The insurer is opting for a name change to better reflect its purpose in the healthcare business.
The rebrand by the insurer, which serves 118 million people through its affiliated companies, will be subject to shareholder approval but will not affect Anthem Blue Cross Blue Shield health plans' name.
"Improving health means more than just treating what ails us. We must address whole health and the physical, behavioral, and social drivers that impact it," said Anthem president and CEO Gail Boudreaux.
"This need has driven our transformation from a health benefits organization to a lifetime, trusted health partner. Our commitment to always expect more from ourselves has led us to reimagine the way we operate and take a more holistic approach to health. As Elevance Health, we will continue to work toward a healthcare system that better serves the needs of our consumers, care providers, communities, partners, and associates," Boudreaux said.
Anthem's portfolio has expanded over the years to offer more than just health insurance. Between pharmacy, behavioral, clinical, and complex care assets, along with its digital capabilities, the payer offers consumers a wide range of services. With the name change, Anthem believes Elevance Health better encompasses their mission as they seek continued growth.
"Elevance Health represents who we are today," said Boudreaux. "Powered by industry-leading capabilities and a digital platform for health, Elevance Health's companies will serve people across the entire care journey, connecting them to the care, support, and resources they need to lead healthy lives. By simplifying every step and making health more equitable and accessible, Elevance Health will remain committed to helping everyone reach their full potential."
While insurers have dealt with challenges during the COVID-19 pandemic, Anthem experienced an EBITDA increase of 8.7% for 2021—outpacing several other larger payers.
Jay Asser is the contributing editor for strategy at HealthLeaders.
Photo credit: Indianapolis, IN, USA. October 24, 2021. Editorial Use Only, 3D CGI. Anthem Signage Logo Top of Glass Building. Workplace Insurance Financial Services Corporation Company Office Headquarters / askarim / shutterstock.com