Welcome to an introduction and guide to Elevance Health, formerly known as Anthem, Inc. This leading healthcare company in the United States has a rich history dating back to it’s founding in 1944.
With remarkable growth and a commitment to excellent service and effective business strategies, Elevance Health has set ambitious goals through its recent rebranding to address current challenges in the healthcare market and pave the way for future success.
Let’s explore the company’s history, philosophy, and future plans.
History: Company Overview
Elevance Health’s journey began when a group of doctors in Indianapolis founded Associated Insurance Companies Inc. (AICI) to offer health insurance to local residents. AICI expanded its operations to multiple states and eventually changed its name to Community Mutual Insurance Company.
A cooperative operating agreement was established in 1972 between the two companies, which were then known as Blue Cross of Indiana and Blue Shield of Indiana.
In 1985, a merger with another Indianapolis-based health insurer, Mutual Hospital Insurance Inc., resulted in the formation of Anthem, the company we know today.
A significant milestone occurred in 2004 when Anthem merged with WellPoint Health Networks, Inc. in a $16.4 billion deal, creating the largest healthcare company in the United States at that time, serving over 28 million members across 13 states. While the company changed its name to WellPoint Inc., it continued operating under the Anthem brand in many key markets.
Anthem made strategic acquisitions, including IngenioRx in 2010 and Amerigroup Corporation in 2012, expanding its reach and diversifying revenue streams, particularly in the Medicaid managed care market.
In 2017, Anthem attempted to acquire Cigna Corporation, but the merger was blocked due to concerns about competition and consumer prices. Anthem also launched its own pharmacy benefits management company, IngenioRx, in 2020.
Health Insurance Industry: Influence and Dominance
Anthem’s growth and dominance in the health insurance industry can be attributed to several factors. The company’s large size grants it substantial negotiating power with healthcare providers, resulting in competitive pricing for customers.
Anthem has prioritized preventive care, investing significantly in programs that help customers maintain good health and avoid costly medical procedures, thereby reducing healthcare costs and improving health outcomes.
While concerns have been raised about Anthem’s dominance, such as higher prices, reduced competition, and limited innovation, the company’s position has positively impacted many Americans.
The company offers a range of healthcare plans, including Medicaid, Medicare, and employer-sponsored health coverage. Its investment in telemedicine has increased healthcare accessibility and convenience.
Philosophy: Core Values and Business Strategies
Anthem, now Elevance Health, is committed to providing high-quality insurance coverage with a patient-centered approach.
They offer flexible, comprehensive, and cost-effective healthcare plans to ensure accessibility for everyone. Exceptional customer service is a core value, with a focus on customer education through a team of experts.
Innovation is vital to Elevance Health’s business strategies. They continuously develop new products and resources, leveraging technology to improve customer experience.
Partnering with healthcare providers ensures a wide network and strives for quality care, cost reduction, and streamlined processes.
Rebranding to Elevance Health: Goals & Objectives
Rebranding to Elevance Health represents a new beginning, allowing the company to redefine itself and present its values in a fresh way.
Goals include improving service delivery, establishing a stronger identity, enhancing strategic positioning, and fostering employee engagement.
Current State of Healthcare Market: Challenges & Opportunities
The healthcare industry is experiencing shifts in priorities due to the COVID-19 pandemic.
We emphasize preventive measures and healthcare spending has increased due to aging populations and chronic illnesses.
However, challenges like rising treatment costs, quality assurance, and staff shortages exist.
We are exploring opportunities for innovation to address these challenges and reduce long-term healthcare costs through technology, data analytics, and mobile devices.
How Elevance Health Works
As one of the leading healthcare companies in the US, Elevance Health assists healthcare organizations, payers, and providers in reducing costs and improving outcomes through technology and data-driven solutions.
Services include Virtual Chief Medical Information Officer, Clinical Data Abstraction, Revenue Cycle Management, Population Health, and Telemedicine solutions, among others.
Future Plans: Long-Term Vision
Elevance Health aims to expand its service portfolio by introducing new services like behavioral health, addiction treatment, and telemedicine.
The company plans to expand geographically by opening new clinics and forming partnerships with healthcare providers in different regions. The company will improve service quality by training staff and upgrading technology.
Competitive pricing and partnerships with insurance companies will enable affordable healthcare services.
Conclusion
Elevance Health, formerly Anthem, Inc., has established itself as a major player in the health insurance industry with a history dating back to 1944. Its commitment to customer service and innovative business strategies has propelled its growth.
Through rebranding, Elevance Health aims to transform healthcare by improving service delivery, establishing a stronger identity, and embracing opportunities for a better future.
Sources: THX News, Zippia & Elevance Health.
