by Heather Landi |
CVS Health is tapping into Microsoft’s technologies, including cloud computing and artificial intelligence, to accelerate its “digital-first” strategy.
The pharmacy retail company announced Thursday a new strategic alliance with the tech giant focused on developing innovative solutions to provide more personalized care to consumers. The tech collaboration also will provide CVS Health’s more than 300,000 employees with tools to better serve more than 100 million people, company executives said.
Microsoft’s capabilities and the Azure cloud computing service will provide CVS with a “technology-forward, digital-first” foundation as it works to ramp up its consumer-centric digital strategy, Roshan Navagamuwa, CVS’ chief information officer, told Fierce Healthcare.
“Business services at this scale require a new level of partnership. Our collaboration with Microsoft will accelerate this work and empower our employees to provide quality care that is more personal and affordable.”
As part of the collaboration, CVS will migrate 1,500 new and existing business applications onto Azure. The pharmacy giant also aims to leverage Microsoft’s tech muscle to provide customized care experiences by combining information across different areas of the company to deliver personalized health recommendations when and where consumers need them, company executives said.
The company will scale up retail loyalty and personalization programs that use advanced machine learning models running on Azure.
“We are excited to partner with CVS Health on its digital transformation journey, collaborating together on how the company manages health data at scale, improves the customer experience, and drives operational efficiency,” said Judson Althoff, Microsoft’s chief commercial officer, in a statement. “With the Azure platform and its AI capabilities, we will combine the power of data, the expansive reach of CVS Health’s world-class solutions, and Microsoft Teams to connect health care experts and create customized care and services that enable people to live healthier lives.”
CVS Health recently announced plans to shutter approximately 900 stores over the next three years as the company reevaluates its in-person retail strategy with more consumers going digital. Beginning next spring, the chain will close roughly 300 stores a year.
Companies across the country are confronting the digital wave in healthcare as consumers increasingly turn to their phones and computers over brick-and-mortar clinics and stores.
CVS was investing in digital technologies prior to the COVID-19 pandemic and that strategy proved to be a key strength for CVS during the past 18 months. CVS Health’s reported a 600% surge in use of its retail health clinics via telehealth and a big jump in home prescription delivery in May 2020 versus 2019.
In August, the company launched a new Aetna-backed telehealth platform that combines in-person and virtual care for self-funded businesses. That program has grown to 30 customer accounts with over 750,000 eligible members as of Jan. 1, 2022, CVS CEO Karen Lynch said during the company’s third-quarter earnings call.
Read the full article here: https://www.fiercehealthcare.com/tech/cvs-inks-tech-partnership-microsoft-to-accelerate-its-digital-first-strategy
Did you know that Walgreens has had a similar arrangement with Microsoft since 2019? Tell us what you think.