WOONSOCKET, R.I., June 11, 2019 /PRNewswire/ -- CVS Health
(NYSE: CVS) today announced the availability of Vendor Benefit
Management, a new service developed to help CVS Caremark pharmacy
benefit management (PBM) clients more easily contract, implement
and manage their choice of available and emerging third-party
health and wellness benefit solutions – both digital and
non-digital. This new service offers clients a seamless way to
access negotiated pricing, standardized member eligibility
verification in real-time, simplified billing and payment
processing, and standardized results measurement and reporting
across multiple vendors. Big Health, a digital therapeutics
company, is the first participating vendor, and Sleepio,
its automated, personalized digital sleep improvement program,
will be available to CVS Caremark clients via Vendor Benefit
Management.
"As health care continues to evolve, plan sponsors have begun
looking beyond the standard medical, pharmacy, dental and vision
health benefit offerings, and are increasingly considering
supplemental benefits to help improve health outcomes and reduce
overall medical spend," said Derica
Rice, President, CVS Caremark, the PBM business of CVS
Health. "We asked our clients what they needed and are now proudly
easing their administrative burden so their members can more
quickly and easily access these solutions that are growing in
availability and importance. Our new proprietary service
enables us to leverage the sophisticated infrastructure,
technologies and processes we have honed as a leading PBM to
further benefit our clients and their members."
Vendor Benefit Management is an open-platform service designed
to help CVS Caremark PBM clients manage relationships with digital
and non-digital health and wellness benefit solution vendors with
which they choose to contract. Moving forward, CVS Health
will be actively working to identify and onboard additional vendors
to participate in the new service. This may include solutions such
as smoking cessation and substance abuse support, care management
solutions, medication optimization and adherence, and tools that
help members navigate their benefits.
Big Health Becomes First Available Vendor with their Digital
Therapeutic, Sleepio
Sleepio, Big Health's personalized
digital sleep improvement program, is accessible via app or web.
The program is based on Cognitive Behavioral Therapy (CBT), which
helps individuals make changes to improve their sleep,
individualizing the program to their specific challenge. Sleepio's
research is referenced in guidelines published by the American
College of Physicians that recommend CBT as the first line
treatment for chronic insomnia in adults, ahead of sleeping pills.
To date, Sleepio has been studied in eight randomized controlled
trials. Improvement in sleep is associated with better outcomes in
mental health.
"Given that poor-quality sleep and insomnia affect approximately
30 percent of adults, and is a condition that can impact a wide
variety of mental health conditions, we are pleased to be working
with Big Health to help make their digital therapeutic product,
Sleepio, more accessible," said Troyen A. Brennan, MD, Chief
Medical Officer, CVS Health. "Big Health's commitment to clinical
evaluation and research aligns with our focus on applying
evidence-based medicine to provide our clients and their members
with access to appropriate health solutions and services, and many
of our clients are interested in adopting this platform to help
increase member access to these types of solutions, including
Sleepio."
"The scientific evidence is overwhelming that improving sleep
represents a destigmatized way to improve wider mental health,"
said Big Health co-founder and Chief Medical Officer, Professor
Colin Espie. "So it's exciting to
see a leader in health care like CVS Health commit to bringing our
digital therapeutic for sleep to their clients and members."
"Millions of Americans suffer from chronic physical and mental
health conditions for which there are proven behavioral solutions,"
said Peter Hames, co-founder and CEO
of Big Health. "These interventions were previously not available
at scale, until the advent of digital therapeutics. We're proud to
be working with CVS Health as they help to make solutions, such as
Sleepio, available at scale for the first time."
As the health care industry continues to evolve at a rapid pace,
CVS Health is committed to helping to meet the dynamic needs of our
PBM clients through our continued effort to bring to market
standardized and scalable platform solutions. As part of that, the
company plans to continue to evaluate other, enhanced features for
Vendor Benefit Management.
About CVS Health
CVS Health is the nation's premier health innovation company
helping people on their path to better health. Whether in one of
its pharmacies or through its health services and plans, CVS Health
is pioneering a bold new approach to total health by making quality
care more affordable, accessible, simple and seamless. CVS Health
is community-based and locally focused, engaging consumers with the
care they need when and where they need it. The Company has more
than 9,900 retail locations, approximately 1,100 walk-in medical
clinics, a leading pharmacy benefits manager with approximately 94
million plan members, a dedicated senior pharmacy care business
serving more than one million patients per year and expanding
specialty pharmacy services. CVS Health also serves an estimated 38
million people through traditional, voluntary and consumer-directed
health insurance products and related services, including rapidly
expanding Medicare Advantage offerings and a leading standalone
Medicare Part D prescription drug plan. The Company believes its
innovative health care model increases access to quality care,
delivers better health outcomes and lowers overall health care
costs. Find more information about how CVS Health is shaping the
future of health at https://www.cvshealth.com.
Media Contact:
Christina
Beckerman
CVS
Health
(401)770-8868
Christina.Beckerman@cvshealth.com
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SOURCE CVS Health