CVS Heath (CVS) MinuteClinic Earns 6th Health Care Approval
CVS Health Corporation CVS announced that MinuteClinic was awarded its sixth consecutive Ambulatory Health Care Accreditation from The Joint Commission. MinuteClinic has achieved the Gold Seal of Approval since 2006, when it became the first retail medical clinic in the United States to receive such accreditation, by proving consistent adherence to widely acknowledged criteria.
It is worth mentioning that MinuteClinic has an in-clinic Net Promotor Score of more than 81, putting it in the top customer rankings in both the healthcare industry and across all industries and companies.
The recent development will fortify CVS Health’s Health Service segment.
About MinuteClinic
MinuteClinic is a retail medical clinic located inside select CVS Pharmacy stores in 36 states and Washington, D.C.
For clients older than 18 months, MinuteClinic offers high-quality, reasonably priced and practical care. Dermatology, women's health services and screenings, as well as monitoring and management for chronic disorders like arthritis, high blood pressure, high cholesterol and diabetes, are among the prevention and wellness services provided by it.
The 125 primary care-enabled health services provided include contraceptive care, STI treatment and smoking cessation. Patients can swiftly receive care for a number of common ailments, chronic disease management and medication refills using MinuteClinic Virtual CareTM services.
More on the Accreditation
The Joint Commission's accreditation is valid for up to three years and applies to medical services and treatment delivered at more than 1,000 MinuteClinic locations nationwide. During the most recent survey period, the Joint Commission also evaluated new mental health counseling services offered at select MinuteClinic locations, saw the CVS HealthHUB store format, reviewed virtual care services, and met its nurses and physician assistants/physician associates for the first time.
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From Feb 27 to Mar 3, 2023, The Joint Commission performed on-site inspections at MinuteClinic facilities across the United States. Following the Commission's thorough survey process, a group of knowledgeable surveyors assessed MinuteClinic for adherence to standards, covering a range of topics, including care coordination, use of an electronic health record system, infection prevention and control, medication management, patient education and safety, and use of infection control procedures.
Significance of the Accreditation
This accreditation demonstrates CVS Health’s continued dedication to patient outcomes improvement in the hundreds of communities served across the nation. It also affirms the company’s unrelenting commitment to safety and quality.
In terms of quality and security for retail health, MinuteClinic is a national leader. It keeps providing high-quality care that is both easily accessible and reasonably priced. Additionally, the company keeps enhancing the patient experience by providing more than 50 primary care enabled services, virtual care, and even mental health counseling in a few locations.
Industry Prospects
Per a report by Business Research Company, the Healthcare Services Market size was valued at $6657.1 billion in 2021 and is projected to reach $9725.4 billion by 2023, witnessing a CAGR of 7%. The increase in the number of elderly people, faster economic growth, technological advancements, changes in lifestyles, and enhanced ability to survive and standard of living are the factors driving the market.
Recent Progress Within MinuteClinic
In April 2023, CVS Health launched mental health counseling and care services at six MinuteClinic locations in the Los Angeles metropolitan area. To help alleviate the stress many people face when considering therapy, MinuteClinic has added Licensed Mental Health Providers to its staff at the following locations in Los Angeles, San Bernardino and Riverside counties.
Through these expanded MinuteClinic services, individuals can receive mental health assessments, referrals, counseling and personalized care plans in person or via virtual care, with appointments available on days, evenings and weekends.
Price Performance
Shares of the company have declined 18.9% in the past year compared with the industry’s fall of 19.2%.
Zacks Rank and Key Picks
CVS Health carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Hologic, Inc. HOLX, Merit Medical Systems, Inc. MMSI and Boston Scientific Corporation BSX.
Hologic, carrying a Zacks Rank #2 (Buy) at present, has an estimated growth rate of 5.1% for fiscal 2024. HOLX’s earnings surpassed estimates in all the trailing four quarters, the average being 27.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hologic has gained 15.6% compared with the industry’s 13.3% rise in the past year.
Merit Medical, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has gained 60.6% compared with the industry’s 19.8% rise over the past year.
Boston Scientific, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed in the other two, the average surprise being 1.9%.
Boston Scientific has gained 45.3% against the industry’s 22.5% decline over the past year.
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