CVS commits $6.6M to improve maternal health

The CVS Health Foundation, the philanthropic arm of CVS Health, is reserving $6.6 million to improve maternal health through grants for historically marginalized communities, reports the Healthcare Finance News publication. 

CVS aims to remove barriers and expand maternal health services with a focus on three main entities: Massachusetts General Hospital, the American Heart Association, and the March of Dimes.

Each grant will also focus on improving maternal health outcomes for historically marginalized communities by addressing the conditions most often associated with maternal mortality and severe morbidity. 

The pharmacy chain will collaborate locally with organizations that know the community best to offer educational resources to those who need it most, according to Sheryl Burke, senior vice president of corporate social responsibility and chief sustainability officer for CVS Health.

Here is a breakdown of how the funds will be used: 

Related:CVS to build more than 50 senior clinics in 2024

This comes as CVS Health Corporation’s second-quarter results showed growth in earnings and revenue expectations, however, its latest focus on healthcare services also meant continued cost-cutting measures and layoffs.

At the time of press, Karen Lynch, CVS Health president and CEO, said  the company would continue to execute on its strategy to expand access to health services across its care delivery channels and strengthen engagement with consumers to improve their health and well-being.

While its Q2 results beat expectations, CVS simultaneously implemented a cost-cutting program as it pushes deeper into healthcare services in the wake of its $8 billion acquisition of Signify Health and its $10.6 billion purchase of Oak Street Health. However, the company also set a goal of realizing $700 million-$800 million in cost savings in 2024, which will be reallocated and invested in health services and technology, Lynch said.