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Information Technology : Software | Large Cap Growth
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Microsoft Corporation is a technology company. The Company develops, licenses, and supports a range of software products, services and devices. The Company's segments include Productivity and Business Processes, Intelligent Cloud and More Personal Computing. The Company's products include operating systems; cross-device productivity applications; server applications; business solution applications; desktop and server management tools; software development tools; video games, and training and certification of computer system integrators and developers. It also designs, manufactures, and sells devices, including personal computers (PCs), tablets, gaming and entertainment consoles, phones, other intelligent devices, and related accessories, that integrate with its cloud-based offerings. It offers an array of services, including cloud-based solutions that provide customers with software, services, platforms, and content, and it provides solution support and consulting services.

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Amidst a Pandemic, Consumers Say They Want Accessible, Affordable and Technology-Enabled Health Care, New CVS Health Study Finds

9:00 am ET July 14, 2020 (PR Newswire) Print

The American health care system is undergoing a period of rapid transformation. In recent months, the COVID-19 pandemic has exposed new challenges and opportunities to accelerate advances in health care delivery, solve for systemic health inequities, dramatically improve care outcomes, and better meet consumer expectations for convenience and affordability.

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With a global pandemic as the backdrop, CVS Health (NYSE:CVS) fielded the 2020 Path to Better Health Study, where consumers and providers were asked for their thoughts on the state of health care and how they are navigating this evolving landscape. While certain attitudes may have evolved as a result of COVID-19, the study reveals that consumers need more accessible, personalized and technology-driven health care than ever before--and are seeking simplicity in the way they engage in their own health.

The use of technology and data analytics in health care is reaching new heights, and the pandemic is accelerating the adoption of digitally based solutions. Consumers are eagerly embracing tech, especially when it comes to communicating with their providers. Forty-eight percent said they would be more likely to communicate with health care professionals if they were able to do so through digital messaging (up from 41% in 2019), via telehealth (32%, up from 19% in 2019) and through virtual office visits such as Skype or FaceTime (29%, up from 20% in 2019). Additionally, 40% of consumers said they would be very likely to receive care for mental and behavioral health virtually.

"The pandemic has forced countless Americans to rethink their approach to health and explore different avenues of care," notes Larry Merlo, CEO of CVS Health. "Whether in the community, in the home or in the palm of their hand, people are discovering new ways to conveniently and affordably address their health care needs, including mental and behavioral health. We expect these changes will transform the way care is delivered moving forward."

The need to manage chronic conditions and mental health concerns is clearly top of mind for many consumers. A significant number of people indicated that members of their households are struggling with high blood pressure (41%), obesity (35%), mental illness (28%) and diabetes (17%).

Addressing mental health concerns is also of growing importance, especially among those aged 18-34 and 35-50, where social isolation is a top concern. For example, 44% of those aged 18-34 and 45% of those aged 35-50 indicated they no longer have a desire to be social, while only 29% of those aged 51-64 said the same. This resembles the 2019 findings, in which 48% of those 18-34 and 45% of those 35-50 reported they did not have a desire to be social, versus 35% of people aged 51-64.

The desire for accessibility is pushing people to explore new avenues of care. While a majority (62%) of consumers still go to their primary care physician (PCP) to treat a minor illness or injury, nearly one-third (31%) are likely to visit a non-emergency walk-in clinic. This is up from 2019, in which 59% of consumers reported going to their PCP for a minor illness or injury, while 28% said they would visit a non-emergency walk-in clinic. Digital solutions such as telemedicine are also growing in popularity with both patients and providers.

Most consumers (92%) said it is very or somewhat important that health care be convenient--a factor that has only become more critical as a result of COVID-19.

About one-third (35%) of people said health care costs are an obstacle to staying healthy, and close to half (49%) have not visited a doctor when they had a minor illness or injury due to cost. Despite cost emerging as a top barrier to care, it is not often a topic of discussion between patients and health care providers. Two-thirds of patients (66%) said their PCP and other health care providers had not asked about the "affordability" of health care and/or discussed resources to assist with these costs, up slightly from 64% in the 2019 Path to Better Health Study.

Other highlights from the study include:

-- Health care providers are increasingly turning to digital tools and technologies to care for and connect with their patients. Telemedicine is of particular interest, with 40% of providers saying it is very valuable for communicating with patients, up from 22% in the 2019 study. The future outlook for incorporating predictive analytics or artificial intelligence into provider practices also looks strong, with more than one-third (39%) indicating they already have or are very or somewhat likely to integrate these technologies into their practices within the next several years.

-- Providers are expressing the need for additional support for important community resources, but access is improving. For example, many providers said they have fair or poor access to substance abuse counselors (56%) and mental health counselors (50%), down from 63% and 55% in our 2019 study, respectively.

-- Many providers are experiencing burnout symptoms. Three-fourths (75%) of all providers said they feel burned out very frequently, frequently or sometimes. About one-quarter (27%) said the main cause of burnout is time spent documenting care/electronic record systems, followed by administrative/management requirements/paperwork (25%).

Read the full study.

About the studyThe Path to Better Health Study by CVS Health, first released in 2018 and called the Health Ambitions Study, was conducted in March 2020 and included two surveys fielded by Market Measurement, a national market research consulting firm. The consumer survey comprised 1,000 participants 18 and older, located throughout the U.S. It also oversampled 12 metropolitan statistical areas -- Atlanta, Austin, Boston, Cleveland, Dallas, Houston, Los Angeles, New York City, Philadelphia, Providence, Hartford, San Francisco, Tampa and among two ethnic groups: African American and Hispanic people. The survey of 400 providers focused on primary care physicians and specialists with at least two years' experience, as well as nurse practitioners, physician assistants and pharmacists.

About CVS HealthCVS Health employees are united around a common goal of becoming the most consumer-centric health company. We're evolving based on changing consumer needs and meeting people where they are, whether that's in the community at one of our nearly 10,000 local touchpoints, in the home, or in the palm of their hand. Our newest offerings - from HealthHUB(R) locations that are redefining what a pharmacy can be, to innovative programs that help manage chronic conditions - are designed to create a higher-quality, simpler and more affordable experience. Learn more about how we're transforming health at www.cvshealth.com.

Contacts:Kathleen Bieseckerbieseckerk@aetna.com703-472-8466

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View original content to download multimedia:http://www.prnewswire.com/news-releases/amidst-a-pandemic-consumers-say-they-want-accessible-affordable-and-technology-enabled-health-care-new-cvs-health-study-finds-301092530.html

SOURCE CVS Health

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