Anthem, which owns Blue Cross Blue Shield plans in 14 states, will need shareholder approval to make the change. The vote is scheduled to occur May 18.
Anthem Inc., owner of Blue Cross Blue Shield, plans to change its name to Elevance Health Inc., if approved by shareholders on May 18.
According to a report by the Wall Street Journal, the name change calls for Anthem aiming to recast itself as acompany with a broader portfolio and focus than its traditional business of health insurance.
The new name combines the words "elevate” and "advance."
"We believe this name much better reflects the business,” Anthem Chief Executive Gail Boudreaux said in the Journal report. "It’s saying, look, healthcare is more than just health benefits."
Anthem took its current corporate name in 2014, changing it from WellPoint Inc. in an effort to solidify a consumer-focused identity as the Affordable Care Act’s health-insurance marketplaces were launching, according to the report.
The Indianapolis-based company's 14 Blue Cross Blue Shield plans it owns will keep their current names. However, diversifying enables insurers to add businesses that are potentially higher-margin and faster-growing, with the hope of attracting a premium valuation.
Anthem’s health-insurance business last year generated about $121.73 billion of its $136.94 billion in operating revenue, a total that didn’t include revenue that flowed to Anthem’s services units from its insurance operations.
Allen Adamson, co-founder of branding and marketing firm Metaforce, said the new name makes sense for outreach and messaging to employees, in the report. But the newly dubbed Elevance might find it difficult to get consumers to connect to its new corporate moniker, particularly if they continue to encounter the Anthem brand through their healthcoverage, he said.
“It’s going to be a challenge to get any traction,” he said in the report. “It’s not clear what problem this brand will solve from a consumer point of view.”
In this second part of a two-part podcast episode, Managed Healthcare Executive's Managing Editor Peter Wehrwein spoke with CeCi Connolly and Margaret "Meg" Murray about Medicare Advantage utilization and challenges, highlighting proposed CMS payment cuts and prior authorization issues.
Listen
In this first part of a two-part podcast episode, Managed Healthcare Executive's Managing Editor Peter Wehrwein kicks off our new podcast series "DC Roundtable," with guests Margaret "Meg" Murray, CEO of the Association of Community Affiliated Plans, and member of MHE's Editorial Advisory Board, and CeCi Connolly, president and CEO of the Alliance of Community Health Plans, for a discussion on healthcare policy issues.
Listen
FDA Approves Combination Therapy for Pulmonary Arterial Hypertension
March 26th 2024J&J’s Opsynvi is single-tablet combination of macitentan, an endothelin receptor antagonist, and tadalafil, a PDE5 inhibitor. It will be priced on parity with Opsumit, which is also a J&J product to treat patients with PAH.
Read More