Elevance Health named new leadership, planned acquisitions and settled lawsuits in 2023.
Here are the 10 most-read stories about Elevance Health Becker's reported this year.
- In October, employees with Elevance Health and its subsidiaries took to social media regarding an unknown number of job cuts they say occurred across the company. Elevance confirmed "recent changes" with Becker's. Elevance is one of several payers to implement workforce reductions in 2023.
- Elevance Health sued to block a former regional Medicare president from taking a similar role at Molina Healthcare, alleging the former executive was in possession of trade secrets that would inevitably be disclosed to Molina. The companies eventually agreed to settle the case out of court.
- In January, Elevance Health announced plans to acquire BCBS Louisiana in a $2.5 billion deal. The deal has faced a series of regulatory hurdles — the two companies paused the acquisition in September before submitting a new request to merge to Louisiana regulators in December.
- Former Elevance CFO John Gallina retired from his role in November and was replaced by Mark Kaye, former CFO of Moody's Corp.
- In August, Cincinnati-based Bon Secours Mercy Health sued Elevance subsidiary Anthem Blue Cross Blue Shield of Virginia for $93 million, alleging the payer owed the system millions in unpaid claims. The suit came in the midst of a contract dispute that left nearly 50,000 Anthem Medicaid beneficiaries in Ohio and 11,000 Anthem Medicare Advantage members in Virginia out of network with Bon Secours. The two systems reached an agreement in September, and the lawsuit was dismissed.
- The percentage of Elevance Health Medicare Advantage members enrolled in contracts rated at four stars or higher declined from 64% in 2023 to 34% for 2024. Three of the company's largest MA contracts by enrollment will decline from 4.5 or four stars to 3.5 stars in 2024. The company said it was "disappointed" with its performance on certain metrics, especially declines in members' reported satisfaction with access to appointments and care.
- Elevance Health and Health Care Service Corp. are vying for Cigna's Medicare Advantage business, a deal that could be worth more than $3 billion, according to Bloomberg.
- Elevance Health planned to expand its AI-concierge care program to 40,000 members by the end of 2023. Anthony Nguyen, MD, former chief clinical officer at Elevance Health, told Becker's more about the program in April.
- Elevance Health achieved a drastic reduction in youth and young adult suicides through predictive modeling and clinical outreach.
- Bill Beck, Elevance Health's chief marketing officer, told Becker's how the company transformed from Anthem to Elevance Health.