CVS Health reported progress on key affordability and access initiatives, including reduced prior authorization burdens and expanded biosimilar adoption.
The company has about half as many medical services subject to prior authorization as its nearest competitor, according to a Jan. 22 news release. It approves more than 95% of eligible prior authorizations within 24 hours, including 77% of electronic requests in real time — a figure projected to exceed 80% by year-end. CVS Health has also embedded nurses in 17 major health systems to support discharge transitions, a program expected to cut 30-day readmissions and hospital stays by 5%.
CVS Health said it serves 185 million Americans and has shifted 80% of Medicare spending to value-based care models. It reported $1.3 billion in savings from its Humira biosimilar alternative and introduced a Stelara biosimilar priced 86% below the brand’s list price.
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