CVS Health has announced plans to invest $20 billion in technology over the next decade to create a more consumer-centric healthcare experience by improving the interoperability of health tech systems. This ambitious goal aims to allow different healthcare providers and systems to share patient information seamlessly, potentially revolutionizing the way healthcare is delivered.
The investment will not only impact CVS’ vertically integrated businesses, including its pharmacy services, Oak Street health providers, and insurance arm Aetna, but also enable competitors and other healthcare players to integrate with the CVS system. While details about how CVS will achieve this vision are limited, the potential benefits are significant.
Key Areas of Focus
Tilak Mandadi, CVS Health’s chief experience and technology officer, who has previously held executive roles at Disney and American Express, is leading the company’s efforts. Mandadi has outlined three key areas of focus:
- Modernizing the Patient Dashboard: The goal is to provide physician offices and CVS pharmacies with a comprehensive view of patient information, moving beyond isolated events like office visits or prescription pickups.
- Proactive Communication System: CVS aims to make it easier for patients to stay informed about their care, including claims status and billing information, without needing to make follow-up calls or decipher complex bills.
- Guardrails for Artificial Intelligence (AI): CVS plans to use AI to streamline backend functions while ensuring it never replaces human touch in patient care or makes clinical decisions.
If successful, CVS Health’s initiative could achieve something no other healthcare organization has managed: seamless integration of health tech systems through a single patient record. While it’s uncertain whether CVS can deliver on this promise, the potential impact on healthcare delivery and patient experience is substantial.
