CVS 1999 Annual Report Download - page 9

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CVS has made a long-term commitment to
Excellence in Pharmacy Innovation and Care
(EPIC), a comprehensive, multiyear project to
develop breakthrough capabilities across the many
complex dimensions of pharmacy operations
and delivery of healthcare services. The objective
is to enhance pharmacy productivity, lower costs
and improve service by enabling our pharmacists
to spend more time with customers.
We are creating a paperless environment by
reinventing pharmacy work flow and increasing
the sophistication of our clinical tools. We also
are using the latest in pill-counting automation,
which has had a significant impact on higher-
volume pharmacies. Labor is reduced, capacity
is increased, customer wait times are cut in half,
and customer satisfaction ratings improve, all of
which contribute to improved performance.
Rapid efill remains an important part of the
pharmacy business, accounting for more than
half of all prescription refills in 1999. Patients
enjoy the speed and convenience of renewing
prescriptions using a touch-tone telephone system,
because it eliminates their wait time and makes
their lives easier. An increasing number of drive-
thru windows, now totaling more than 1,000,
make the prescription pickup process even faster
and more convenient.
PharmaCare, our pharmacy benefit
management (PBM) subsidiary, is a shining
example of how CVS has developed cost-
saving solutions for the managed care
community. PharmaCare appeals to managed
care companies by providing a proprietary
formulary management tool and risk-sharing
arrangements to help them deliver the best
healthcare in the most cost-effective manner.
CIMS, PharmaCare’s unique communication
system that helps direct utilization to the most
appropriate and cost-effective medications, has
won the favor of more than 50,000 physicians.
Since its start in 1995, PharmaCare has
demonstrated rapid sales and earnings growth,
making it one of the top
10 PBMs in the nation. Drive-thru pharmacy windows
at more than 1,000 CVS stores combine
convenience and service for our customers.
and cutting-edge technology to provide service On the Corner, On the Phone and On the Web.