Current:Home > StocksCVS layoffs: Healthcare giant cutting about 5,000 'non-customer facing positions'-InfoLens
CVS layoffs: Healthcare giant cutting about 5,000 'non-customer facing positions'
View Date:2024-12-23 11:27:25
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! (85352)
Related
- Video shows Starlink satellite that resembled fireball breaking up over the Southwest: Watch
- Natural gas flares sparked 2 wildfires in North Dakota, state agency says
- NFL Week 11 picks straight up and against spread: Will Bills hand Chiefs first loss of season?
- Shel Talmy, produced hits by The Who, The Kinks and other 1960s British bands, dead at 87
- Bankruptcy judge questioned Shilo Sanders' no-show at previous trial
- What Just Happened to the Idea of Progress?
- Joan says 'Yes!' to 'Golden Bachelorette' finale fantasy beach proposal. Who did she pick?
- Craig Melvin replacing Hoda Kotb as 'Today' show co-anchor with Savannah Guthrie
- Horoscopes Today, November 13, 2024
- It's Red Cup Day at Starbucks: Here's how to get your holiday cup and cash in on deals
Ranking
- Wisconsin agency issues first round of permits for Enbridge Line 5 reroute around reservation
- NBA today: Injuries pile up, Mavericks are on a skid, Nuggets return to form
- AI could help scale humanitarian responses. But it could also have big downsides
- Jake Paul's only loss led him to retool the team preparing him to face Mike Tyson
- Reese Witherspoon's Daughter Ava Phillippe Introduces Adorable New Family Member
- J.Crew Outlet Quietly Drops Their Black Friday Deals - Save Up to 70% off Everything, Styles Start at $12
- Judge weighs the merits of a lawsuit alleging ‘Real Housewives’ creators abused a cast member
- Smithfield agrees to pay $2 million to resolve child labor allegations at Minnesota meat plant
Recommendation
-
Women suing over Idaho’s abortion ban describe dangerous pregnancies, becoming ‘medical refugees’
-
Judge weighs the merits of a lawsuit alleging ‘Real Housewives’ creators abused a cast member
-
Historian Doris Kearns Goodwin to kick off fundraising effort for Ohio women’s suffrage monument
-
Donna Kelce Includes Sweet Nod to Taylor Swift During Today Appearance With Craig Melvin
-
Surprise bids revive hope for offshore wind in Gulf of Mexico after feds cancel lease sale
-
Up to 20 human skulls found in man's discarded bags, home in New Mexico
-
In bizarro world, Tennessee plays better defense, and Georgia's Kirby Smart comes unglued
-
'America's flagship' SS United States has departure from Philadelphia to Florida delayed