CLAIM #18187 · CVS Health Corp (CVS) · 2023Q1 earnings call · May 3, 2023 · due Dec 31, 2023
“In our Medicaid business, we increase membership in the quarter but expect declines for the rest of the year on the expiration of the public health emergency.”
Karen Lynch · CEO
In context
“rship growth in our Medicare Advantage business for the full year 2023 and are diligently working to improve our competitive position in individual MA to return to market growth in 2024. The recent award of two additional Marquee Group Medicare Advantage contracts serving approximately 45,000 retirees and their eligible dependents will supplement that growth beginning in January of 2024. Turning to our commercial business, we ended the quarter with approximately 18 million members, a nearly 6% increase sequentially. In addition to the significant growth in our individual exchange members, this increase was also driven by growth in key accounts, public and labor, and small group memberships. These results reflect our strong value proposition, innovative solutions, and service excellence. In our Medicaid business, we increase membership in the quarter but expect declines for the rest of the year on the expiration of the public health emergency. As Medicaid members face potential disruptions in their health benefits, we are using the full breadth of our portfolio of assets to help them avoid coverage losses and maintain positive health outcomes. In our Health Services segment, revenues grew to nearly $45 billion, an increase of more than 12%. Adjusted operating income increased more than 14% to $1.7 billion. Our total pharmacy claims process in the quarter grew 3.7% versus the prior year and 4.8% excluding COVID vaccinations. We continue to deliver strong results in our specialty business with revenue growth of more than 10%. Our Pharmacy and Consumer Wellness segment delivered a strong quarter, successfully navigating challenging market conditions and normalizing COVID trends. Revenue grew to approximately $28 billion, an incr”
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SEC filings for CVS ↗ · Claim quote is verbatim from the 2023Q1 earnings call.