The insurer said in its earning call it will expand its subsidiary myNEXUS nationwide over the next six to 12 months.
Elevance Health experienced a slight dip in year over year profit for the second quarter as the company continues to diversify its offerings.
In its Q2 earnings report, the insurer announced net income of $1.65 billion for the past three months, an 8.4% decline from the $1.8 billion it profited over the same period in 2021. Revenue, meanwhile, rose 14.1%, from $33.8 billion to $38.6 billion.
Elevance Health saw strong growth in membership with 2.7 million new enrolees, a 6.1% rise from the second quarter of last year, to bring the total to 47.1 million members. Much of that was due to the 1.6 million new enrolees in the government business, spurred by growth in Medicaid.
During the company's earnings call, the insurer also stated its plans for subsidiary myNEXUS, a recently launched post-acute care program for Medicare members in Indiana. Elevance Health president and CEO Gail Boudreaux said the plan is to expand the program nationwide over the next six to 12 months, which will help optimize levels of care post inpatient discharge, improve the patient-provider experience, and grow Carelon, the company's healthcare services brand subsidiary.
The insurer displayed its commitment to diversifying when it changed its name earlier this year from Anthem to better reflect their goal of offering a wide range of health-related services.
"The disciplined execution of our strategy, and the balance and resilience of our diversified portfolio of businesses has enabled us to deliver another quarter of strong organic growth, and we have raised our outlook for 2022 earnings per share as a result," said Boudreaux.
"Our recent name change to Elevance Health and the broader rebranding strategy underscores our transformation to a lifetime, trusted health partner and our diversified set of businesses that lend resilience in any business environment. We are uniquely well-positioned for growth in the future as we remain focused on meeting the needs of our clients and customers."
Jay Asser is the CEO editor for HealthLeaders.