 to $7.05 per share from the previously guided range of $6.89 to $7 per share.cnbc.com
Stocks making the biggest moves premarket: CVS, Office Depot, Wendy's, Cambrex, Hertz & more
Check out the companies making headlines before the bell:CVS Health CVS reported adjusted quarterly profit of $1.89 per share, 20 cents a share above estimates. Capri Holdings The company formerly known as Michael Kors reported adjusted quarterly profit of 95 cents per share, 5 cents a share above estimates. Office Depot The office products retailer beat estimates by 2 cents a share, with adjusted quarterly profit of 7 cents per share. Teva Pharmaceutical The drugmaker came in 3 cents a share above estimates, with adjusted quarterly profit of 60 cents per share. Hertz Hertz reported adjusted quarterly profit of 74 cents per share, well above the consensus estimate of 37 cents per share.cnbc.com