CVS Health (NYSE: CVS) is eyeing the potential sale of its long-term pharmacy Omnicare, among other strategic alternatives, according to the company’s top executive. The retail and pharmacy giant recorded a pre-tax loss on assets held for sale of $2.5 billion to write down Omnicare. CVS Health President and CEO Karen Lynch said the company […]
Omnicare
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 […]
The Biden administration’s recent efforts to further reduce inappropriate medications in nursing homes has been a multi-year endeavor for industry leaders, but many in the space believe there is still a long way to go. As part of the administration’s nursing home reforms, the Centers for Medicare & Medicaid Services (CMS) will launch a new […]
After receiving a thumbs up from both the Food and Drug Administration and Centers for Disease Control and Prevention earlier this month, the work now begins for long-term care pharmacies to administer COVID-19 booster shots for nursing home residents and staff. Others eligible for a third Pfizer shot include those ages 50 to 64 who […]
James Love took the top post at one of the nation’s leading long-term care pharmacies in perhaps the most crucial and consequential month in the entire history of the sector: April 2020. In the six months since, the Omnicare president has had to navigate a post-acute and long-term care landscape forever changed by COVID-19, while […]
Long-term care pharmacy giant Omnicare entered into a partnership with the state of Pennsylvania to provide 50,000 COVID-19 tests for employees and workers in nursing homes, Keystone State health officials announced this week. Omnicare, a subsidiary of retail pharmacy and health insurance giant CVS Health (NYSE: CVS), will start performing the tests free of charge […]
CVS Health (NYSE: CVS) CEO Larry Merlo this week described the health care giant’s experience with its Omnicare long-term pharmacy subsidiary, which serves nursing homes nationwide, as “disappointing.” Speaking Tuesday at the J.P. Morgan Healthcare Conference in San Francisco, Merlo made a small reference to frustrations over struggles in the long-term care space since CVS […]
The federal government on Tuesday announced a civil lawsuit against long-term care pharmacy heavyweight Omnicare, Inc. and its parent, CVS Health (NYSE: CVS), over allegations of widespread billing fraud. The Department of Health and Human Services (HHS), through its Office of the Inspector General (OIG) watchdog arm, accused Omnicare and CVS of illegally “rolling over” […]
As resident acuities rise and reimbursements more closely link up with resident results, boosting physician services in skilled nursing facilities has emerged as a potential strategy to improve both outcomes and income — whether it’s through in-person visits or telehealth. In the northwest corner of Washington state, Swenson Healthcare has been taking something of a […]
When a skilled nursing provider enters receivership or bankruptcy, the safety and wellbeing of the residents is the top priority for all parties involved. The financial struggles raise questions about the continued provision of necessary care, and the safe transfer of operations becomes paramount. But in many recent SNF bankruptcies, or cases where a SNF […]
Shares of pharmacy and insurance giant CVS Health (NYSE: CVS) slid on Wednesday after executives reported a $2.2 billion impairment charge related to its long-term health care business. The Woonsocket, R.I.-based CVS took the hit in the fourth quarter of 2018 due to troubles at its Omnicare arm, which provides pharmacy services to long-term health […]
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