00:00 Josh Lipton
Well, CVS Health diving in on upgrading to a more tech enabled consumer health experience. Company laying out $20 billion in order to do so and Yahoo! Finance’s Anjalee Khemlani joins us now with more.
00:14 Anjalee Khemlani
That’s right, Josh. I got a chance to speak with CVS Health today about this plan. It’s a pretty ambitious plan that they have with a few caveats or a few sort of missing pieces to the puzzle, if you will. So let’s go over the basics. $20 billion over 10 years and that’s in order to upgrade the consumer experience. And includes making the app more user-friendly, being more proactive as they put it in terms of being able to reach out to patients in order to follow them throughout their health care journey. What that means is having a dashboard when they’re at the pharmacy, where a pharmacist could see more patient data and more information about this patient, whether it is their insurance or their doctor’s notes. And this has been something that has been going on in the industry for a while. It’s called interoperability. It’s been a goal over many administrations. There have been attempts from the Obama administration and further out. And we’ve seen the industry sort of balk at the idea of having to share all of the data. But it seems like the current push from the current administration, including an executive order on price transparency for not just hospitals, but also insurers from the Trump administration as well as recent events, we know, of course, the shooting death of United Healthcare CEO has all created a point of sort of pressure for companies to answer the moment and admit that the health care system is broken. And so that’s what we’re seeing is this response from CVS as well, following that lead. And we also got a chance to talk a little bit about AI and where they see the use of it. They said that this push does not include overarching or overreaching with AI and three specific nos. And that includes never using AI for clinical diagnosis. That’s a big one. Never using AI in denials of any kind, you know, that became a big topic at the end of last year, as well as not using AI to prevent human touch, meaning keeping, you know, pharmacists, clinicians, and the like included in the conversation. So how this all plans out for the next 10 years? We’re also, you know, we’re obviously going to be watching. I can’t tell you much more than that, but I can tell you that it seems like they’re trying to meet the moment and whether or not this pans out and whether or not it includes a lot of native build out or some M&A deals along the way. We’ll definitely be waiting to watch and see.
03:45 Josh Lipton
And we’ll count on you to bring us those updates. Thanks a lot. I really appreciate it.
CVS Health, health experience, Anjalee Khemlani, data sharing
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