CVS to spend $325M on digital healthcare in 2019

In fiscal 2019, drugstore pharmacy chain CVS Health will spend between $325 million and $350 million on technology to support its shift to offering more convenient healthcare options, according to Digital Commerce 360.

While specific plans for how the digital investments will be made, CVS Executive Vice President and CFO Eva Boratto emphasized improving the mobile experience.

"The other area that we're continuing to invest in and expand our investment is digital and improving the digital and mobile experience for members and customers across all of our businesses, and we're making investments in our health cloud software platform," she said, according to a Seeking Alpha transcript of the company's year-end earnings call.

The mobile experience also includes expansions in CVS' telehealth offerings. "I would put the spending into two large buckets," Ms. Boratto said according to the transcript. "Supporting transformation — it includes investment in our clinical platform to more effectively engage members, our chronic care initiatives and other initiatives aimed at improving outcomes and lowering costs."

Along with the Aetna acquisition in 2018, CVS also launched healthcare ecommerce and omnichannel solutions. CarePass is the drugstore pharmacy chain's most recent initiative that gives users 24/7 access to a pharmacist hotline.

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