Elevance Health expands portfolio of health insurers, announced on January 23, 2023. … [+]
Elevance Health expands its Anthem-branded health insurance portfolio with the acquisition of Blue Cross and Blue Shield of Louisiana for an undisclosed amount.
The deal, announced Monday, brings 1.9 million health insurance customers and another state market to the Elevance Health family of health insurance plans under the associated Anthem Blue Cross Blue Shield brand. Elevance, which plans to have 47.3 million health insurance subscribers by the end of the third quarter of 2022, will release its fourth quarter and his full year 2022 earnings and enrollments on Wednesday.
Louisiana turns 15th The state will sell health insurance under the Anthem Blue Cross brand once the Elevance acquisition is completed later this year.
“They will be 15 of usth We’re Blue State and we can stay local, but we’re going to be able to leverage our scale to offer more services to our memberships,” said Gail, president and CEO of Elevance Health. Boudreaux said in an interview.
Indeed, Louisiana Blue Cross and Blue Shield health planners have access to a wide range of Elevance Health products, including behavioral health services, and the company’s Carelon healthcare services, including IngenioRx, an Elevance-owned and operated pharmacy benefits management company. You can access it.
Dr. I. Steven Udvarhelyi, president and CEO of Blue Cross and Blue Shield of Louisiana, said the sale to Elevance will help the insurer “with its ability to deliver cutting-edge innovations, products and “It helps us stay strong in the future.”
Udvarhelyi said:
The deal expands Elevance’s reach further south, where the company already operates the Anthem Blue Cross program in Georgia and serves “dual-eligible” Medicaid and Medicare subscribers in Louisiana. Already collaborating through co-ownership of ‘Healthy Blue’.
“Elevance Health and Blue Cross and Blue Shield of Louisiana will combine strengths to provide services tailored to the needs of Louisiana and better serve our members through a personalized approach to holistic health,” said Boudreaux. said in a statement. “As a mission-aligned organization, we are excited about the opportunity to provide cutting-edge, innovative whole-health solutions to BCBSLA members as we work together to become a trusted health partner for life.”
Financial terms of the deal, including the purchase price, were not disclosed on Monday. said.
Proceeds from the sale of nonprofits and mutually owned health insurance companies to publicly traded and investor-owned companies like Elevance Health are typically allocated to nonprofit foundations and charities. That way, the long-standing mission of the mutual or non-profit organization is somehow continued.
In this case, the Blue Cross and Blue Shield of Louisiana, founded in New Orleans in 1934, is a private mutual company owned by the policyholder. “This foundation addresses the unique and complex needs of the people of Louisiana with a mission to improve the health and lives of the people of Louisiana by addressing health inequalities and strengthening communities. It was established to do so,” the companies said in a press release. He called the proposed new foundation the “Accelerate Louisiana Initiative.”
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