安泰前CEO：CVS-安泰合并到底意味着什么

医疗保险公司安泰和连锁药店经营商CVS的合并计划，可以被视为双方发展过程中自然而然的一步。CVS从连锁药店做起，接着收购了药品福利管理业务，并设立了大量一分钟诊所，以提供便捷的低成本常规医疗服务，随后更名为CVS Health并停止销售烟草产品。

与此同时，安泰等大型全国性保险商正在从瞄准企业、以批发业务为主转向更侧重零售业务并以消费主义为重点。个中原因既包括出现了消费者主导的医保福利，也包括出现了一系列直接面向消费者的措施。前者旨在让消费者更多地参与到医保体系中，后者的多项措施都有助于在医保体系中为病人指明方向，同时让他们控制自己的健康状况。

看到这些发展趋势后，CVS与安泰想要合二为一的原因就很清晰了。合并后的公司和全美消费者的衔接点数量将达到空前水平。CVS的全国网络拥有超过一万家零售药房，还有一千多个一分钟诊所以及为数百万消费者提供药品相关服务的大型药品福利管理业务。安泰是业务覆盖全国的保险品牌，医疗管理能力备受认可，其中既有精准医疗项目（如基因检测和指导病人接收新基因信息的咨询服务），也有临终关怀以及众多案例管理和疾病管理项目。它还会给CVS带来逾2200万名会员，这一点也许最为重要。

CVS首席执行官拉里·梅尔罗表示，两公司的合并将为公众开启“一万扇通往医保体系的新大门”。若能按照承诺帮助消费者通过更多渠道获得高质量基层医疗服务，而不仅仅是目前简单的CVS一分钟诊所，那对消费者来说就有用。我预计将出现听觉和视觉等方面的医疗服务。这将有助于实现一站式消费并降低成本，原因是预约诊所可更高效地提供医疗服务。

此外，2200万安泰会员的加盟应该可以让CVS面对药品批发商时拿到更优惠的价格，具体表现可以是加价幅度下降或者实际开支减少。CVS的一万多家零售药店对病人来说当然也会变得更加方便，特别是在他们前往这些药店可以省钱的情况下。

一些对CVS-安泰合并持批评态度的人害怕这可能提高成本并减少消费者的可选项。但如果这两家公司继续遵循此前以消费者为导向的路线，此番合并就有可能同时造福股东和消费者。（财富中文网）

约翰·W·罗是哥伦比亚大学梅尔曼公共健康学院健康政策和老龄化专业Julius B. Richmond讲席教授，此前为安泰董事长兼CEO。

译者：Charlie

审校：夏林

The proposed consolidation of Aetna and CVS can be viewed as a natural step in the evolution of both companies. CVS began as a pharmacy chain, acquired pharmacy benefit management (PBM) capacity, and added numerous Minute Clinics to provide easy access and low-cost usual care, then discontinued the sale of tobacco products as it changed its name to CVS Health.

At the same time Aetna, along with other large national insurers, has been converting from largely wholesale operations focused on the employer to more retail operations infused with an emphasis on consumerism. This is reflected not only in the emergence of consumer-directed health insurance benefits, which are designed to give consumers more “skin in the game,” but also in an array of direct-to-consumer outreach efforts, many of which aid patients in navigating the health care system and managing their own health and wellness.

With these trends in mind it becomes clear why CVS and Aetna would want to partner. The resulting company would have unprecedented points of attachment to consumers on a national scale. CVS brings a national network of over 10,000 retail pharmacies including well over 1,000 Minute Clinics, and a large PBM, which manages pharmaceutical services for millions of customers. Aetna brings a brand name national insurance operation and a respected portfolio of health care management capacities, ranging from programs on precision medicine (such as genetic testing and counseling to guide patients’ responses to new genetic information) to end-of-life care and numerous case management and disease management programs. Perhaps most importantly, it delivers over 22 million Aetna members to the CVS franchise.

CVS CEO Larry Merlo states that the consolidation will bring “10,000 new front doors to the healthcare system” to the public. This can work for the consumer if it delivers on the promise of facilitating access to high-quality primary care in more ways than currently delivered in the rather bare bones CVS Minute Clinics. Expect to see audiology and vision services, among others. This will facilitate one-stop shopping and can lower costs, as walk-in clinics deliver care more efficiently.

In addition, the infusion of millions of Aetna members should result in CVS getting better prices from drug wholesalers, which can be reflected in lower premiums and out of pocket expenses. And the fact that CVS has over 10,000 retail sites will certainly be more convenient for patients, especially if they are saving money by traveling to them.

Some critics of the CVS-Aetna merger fear that it could lead to higher costs and reduced choices for consumers. Yet if the companies continue to follow their previous consumer-oriented trend, the deal could benefit shareholders and consumers alike.

John W. Rowe is the Julius B. Richmond professor of health policy and aging at the Mailman School of Public Health at Columbia University. He previously served as chairman and CEO of Aetna.