News

House Republicans unveil plan to replace Obamacare

BY Brian Berk

WASHINGTON — House of Representatives Republicans late Monday unveiled a replacement to the Affordable Care Act, also known as Obamacare.

Two bills were drafted by separate House committees, if enacted, would replace federal insurance subsidies with individual tax credits and grants that would allow individual states to devise their own policies. It also would no longer penalize Americans for failing to have health insurance, instead opting to encourage Americans to keep medical coverage by allowing insurance to pose a surcharge of 30% for those who have a gap between plans.

The new plans would keep two aspects of Obamacare however. Young adults would still be able to stay on their parents’ health plans until age 26 and insurers would be forbidden to deny coverage or charge more for those with preexisting conditions.

Debate on these new proposed plans are expected to begin in House committees this week. Approving any new plan may not be an easy process.

“We will not support a plan that does not include stability for Medicaid expansion populations or flexibility for states,” Sens. Rob Portman (Ohio), Shelley Moore Capito (W.Va.), Cory Gardner (Colo.) and Lisa Murkowski (Alaska) wrote in a letter to Senate Majority Leader Mitch McConnell (R-Ky.).

And Senate Minority Leader Charles E. Schumer (D-N.Y.) told the Washington Post that “Trumpcare doesn’t replace the Affordable Care Act, it forces millions of Americans to pay more for less care.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
News

CEO Mike Bloom among three named to Fred’s board of directors

BY Brian Berk

MEMPHIS, Tenn. — Fred’s Pharmacy on Tuesday appointed Christopher W. Bodine, Peter J. Bocian and Michael K. Bloom, Fred’s Pharmacy’s CEO, to its Board of Directors, effective immediately. In connection with the announcement, Michael J. Hayes, John R. Eisenman and Jerry A. Shore will retire from the Board and not stand for reelection at the 2017 Annual Meeting of Shareholders.

According to Fred’s this announcement is part of a “robust and ongoing reconstitution process in which the Board has been actively engaged, with the assistance of Spencer Stuart, a leading executive search firm, to add world-class, highly-qualified and experienced directors to the board.”

During his 24-year tenure at CVS Caremark, Bodine helped build the company with its rapid and successful global growth, including leadership positions such as EVP and president, Health Care Services, where he was responsible for strategy, business development, trade relations, sales and account management, pharmacy merchandising, marketing, information technology and the MinuteClinic.

Bocian brings to the board extensive executive expertise in the retail and technology sectors, with a track record of creating substantial value at a number of highly recognized global companies. He has significant financial, accounting and technology expertise. Bocian has served in C-suite or executive level finance and administrative roles at NCR, Starbucks, Hewlett-Packard, JPMorgan Chase and Safeway, where he most recently served as EVP and CFO until 2015. Bocian has extensive experience with leading retail companies, including CFO positions at Safeway and Starbucks, and a 24-year career at NCR, a company with significant focus on technology and point-of-sale systems for the retail, banking, airline and hospitality industries. He helped deliver significant increases to shareholder value during his CFO tenure at NCR.

And Bloom who was appointed CEO of Fred’s Pharmacy on August 29, 2016, brings to the Board more than 30 years of experience in small-box retail pharmacy, general merchandising, marketing, supply chain and store operations. Prior to joining Fred’s, Bloom served as the President and COO of Family Dollar Stores and spent more than 20 years with CVS Caremark, holding a variety of positions with increasing responsibilities in merchandising, marketing, supply chain and store operations, and rising finally to Executive Vice President of Merchandising, Visual Merchandising, Marketing, Store Brand, Advertising and Supply Chain. Bloom has substantial acquisition and integration experience from his time at CVS Pharmacy, where he was involved in the acquisitions of Peoples Drug Stores, Revco, Eckerd Corp., Arbor Drugs and Longs.

(Drug Store News recently spoke to Mike Bloom about Fred’s growth as the company is poised to become a larger presence in the retail pharmacy world. Read that interview here.)

“We are pleased to welcome Chris, Pete and Mike to the Fred’s Pharmacy Board of Directors,” said Thomas H. Tashjian, chairman of the board. “This is an exciting time for Fred’s Pharmacy, as our highly experienced management team continues to execute on value-enhancing initiatives, including acquiring 865 Rite Aid stores, optimizing our store fleet and upgrading our technology infrastructure. Under Mike’s leadership, Fred’s has made significant progress towards the execution of our strategic vision, and we are thrilled that he can expand his role in the Company through today’s appointment. All of our new directors strengthen our Board by contributing their vast knowledge of the retail and healthcare industries, substantial leadership experience and financial expertise and strong track record of successfully integrating acquisitions. Moreover, our work is not done, as we continue to transform the Board to ensure we have the right experience and expertise to ensure the success of Fred’s Pharmacy’s exciting future.”

Tashjian continued: “I want to thank Jack, former CEO Jerry Shore, and especially former Chairman and CEO Mike Hayes, for their devoted contributions on the Fred’s Pharmacy Board.  After many years of appreciated service to the Company, we wish them the best in the future.”

“I am delighted to be joining the Board, especially at such an important time for the company,” said Bloom. “Since we assembled the management team in 2015, we have been executing on a comprehensive plan to optimize performance at the Company. We are also focused on completing the transformative acquisition of 865 Rite Aid stores. We believe our leadership team’s significant transaction experience will enable a smooth integration of the Rite Aid stores. I look forward to working with my fellow Board members to continue to grow the Company and make Fred’s Pharmacy the industry leader I know it can be.”

“I am honored to join the talented individuals on the Fred’s Pharmacy Board,” said Bocian. “With its focused mission and first-class management team, I am confident Fred’s Pharmacy has a bright future. Working with my fellow Board members, I look forward to making immediate contributions.”

“I am excited about joining the Fred’s Pharmacy Board and look forward to putting my skills and experiences in the industry to work on behalf of all of the company’s investors,” said Bodine. “Pete, Mike and I will work closely with the other members of the Board to help set the Company’s strategy and advance the Company’s efforts to enhance value for Fred’s Pharmacy shareholders.”

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
News

More than half of retailers ready to go all-in on Internet of Things

BY Deena M. Amato-McCoy
HOLTSVILLE, N.Y. — As the retail industry continues its digital transformation, chains need a new formula to best service its shoppers.
 
To achieve this goal, 70% of retail decision makers are ready to make changes to adopt the Internet of Things (IoT), according to the 2017 Retail Vision Study, from Zebra Technologies. The study analyzes the technology trends shaping the future of the global retail industry and enhancing the shopping experience.
 
As online shopping becomes mission-critical in this age of transformation, retailers are challenged with providing unprecedented levels of convenience to help drive customer loyalty. While efforts only scratch the surface currently, within four years, these intentions will become priorities.
 
With 57% of retailers believing that automation will shape the industry by 2021, retailers will pursue IoT-enabled programs to streamline packing and shipping orders, tracking inventory and checking in-store inventory levels, and assisting customers in finding items. The first step in the equation, however, is to integrate e-commerce and in-store experiences to create seamless shopper experiences — and issue that 78% of companies find important or business-critical. 
 
Within four years, 65% percent of retailers also plan to explore innovative delivery services, such as delivering to workplaces, homes and even parked cars. Meanwhile, nearly 80% of retailers will be able to customize the store visit for customers as a majority of them will know when a specific customer is in the store. This will be enabled through technology such as micro-locationing, which allows retailers to capture more data, accuracy and customer insights. 
 
And 65% plan to invest in automation technologies for inventory management and planogram compliance, the study said.
 
To speed check-out lines, retailers plan to invest in mobile devices, kiosks and tablets to increase payment options. Specifically, 87% of retailers will deploy mobile point-of-sale (MPOS) devices by 2021, enabling them to scan and accept credit or debit payments anywhere in the store. 
 
With big data becoming mission-critical to 73% of retailers’ digital retailing endeavors, by 2021, at least 75% of companies anticipate investing in predictive and software analytics for loss prevention and price optimization, along with cameras and video analytics for operational purposes and improving the overall customer experience.
 
These digitally centric tools will also benefit the shopper. The top sources of shopper dissatisfaction include inconsistent pricing between stores and the inability to find a desired item, whether it’s out of stock or misplaced within a store. That said, 72% of retailers plan to fix these issues by reinventing their supply chains with real-time visibility enabled by automation, sensors and analytics.
 
“Every inch of the retail industry is changing, from the aisles of the warehouse to the shelves of the store, and retailers are driving this change in a race to better serve customers,” said Jeff Schmitz, senior VP and chief marketing officer, Zebra. “The 2017 Retail Vision Study demonstrates that retailers are poised to meet and exceed customer expectations with new levels of personalization, speed and convenience.”
keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?