CVS to return $43M in coronavirus stimulus payments
CVS Health CEO, Walgreens president list new programs to combat coronavirus
CVS Health CEO Larry Merlo and Walgreens president Richard Ashworth discuss how their companies are expanding testing capabilities and later emphasize the importance of public-private partnerships during the coronavirus pandemic.
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CVS Health announced in a letter to Health and Human Services Secretary Alex Azar on Tuesday that the company will return roughly $43.3 million it received in payments through the CARES Act Provider Relief Fund.
"As you know, CVS Health did not solicit these funds but received them as part of an automatic distribution by the Department of Health and Human Services," CVS President & CEO Larry Merlo wrote. "We have made the decision to return the funds and forgo participation in subsequent disbursements."
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Merlo hopes returning the funds will allow HHS to provide additional support to other providers facing "significant financial challenges" as a result of the coronavirus pandemic.
"In my view, returning these funds is part of CVS Health’s overall plan to do everything we can to help the communities we serve respond to the pandemic," Merlo added. "We look forward to our continued partnership."