Elevance Health is expanding its business in 2023, predciting 400,000 new members and acquiring BCBS Louisiana.
Here are seven updates about the Indianapolis-based payer Becker's has reported since Dec. 8.
- Across its lines of business, Elevance Health is expecting over 400,000 new members in 2023, even as the company faces the loss of Medicaid members because of eligibility redeterminations beginning in April.
- Elevance 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 earnings report. In the fourth quarter, net income was $949 million, down 16.5 percent from the same period last year. Year-end net income was over $6 billion, down 1.3 percent from 2021.
- Elevance Health will acquire BCBS Louisiana, adding the Baton Rouge-based payer's members to its Anthem Blue Cross brand. The two companies said BCBS's 3,000 employees will join Elevance, but the plan's headquarters will remain in Baton Rouge. Elevance expects to add 1.6 million members and $4.5 billion in revenue from its acquisition.
- Elevance Health is the world's third largest insurance company by net premiums, improving two places from last year, according to AM Best's latest ranking of global insurers.
- Amerigroup Maryland, an Elevance subsidiary, rebranded as Wellpoint Health. The name change will have no impact on the network or operations of the Medicaid managed care provider.
- Elevance sold 580,000 square feet of office space in Richmond, Va. The insurer sold the 30-acre property with two buildings to Kinsale Capital Group, a specialty insurance company based in Richmond, for $76.2 million.
- Labor unions contracted with Elevance for self-funded plans are suing the payer, alleging it does not allow self-paid plans to access their own claims data and charged the self-pay plans higher rates than it had negotiated with hospitals.