Elevance Health said it will acquire Blue Cross Blue Shield of Louisiana in 2023, and the payer delivered double-digit growth in the first months of 2023.
Here are 10 key updates about Elevance Health from the first half of 2023 to know:
- Alan Murray, CEO of Empire BlueCross BlueShield, was named as Elevance Health's new chief business development officer for provider services. Victor DeStefano, Empire's general manager of commercial business, has been appointed to serve as interim president at the Elevance subsidiary.
- Research from Elevance Health demonstrated how initiatives from health insurers such as obstetric consultants and value-based incentive programs can lead to improved maternal outcomes for some of the nation's most at-risk populations. Tiffany Inglis, MD, medical director of clinical programming and population health at Elevance Health, spoke with Becker's about the payer's "secret sauce."
- Elevance Health offers AI-powered digital concierge care to just under 5,000 members today in an effort to provide meaningful, personalized care for members with chronic conditions such as diabetes, Crohn's disease and long COVID-19. Becker's sat down with Anthony Nguyen, MD, chief clinical officer at Elevance Health, to discuss the company's plans to expand its concierge care program to 40,000 members by the end of 2023.
- Elevance Health posted double-digit revenue growth and beat investor expectations in the first quarter of 2023, according to the company's first-quarter earnings report. Total revenues in the first quarter were $42.2 billion, a 10.7 percent increase year over year.
- In April, Carelon, the care delivery arm of Elevance Health, opened its first brick-and-mortar integrated healthcare facility in Fayetteville, N.C.
- Gail Boudreaux, president and CEO of Elevance Health, was paid $20.9 million in total compensation in 2022. The company's CEO-to-median-employee pay ratio was 383-to-1 in 2022.
- Ms. Boudreaux was elected to chair the Business Council, becoming the first woman to lead the association of top CEOs in its 90-year history.
- Elevance Health reported double-digit revenue growth and beat investor expectations in 2022 but posted a slight dip in profits year over year, according to the company's fourth quarter 2022 earnings report.
- Elevance Health will acquire Blue Cross and Blue Shield of Louisiana, adding the Baton Rouge-based payer's 1.9 million members to its Anthem Blue Cross brand. The acquisition is expected to close later this year.
- Wells Fargo maintained Elevance Health's "overweight" rating for 2023. The payer has differentiated growth strategies that will likely help it weather challenges to the managed care industry in 2023, according to analysts.