Current:Home > Contact-usCVS layoffs: Healthcare giant cutting about 5,000 'non-customer facing positions'-LoTradeCoin
CVS layoffs: Healthcare giant cutting about 5,000 'non-customer facing positions'
View Date:2024-12-23 16:34:43
CVS Health is eliminating about 5,000 jobs in an effort to reduce costs as it turns its focus to healthcare services, the company said Tuesday.
The cuts represent less than 2% of the company's total workforce, which comprised of roughly 300,000 employees at the end of 2022.
The layoffs will affect "non-customer facing positions," the company said in an emailed statement to USA TODAY.
"We do not expect there to be any impact to our customer-facing colleagues in our stores, pharmacies, clinics, or customer services centers," the company said.
The company said those impacted by the layoffs will receive severance pay and benefits, including access to outplacement services.
"Our industry is evolving to adapt to new consumer health needs and expectations. As part of an enterprise initiative to reprioritize our investments around care delivery and technology, we must take difficult steps to reduce expenses," the company said.
CVS has more than 9,000 retail locations and 1,100 walk-in clinics nationwide.
OAK STREET HEALTH:CVS to buy Medicare-focused primary care operator Oak Street Health for $10.6 billion
Cuts come months after Oak Street Health purchase
Earlier this year, the company completed a $10.6 billion deal to buy Oak Street Health, a company that runs primary care centers for lower-to-middle income people with Medicare Advantage plans, which are privately run versions of the federal government's program for people aged 65 and older.
With the acquisition, CVS Health plans to capitalize on the federal government's interest in cutting costs and improving the health of people in its Medicare program.
“This agreement with CVS Health will accelerate our ability to deliver on our mission and continue improving health outcomes, lowering medical costs, and providing a better patient experience while offering significant value to our shareholders,” Oak Street Health CEO Mike Pykosz said at the the time of the deal.
Contributing: Natalie Neysa Alund, USA TODAY
veryGood! (3776)
Related
- Man found dead in tanning bed at Indianapolis Planet Fitness; family wants stricter policies
- World's largest cruise ship that's 5 times larger than the Titanic set to make its debut
- Nickelodeon's Drake Bell Considered Missing and Endangered by Florida Police
- Max's Harry Potter TV Adaptation Will Be a Decade-Long Series With J.K. Rowling
- Minnesota county to pay $3.4M to end lawsuit over detainee’s death
- Monsoon floods threaten India's Taj Mahal, but officials say the iconic building will be safe
- Nepal tourist helicopter crash near Mount Everest kills 6 people, most of them tourists from Mexico
- Could the world become too warm to hold Winter Olympics?
- U.S.-Mexico water agreement might bring relief to parched South Texas
- A New Big Bang Theory Spinoff Is on the Way: All the Details
Ranking
- Dallas Long, who won 2 Olympic medals while dominating the shot put in the 1960s, has died at 84
- Climate change fueled extreme rainfall during the record 2020 hurricane season
- 17 Delicate Jewelry Essentials From Sterling Forever, Oradina, Joey Baby & More
- Katie Holmes Shares Rare Insight Into Daughter Suri Cruise's Visible Childhood
- Video shows Starlink satellite that resembled fireball breaking up over the Southwest: Watch
- Beauty Influencer Amanda Diaz Swears By These 10 Coachella Essentials
- At least 7 are dead after a large tornado hit central Iowa
- Hydrogen may be a climate solution. There's debate over how clean it will truly be
Recommendation
-
Halle Berry Rocks Sheer Dress She Wore to 2002 Oscars 22 Years Later
-
Unprecedented ocean temperatures much higher than anything the models predicted, climate experts warn
-
Israeli Prime Minister Benjamin Netanyahu hospitalized for dehydration amid heat wave
-
Climate scientists say South Asia's heat wave (120F!) is a sign of what's to come
-
Mississippi man charged with shooting 5 people after not being allowed into party
-
10 Cruelty-Free Beauty Brands We Love to Love
-
Israeli raid on West Bank refugee camp cut water access for thousands, left 173 homeless, U.N. says
-
7 bombs planted as trap by drug cartel kill 4 police officers and 2 civilians in Mexico, officials say