Walmart to shutter health centers, virtual care service in latest failed push into health care [CNBC]
CVS Health Corporation (CVS)
Last cvs health corporation earnings: 2/12 06:45 am
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Source: CNBC
The big-box retailer said it would also shutter its telehealth provider, which it acquired for an undisclosed amount in 2021. Walmart will close 51 clinic locations across Arkansas, Florida, Georgia, Illinois and Texas, plans that won't affect the company's 4,600 pharmacies and more than 3,000 vision centers, the company said in a release. The clinic will close over the next 45 to 90 days, two people familiar with the matter told CNBC. Walmart blamed its plans to shutter clinics on a broken business model. In the release, it described the move as “a difficult decision,” but said it couldn't operate a profitable business because of “the challenging reimbursement environment and escalating operating costs.” The shortage of health-care workers in the U.S. has also increased the company's labor costs, according to the sources familiar with the matter. The announcement comes just a month after Walmart said it planned to double the size of its clinic footprint by opening up 22 new
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