CVS is expanding its provider network beyond nurses, pharmacists, and PAs to include more physicians—a move that will allow the retailer to build a reputation as a credible provider, and attract more patients to its MinuteClinics.
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CVS is expanding its provider network beyond nurses, pharmacists, and PAs to include more physicians—a move that will allow the retailer to build a reputation as a credible provider, and attract more patients to its MinuteClinics.
By synergizing its clinics with its health insurance (Aetna), pharmacy, and pharmacy benefits manager (Caremark) businesses, CVS can create a fully intra-functional ecosystem of CVS-run healthcare services. "Primary care physicians can steer patients to less costly, out-of-network forms of care," said Rhea Patel, eMarketer analyst at Insider Intelligence.
CVS isn't the only retailer to expand its provider network to MDs. Walgreens first announced its plans to open up physician-led primary care clinics last year. Both of these retailers are well positioned to attract patients seeking healthcare services due to their widespread geographic footprint. CVS Pharmacy stores, for example, serve 4.5 million patients daily, and over 75% of people in the US live within 3 miles of a CVS store.
"Since the pandemic, consumers have increasingly laid out their preferences for convenient, more affordable care," said Patel. "Retail giants such as CVS, Walgreens, and Walmart—who already brand themselves as convenient and cost-friendly—are primed to secure a larger chunk of the evolving primary care market. As the health industry becomes increasingly consumer-centric, we'll see more and more nontraditional healthcare players put on the provider hat as healthcare consumerization charges forward."
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Retail clinic patients made up 19.2% (48.7 million) of the US population in 2018, and this is expected to surpass 26.4% (69.5 million) by next year, per our estimates. As more consumers seem to be turning to retail clinics for alternative options to traditional doctor's offices, we may see more retailers attempt to win their business.
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