CVS to use tax benefit to boost wages, gather data
CVS Health’s fourth-quarter earnings nearly doubled, fueled by a $1.5 billion tax benefit that will help the drugstore chain expand its growing role in customer care.
The company said Thursday that it will use the break it gets from the recently completed federal tax overhaul to raise starting pay for its hourly workers and pare debt ahead of its planned, $69 billion acquisition of the insurer Aetna.
It also will pump more money into data analytics. This technology can help the company track prescription drug use or monitor data like blood tests to determine if a patient’s health or a condition is growing worse. That can cut health care costs by helping pharmacists or other care providers intervene before a big medical expense like a hospital stay hits.
