Ms. Lynch said at the Executives’ Club of Chicago that the catalyst behind acquiring Oak Street was that CVS was interested in providing care beyond what the conventional retail pharmacy model can offer.
She said that as patients’ preferences evolve with age, there will be a growing demand for advanced care.
“We decided that we really wanted to move into being a broader health solutions company,” Ms. Lynch said. “We decided we really wanted to enter into overall health services, so we acquired Oak Street Health.”
Oak Street Health is one of CVS’ largest acquisitions to date. And after becoming part of the company, Oak Street’s 192 centers and 191,000 patients have already been playing a significant role in boosting revenue at CVS.
According to the company’s third-quarter earnings call, Oak Street’s revenue experienced a 44% year-over-year growth in the third quarter.
CVS is also preparing to inaugurate a total of 35 new centers this year, with plans to further expand to 50 to 60 centers by 2024.
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