CVS Health has stated it will return $43 million in funding it received for COVID-19 relief, CNN Business reported. The company received the funds from the federal government as part of the CARES Act Provider Relief Fund, which offered $175 billion to hospitals and healthcare providers to aid in the COVID-19 response.
CVS Health CEO Larry Merlo penned a letter to HHS Secretary Alex Azar to return the funds and decline any further compensation from the government.
“We have made the decision to return the funds and forgo participation in subsequent disbursements," Merlo wrote in the letter, as cited by CNN Business. "In doing so, we hope to help HHS provide additional support to other providers who are facing significant financial challenges as a result of the pandemic."
CVS Health has been ramping up its COVID-19 testing capabilities as part of its response to the pandemic, adding more sites over the last two months and waiving costs for its Aetna members. Aetna is owned by CVS Health.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."