Picture: Mario Tama/Getty Photographs
CVS Well being Senior Vice President of Company Finance Tom Cowhey has served as the corporate’s interim CFO since October and has now been named everlasting CFO, CVS not too long ago introduced.
Oak Avenue Well being CEO and interim chief healthcare supply officer Mike Pykosz has been formally named president of healthcare supply.
In October, former chief monetary officer and president of healthcare Shawn Guertin took a go away of absence from his function as a consequence of what the corporate mentioned have been unexpected household well being causes. Guertin served as govt vp, president and chief monetary officer since Might 2021.
“We’re lucky to have somebody of Tom’s caliber and expertise at CVS Well being able to tackle the function as we speak,” mentioned CVS Well being President and CEO Karen Lynch. “His healthcare expertise is deep and broad, and he’ll drive the continuity of our technique and ship on our commitments.”
WHAT IS THE IMPACT?
Cowhey joined CVS Well being in February 2022. He beforehand served as CFO of Surgical procedure Companions Inc., and earlier than that spent greater than a decade at Aetna, which has been a part of CVS since 2018, in numerous technique and finance.
Since becoming a member of CVS Well being, he has overseen investor relations, company improvement, treasury operations and finance, working intently with Guertin and Lynch to handle the corporate’s total monetary technique.
Pykosz joined CVS Well being following its Might 2 acquisition of Oak Avenue Well being. As CEO and co-founder of Oak Avenue, he constructed it into a number one multi-payer, value-based main care platform. Throughout his time at CVS Well being, Pykosz targeted on persevering with to steer the Oak Avenue enterprise whereas serving to to unify all of CVS Well being’s care supply property.
“Mike is a pure candidate to steer the execution of our healthcare supply technique,” Lynch mentioned. “There may be true innovation and worth to unlock as Mike unifies our residence well being and medical property. The Board and I’ve full confidence in Tom and Mike.”
THE BIGGEST TREND
Whereas fourth-quarter monetary outcomes usually are not but accessible, CVS Well being posted robust earnings and income efficiency through the third quarter, reaching $2.three billion in earnings.
Complete income elevated to $89.eight billion for the quarter and $264 billion for the yr, up 10.6% in comparison with the prior yr. Money move generated from operations reached $16.1 billion throughout that point.
Lynch mentioned throughout an earnings name that it has been a “difficult enterprise atmosphere,” however that the corporate has tailored to altering client wants by increasing entry to care and lowering prices.
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E-mail the author: Jeff.Lagasse@himssmedia.com