Feb. 17—CVS Health says it will shrink its office footprint by about 30% in response to the COVID-19 pandemic, which has ushered in an era of telecommuting and prompted greater investments in digitization measures.
During a conference call with analysts Monday, CVS Executive Vice President and CFO
Boratto did not say which specific offices might be scaled back or closed as part of the effort, and CVS representatives could not be immediately reached for further comment.
As part of its
Last October, company officials announced plans to eliminate an undisclosed number of positions as part of its integration with CVS. The firm did not say exactly how many jobs were lost but did indicate that the total number did not meet the regulatory threshold that requires employers to provide advanced notice to the state
CVS executives also used Monday's conference call to signal the conglomerate's return to the Affordable Care Act marketplace, which
At the time, insurers were souring on the state-based exchange system because too few young and healthy people were signing up to offset the cost of covering older enrollees.
But CVS President and CEO
"As the ACA has evolved, there is evidence of market stabilization and remedies to earlier issues," Lynch said. "It is now time for us to participate in these markets. We will show that we can bring great value to those who seek coverage."
CVS is one of two national pharmacy chains now administering COVID-19 vaccines to patients and workers in long-term care settings, such as nursing homes and assisted living facilities. The conglomerate will also play a role in distributing vaccines beyond those particularly vulnerable populations as part of a partnership with the federal government.
Lynch said the company has the capacity to administer between 20 million and 25 million doses per month, depending on supply.
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