CVS adds another Big Health product to its point solutions management program
CVS Caremark launched its point solutions management program with a sleep service from Big Health nearly a year ago, and now it’s adding another of the digital mental healthcare startup’s products to its suite of managed point solutions.
The Daylight product, which is designed to help people alleviate worry and anxiety, will join an expanding list of digital therapeutics that CVS Caremark offers to manage for employer-directed healthcare plans.
Other services in the CVS Caremark portfolio of offerings include Sleepio, a personalized digital sleep program from Big Health; Hello Heart, which helps members understand and improve their heart health; Hinge Health, which provides an app-based coaching and wearable sensor for chronic back and joint pain management; Livongo which provides coaching, monitoring devices, and digital treatments for conditions including diabetes, hypertension, weight management, and diabetes prevention solutions; Torchlight, a caregiver support solution; and Whil, a digital training platform for mindfulness, stress resilience, mental well-being and performance.
“Plan sponsors increasingly see the value in health care point solutions for improving workforce productivity, satisfaction and overall well-being, however with so many options on the market, it can be challenging to identify trusted solutions that best meet the needs of their members,” said Sree Chaguturu, M.D., Chief Medical Officer, CVS Caremark, the pharmacy benefit management business of CVS Health, in a statement earlier this year. “We have analyzed pharmacy and medical claims to identify where these benefits can make a difference and employ a rigorous and transparent evaluation process to assure that any vendor included in Point Solutions Management meets high standards for safety, quality and user experience at the vendor’s lowest price in the marketplace.”
According to Chaguturu plan providers are interested in point solutions that can digitally compliment the care that patients receive from physicians that can help with self-management of chronic conditions.
These self-directed, digitally enhanced therapies are especially important at a time when more care is being conducted remotely thanks to the social distancing demands imposed by efforts to control the COVID-19 outbreak in the United States.
“The point solutions management platform is a platform designed for B2B2C.. Where plan sponsors are contracting through the platform to help their members,” said Chaguturu, in an interview. “We work with Big Health to support awareness of the application through our other platforms as well.”
Rather than go direct to consumer like any number of other mental health and wellness applications vying for customers, Big Health has chosen to work with employer provided healthcare plans and services like CVS Caremark’s because it can reach more people, said Big Health co-founder Peter Hames.
“CVS has shown real forward thinking in implmenting this platform to provide this conduit to digital care,” Hames said. “CVS Caremark administrates benefits to over 100 million people in America. The scope via the reimbursement space is huge… We could take a direct to consumer model. [But] my experience has shown me that going through this reimbursed pathway provides a much bigger vector.”
The two companies declined to disclose the financial terms of the arrangement between CVS and Big Health, but Chaguturu did say that the company did not invest in solutions offered through its program or have a financial interest in the business.
Big Health has raised over $54 million from investors including Octopus Ventures, Samsung Next, Glide Healthcare, Morningside Group, Kaiser Permanente Ventures, and Index Ventures, according to data from Crunchbase.