After playing a leading role in getting Covid-19 vaccines distributed to nursing homes across the country, Jim Love has stepped down as president of Omnicare.
Omnicare, a CVS Health company that provides pharmacy services to SNFs, confirmed that he left at the end of April.
“We are very grateful to Jim for his dedication and service to the company. Over the past two years, Jim helped Omnicare navigate the unprecedented challenges within the long-term care industry that arose due to the COVID-19 pandemic,” the company said in an email to Skilled Nursing News. “Under Jim’s leadership Omnicare was able to rise to this challenge, leading the nation in the delivery of COVID-19 vaccinations to those most vulnerable while also achieving industry-leading client service. As a company, we thank Jim for his many contributions and wish him all the best in the future.”
Love’s exit follows a recent trend of increased turnover of top management across the health care space. Similarly, Quest Diagnostics, a leading provider of diagnostic information services, saw its longtime CEO Stephen Rusckowski announce he was stepping down earlier this year following a record-setting year for the company.
Love has served as Omnicare president since April 2020.
“As 2021 comes to an end, I want to thank every one of our Omnicare associates for their relentless hard work over the past year to serve our customers,” he posted to LinkedIn before the end of last year. “I’m looking forward to seeing what’s in store for 2022 and continuing to serve our communities in new and impactful ways.”
Omnicare, a leading long-term care pharmacy, proved to be a key player in the country’s Senior Care Pharmacy Coalition, which helped distribute COVID-19 vaccinations to nursing home residents and staff.
Over the course of 2021, Omnicare offered on-site vaccine clinics – including flu vaccines, COVID-19 vaccines and boosters – to more than 10,000 long-term care facilities across the country, according to the company.
Omnicare wasn’t immune to the financial strains from the pandemic either as falling occupancy rates at long-term care facilities translated to reduced the demand for pharmaceuticals in the space.
Love told SNN in Oct. 2020 that Omnicare’s revenues had “come down” as a result of Covid.
“We’ve adjusted operations to reflect that,” he said.
During CVS Health’s first quarter earnings call earlier this month, executive vice president and CFO Shawn Guertin said that with occupancy picking up in SNFs, the company has seen prescription volume pick up.
“That business has tracked with our expectations this year, but I certainly wouldn’t characterize it as an inflection point or anything like that,” he said. “It’s definitely been recovering from its bottom during COVID and has more or less been consistent with expectations this year.”
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