Anthem rebrand reflects increased focus on healthcare services

What’s in a name? Anthem hopes this is a business that goes beyond health insurance.

Eight years from now, Anthem will be rebranded as Elevance Health – a combination of the words “elevate” and “advance” – with a refresh that will come as the health insurance industry transforms from taking risks to people’s health to directly delivering care patients and offers care. delivery, pharmacy benefit management, and technology services to other insurers.

Anthem, which operates Blue Cross and Blue Shield plans in 14 states, will require shareholder approval to make changes. According to the Wall Street Journal, the company’s board of directors will vote on this issue on May 18. Anthem did not immediately respond to a request for an interview.

“Today we have one of the most balanced and resilient portfolios on the market,” CMO Bill Beck wrote in an email. “With its digital capabilities, pharmacy, behavioral, clinical and comprehensive care assets, the company is able to meet the full range of consumer needs with a holistic, human-centered approach. It is through these diverse assets that the company will implement its strategy. , drive growth and exceed consumer expectations.”

This is not the first rebranding of the company. In 2014, the insurance company changed its name from Wellpoint. Last year, CEO Gail Boudreaux teased the update during the company’s Investor Day, telling investors that “the traditional insurance company we were has given way to the digital healthcare platform we are becoming,” meaning the second largest insurance company. company in a country of 45.4 million members identify themselves as a digital health company.

With the new name, the company will reportedly continue to invest in medical services.

Earlier in the year, Anthem invested an undisclosed amount in primary care company Vera Health after the startup announced it had completed a $370 million merger with data company Castlight Health.

In 2021, Anthem invested $92 million in startup Privia Health helping doctors; entered into an agreement with Caremax to help the primary health care clinic build 50 new sites; and signed a joint venture with consumer AI company K Health called Hydrogen Health. The company also partnered with Humana to jointly invest $140 million in a new pharmacy benefit management technology platform.

By investing in products other than insurance, payers can increase their returns, which are limited by the Affordable Care Act’s loss ratio requirement, which limits the portion of income that payers can pocket. Even the insurance lobby has picked up on this trend.

Last year, America’s health insurance plans were officially renamed simply AHIP to reflect the changing business of its members.