CVS Acquires Medicare Advantage Broker ‘Hella Health’

The acquisition, though not publicly disclosed in financial terms, was confirmed through a post on LinkedIn by Hella Health CEO and founder Rafal Walkiewicz.

In a major development, CVS Health has acquired Hella Health, a New York City-based startup specializing in Medicare Advantage (MA) brokerage services.

Although the financial terms of the deal was not publicly disclosed, the acquisition, however, was confirmed through a LinkedIn post by Hella Health CEO and founder Rafal Walkiewicz.

"Through this combination, CVS Health will expand its multi-payer technology platform to include a wide range of insurance offerings, supported by trusted advisors and agents, to provide a simple, direct-to-consumer Medicare shopping and enrollment experience," Walkiewicz stated.

Hella Health Joins CVS Health Family

Hella Health, now affiliated with CVS Health, operates as part of the CVS Health family of companies.

The company is renowned for its use of technology to assist seniors in finding and enrolling in the most suitable Medicare Advantage plans tailored to their specific needs and preferences.

The core focus of Hella Health lies in simplifying the Medicare shopping and enrollment process for seniors. Leveraging advanced technology, the company offers a user-friendly platform accessible to seniors across all 50 states and the District of Columbia.

Additionally, for those who prefer traditional communication channels, Hella Health provides options for phone-based assistance.

"Hella Health does not profit from marketing incentives from insurance carriers," the company mentioned on its website, highlighting its commitment to transparency and unbiased guidance for seniors navigating the complex landscape of Medicare Advantage plans.

CVS Health's Ongoing Developments

CVS Health's acquisition of Hella Health is part of its broader strategy to enhance its healthcare offerings, particularly in technology-driven solutions for seniors. The move aligns with CVS Health's goal of providing comprehensive healthcare services and improving accessibility for all demographics.

In addition to the acquisition, CVS Health recently made notable leadership appointments. Tom Cowhey, who served as interim CFO, has been appointed to the role permanently. This transition follows the announcement of Shawn Guertin's departure due to family health reasons.

Furthermore, CVS Health also announced that Mike Pykosz, CEO of Oak Street Health, will transition from interim to permanent leader of the health delivery business.

To further support its customers, CVS Caremark partnered with GoodRx to introduce the Caremark Cost Saver program. This initiative aims to provide pharmacy discounts to commercial plan customers, particularly on generic medications. Eligible Caremark members can seamlessly access GoodRx's pricing, resulting in lower medication costs.

"The goal of the Caremark Cost Saver program is to make the experience seamless and easy for members to use," CVS Health stated. Members can conveniently apply the discounted prices towards their deductibles and out-of-pocket caps, simplifying the prescription fulfillment process, claim the company.