CVS Health plans to buy Chicago-based Oak Street Health in a $10.6 billion deal that aims to expand CVS’s reach into primary care.
A CVS store sign is displayed in Pittsburgh on Friday, Feb. 3, 2023. CVS Health is plunging deeper into primary care services, buying Oak Street Health for approximately $10.6 billion. The drugstore chain said Wednesday, Feb. 8, 2023, it would pay $39 per share in cash for each share of Oak Street Health in a deal expected to close this year.
Oak Street provides primary care to people on Medicare at 169 centers across the country, including more than 25 in Illinois. It focuses on caring for low to moderate-income adults in underserved communities, aiming to keep them healthy through preventative care.Oak Street aims to make money by contracting with insurers offering Medicare Advantage plans, and receiving a certain amount of money to care for each patient, rather than being paid per service.
“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,” said Oak Street Health CEO Mike Pykosz, in a news release.
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