With MinuteClinic visits up 36 percent in the second quarter, according to Drugstore News, consumers seem to be shifting their demand away from expensive physician offices with limited hours to affordable, convenient retail clinics.
Americans may be cutting back on doctors appointments and hospital visits, but that doesn’t mean they're necessarily consuming less healthcare as the Wall Street Journal suggests, notes Mark Perry in his blog on Daily Markets.
Consumers spending out-of-pocket money for healthcare are more likely to be drawn to affordable, convenient options like retail clinics over conventional physician offices, he adds.
Tom Ryan, chairman and CEO of CVS Caremark (NYSE: CVS), told analysts during a recent second-quarter conference call,"[Patients] are visiting fewer primary care doctors and specialists. Obviously, the sluggish economy and continued high unemployment has impacted peoples' ability to afford physician visits."
Ryan attributed the strong growth to MinuteClinic's expanded services and better consumer awareness of clinical offerings. MinuteClinic runs some 500 clinics in 25 states and Washington, D.C.
To learn more:
- read the Drugstore News article
- read the Wall Street Journal article
- read Mark Perry's blog on Daily Markets
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