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Read previewWalgreens-backed primary care company VillageMD is closing all its medical clinics in Florida, one of its largest markets. VillageMD confirmed the closures in an email to Business Insider on Wednesday. The closures are part of Walgreens' strategy to slash spending by $1 billion or more as the pharmacy giant's healthcare business struggles with losses. All of the VillageMD clinics in Florida are attached to Walgreens stores, according to Jefferies' January report. At the time of the acquisition, Walgreens had planned to open 1,000 VillageMD clinics located adjacent to its pharmacies by 2027.
Persons: , VillageMD, Jefferies, Tim Wentworth, Brian Tanquilut, Jack Slevin, Tanquilut, Wentworth, Roz Brewer, John Driscoll, Mary Langowski, Driscoll Organizations: Service, Business, Walgreens, Jefferies, CVS Health, Summit, Solera, Shields Health Solutions, Pearl Health Locations: Florida, Texas, Arizona, VillageMD, Houston, Atlanta, Phoenix, Shields
“Representative Santos sought to fraudulently exploit every aspect of his House candidacy for his own personal financial profit,” the report concluded. Ethics panel concludes sexual harassment allegation against Santos was not substantiatedThe House Ethics panel said there was not substantial evidence to support a sexual harassment allegation brought against Santos. But the report also indicates that there was some tension between the overlapping DOJ criminal probe and House ethics probe. The ethics panel reached out to the Justice Department to deconflict their investigations, and top DOJ officials asked them in March to pause the ethics probe. The House report says DOJ’s “deferral requests” prevented them from getting to the bottom of certain allegations.
Persons: George Santos, Santos, Santos ’, , Ubers, ” Santos, Mary Altaffer, AP Santos, , , Nancy Marks, Santos “, , it’s, DOJ’s Organizations: New York Rep, US, Republican, , US Justice Department, Santos ’, New York University, Baruch College, , New York's, AP, Federal, Commission, ” “, Santos, Resources, CNN, Justice Department, ISC, DOJ Locations: , Washington, Florida, Las Vegas, Atlantic City, Jericho , New York, CityMD, Huntington , New York, Rhinebeck , New York, Queens , New York, Glen Cove , New York, United States, Santos ’
CVS Health is buying Oak Street Health for $10.6 billion, its biggest move into primary care yet. But the Oak Street deal will add full-service medical clinics to what CVS offers. Competition is heating up among major healthcare companies to be the first place you go when you need medical care. Oak Street Health CEO Mike Pykosz Oak Street HealthCVS will pay a premium for Oak Street compared to the clinic operator's IPO price. In Wednesday's all-cash deal, CVS valued Oak Street at $39 a share.
And there are questions about the quality of care at urgent care centers and whether they adequately serve low-income communities. Additionally, passage of the Affordable Care Act in 2010 spurred an increase in urgent care providers as millions of newly insured Americans sought out health care. Private-equity and venture capital funds also poured billions into deals for urgent care centers, according to data from PitchBook. Equity concernsSome doctors and researchers worry that patients with primary care doctors – and those without – are substituting urgent care visits in place of a primary care provider. There are also concerns about the oversaturation of urgent care centers in higher-income areas that have more consumers with private health care and limited access in medically underserved areas.
Walgreens Boots Alliance (WBA) Q1 earnings 2023
  + stars: | 2023-01-05 | by ( Gabrielle Fonrouge | ) www.cnbc.com   time to read: +4 min
Walgreens Boots Alliance on Thursday reported fiscal first quarter earnings beat Wall Street's estimates Thursday after an early flu season boosted demand for cough and cold medicine. The company said it also raised its full-year revenue outlook due in part to its U.S. health care segment's just-sealed acquisition of Summit Health. The company is in the process of acquiring CareCentrix, which coordinates home care for patients after they're discharged from the hospital, and Shields Health Solutions, a specialty pharmacy company. The acquisition led Walgreens to increase its full year sales guidance to $133.5 billion to $137.5 billion. The company is also maintaining its full-year earnings per share guidance of $4.45 to $4.65, compared to estimates of $4.50.
Insider's second-annual list of the Most Transformative CEOs features three executives who are leading innovation in their industries. These CEOs are devising new ways to serve a range of interests, including clients, employees, and investors. At FanDuel, Howe has brought more women into the industry. ROSALIND BREWER, the CEO of Walgreens Boots AllianceRosalind Brewer, the CEO of Walgreens Boots Alliance. BRIAN NICCOL, the CEO of ChipotleBrian Niccol, the CEO of Chipotle.
Brewer, 60, is chasing a new first of sorts in her role at Walgreens: turning the $33 billion pharmacy chain into a destination healthcare company. After stepping into power at America's second-largest pharmacy during the deadliest disease event in US history, Brewer has been pursuing a wide-ranging strategy to remake the company. The company's larger rival, CVS Health, is following a similar strategy of making healthcare a bigger part of its business. "Dispensing of pharmaceuticals is not going to be our long-term growth avenue," Brewer said at a 2022 healthcare-industry conference, according to FierceHealthcare. But healthcare is complex and even the company's long-standing pharmacy business comes with challenges.
The deal would give it a stake in VillageMD, an annual dividend, and a push toward value-based care. VillageMD said this week that it plans to merge with fellow primary-care provider Summit Health-CityMD in an $8.9 billion deal funded in part by the healthcare giant Cigna. VillageMD CEO Tim Barry Courtesy VillageMD3 reasons why Cigna's investing $2.7 billion in VillageMDEvanko said the investment provides financial and strategic benefits for Cigna. That stake would provide the healthcare company, which reported profits of $5.4 billion in 2021, with an annual dividend of about 5.5% on $2 billion of the $2.7 billion investment, Evanko said, according to a transcript from Sentieo. Evernorth could take what it learns from partnering with VillageMD and extend those capabilities to other healthcare providers it works with, he said.
It's time to buy Walgreens Boots Alliance as it makes notable progress in its health care strategy, according to JPMorgan. Analyst Lisa Gill upgraded the stock to overweight from neutral as the drugstore chain works to revamp its business and focus on health care. "The faster than expected ramp in Walgreens Healthcare, creates the potential for the segment to be a material contributor in the medium-term," she added. This month, VillageMD, a primary care company that is majority owned by Walgreens, said it's acquiring Summit Health, the parent company of urgent care clinics CityMD, for $8.9 billion. Walgreens' other acquisitions include acquiring CareCentrix , an at-home care company.
Cigna is putting $2.7 billion behind primary-care company VillageMD's merger with Summit Health-CityMD. The deal would give it a stake in VillageMD, an annual dividend, and a push toward value-based care. VillageMD said this week that it plans to merge with fellow primary-care provider Summit Health-CityMD in an $8.9 billion deal funded in part by the healthcare giant Cigna. VillageMD CEO Tim Barry Courtesy VillageMD3 reasons why Cigna's investing $2.7 billion in VillageMDEvanko said the investment provides financial and strategic benefits for Cigna. Evernorth could take what it learns from partnering with VillageMD and extend those capabilities to other healthcare providers it works with, he said.
Walgreens appears to have pre-empted a sale process for Summit Health that was set to kick off next year. A unit of Walgreens Boots Alliance Inc. is nearing a deal to combine with a big owner of medical practices and urgent-care centers in a transaction worth roughly $9 billion including debt, according to people familiar with the matter, the latest in a string of acquisitions by big consumer-focused companies aiming to delve deeper into medical care. The drugstore giant’s primary-care-center subsidiary, Village Practice Management, would combine with Summit Health, the parent company of CityMD urgent-care centers, in an agreement that could be reached as early as Monday, the people said.
Walgreens Unit to Buy Summit Health
  + stars: | 2022-11-07 | by ( Laura Cooper | ) www.wsj.com   time to read: 1 min
Walgreens shares rose after its primary-care-center subsidiary agreed to acquire Summit Health, the parent company of CityMD urgent-care centers. A unit of Walgreens Boots Alliance Inc. struck a deal to combine with a big owner of medical practices and urgent-care centers in a transaction worth roughly $9 billion including debt, the latest in a string of acquisitions by big consumer-focused companies aiming to delve deeper into medical care. The drugstore giant’s primary-care-center subsidiary, Village Practice Management, agreed to acquire Summit Health, the parent company of CityMD urgent-care centers, the companies said Monday, confirming an earlier report by The Wall Street Journal.
Wallgreens strikes $8.9 billion deal to buy Summit Health-CityMD
  + stars: | 2022-11-07 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWallgreens strikes $8.9 billion deal to buy Summit Health-CityMDCNBC's Bertha Coombs joins 'Squawk on the Street' to discuss Wallgreens closing an $8.9 billion deal with Summit Health-CityMD, increasing competition in the healthcare space, and Walgreens' expansion into urgent care services.
Nov 7 (Reuters) - Primary care provider VillageMD, which is backed by Walgreens Boots Alliance Inc (WBA.O), is buying urgent care provider Summit Health in a deal valued at nearly $9 billion, as the No. Private equity firm Warburg Pincus-backed Summit Health runs an independent physician-run medical groups, and also operates CityMD, which acts as alternatives to hospital emergency department visits. Walgreens also raised its fiscal year 2025 sales goal for U.S. healthcare business to $14.5 billion to $16.0 billion, from $11.0 billion to $12.0 billion previously to account for the deal. Together, VillageMD and Summit Health will have a presence in more than 680 locations. Summit Health and CityMD had merged in August 2019, with the company now having over 13,000 employees and operating in over 370 locations.
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