Elevance Health

Elevance Health, Inc. stands as one of America's most influential healthcare organizations, operating at the intersection of health insurance and integrated care delivery. Formerly known as Anthem, Inc., the company rebranded to Elevance Health in June 2022 to reflect its evolution beyond traditional health insurance toward a comprehensive whole-health approach. With approximately 112 million consumers served through its diverse portfolio, Elevance Health represents the largest for-profit managed health care company within the Blue Cross Blue Shield Association, wielding significant influence across the American healthcare landscape.

The company's operations span medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans through affiliated companies including Anthem Blue Cross and Blue Shield, Anthem Blue Cross in California, Wellpoint, and Carelon. Elevance Health's affiliated health plans serve more than 2.9 million Medicare members, including nearly 2.1 million Medicare Advantage members, while also operating Dual Eligible Special Needs Plans (D-SNP) across 22 states for members qualifying for both Medicare and Medicaid. The company generated $175.2 billion in operating revenue in 2024, with 45.7 million members across all offerings as of December 31, 2024.

Elevance Health's strategic transformation has been marked by significant portfolio evolution, particularly the development of Carelon, its integrated healthcare services platform. Carelon serves one in three people in the U.S., providing services ranging from research to integrated whole person care delivery, pharmacy, behavioral health, digital platform, and technology services. The company also launched Mosaic Health, a primary care venture with private equity firm Clayton, Dubilier & Rice, expected to earn $4 billion in revenue annually while serving 1 million members across 19 states. In 2024, Carelon's operating revenue reached $53.9 billion, an increase of $5.9 billion or 12 percent, fueled primarily by various acquisitions and growth in risk-based capabilities.

Under the leadership of President and CEO Gail K. Boudreaux, who assumed the role in November 2017, Elevance Health has pursued an aggressive strategy of expanding beyond traditional insurance into value-based care delivery, home health services, and technology-enabled health solutions. The company operates in over 150 countries through various business segments and maintains significant influence in commercial, Medicare Advantage, and Medicaid markets. Despite facing industry challenges including elevated Medicaid costs and Medicare Advantage star rating disputes, Elevance Health projects 7-9% Medicare Advantage membership growth for 2025 and expects to return approximately $2.3 billion to shareholders through dividends and share repurchases.

Elevance Health's commitment to transforming healthcare extends beyond financial performance to addressing social determinants of health, advancing health equity, and implementing innovative programs such as Food as Medicine initiatives integrated with Community Health Centers. The company has established itself not merely as a health insurer but as a comprehensive healthcare solutions provider leveraging data analytics, digital health tools, and integrated care management to improve outcomes while managing costs across diverse populations and care settings.