The rebranding of health insurer Anthem into Elevance Health will include the new name of “Carelon” for its health services and the return of “Wellpoint” for certain government-subsidized health insurance products.
Anthem, which officially becomes Elevance Health on June 28, said Wednesday that the new names “will streamline and simplify the company’s brand portfolio, reduce complexity, and further underline its evolution to provide solutions beyond traditional health insurance, simplify health experience and improving health beyond healthcare, ”the company said Wednesday.
The changes mean the following:
Company name changes from Anthem to Elevance Health, as previously announced.
· Health services, including the IngenioRx pharmacy charity subsidiary, become operations of Carelon. Therefore, the PBM will be known as CarelonRx.
The 14 Anthem Blue Cross Blue Shield plans in 14 states retain the Anthem and Blue brands
In select markets, non-Blue Cross plans such as Medicare and Medicaid insurance products take the name Wellpoint, which was previously the corporate name of the entire company until December 2014.
“An important part of being a reliable lifelong healthcare partner is rooted in our ability to ensure consumers have access to services that will meet all of their health needs throughout their entire healthcare journey,” said Gail Boudreaux. president and chief executive officer of Anthem. “The addition of our new brands to our family of companies will bring together services and products within their respective brands that will further integrate our business and healthcare expertise across the industry to solve complex challenges and improve consumer lives.”
The company rebranding: the second of the company in less than a decade when the parent company’s name changed in 2014 from Wellpoint to Anthem, it was done to reflect the company’s operations and operations, which changed dramatically during Boudreaux’s four-year reign. He has designed several acquisitions, invested heavily in digital capabilities to engage consumers, and oversaw the launch of the health insurer’s pharmacy benefits management company, IngenioRx.
On June 28, the new name of the holding company Elevance Health will become official when the company’s executives ring the opening bell on the New York Stock Exchange and the shares “begin trading under the new ELV symbol,” the company said.
Anthem, which operates a number of government and commercial health insurances, including Blue Cross and Blue Shield plans in 14 states, is the nation’s second largest health benefits provider behind UnitedHealthcare Group’s UnitedHealthcare.
Increasingly, health insurers are putting their own health services under a different brand and umbrella, even as they work to provide health plan clients and employer’s clients with more coordinated care.
The UnitedHealth group, for example, owns the Optum health services business with a number of outpatient service providers and doctors’ offices, while the large pharmacy chain CVS Health owns retail pharmacies and health clinics along with health insurer Aetna. And two years ago, Cigna created Evernorth, putting its medical services and pharmacy benefits management company Express Scripts under the umbrella of Evernorth.
In Anthem’s case, the health insurer “will fully transition its capabilities and services under the Carelon brand over the next two years,” the company said. The name Carelon is “derived from the word ‘cure’ and the suffix ‘lon’ which means full and complete,” which “stands for the importance of providing complete and comprehensive care,” Anthem executives said.
“Carelon makes connected care possible for all by putting people at the center of what we do and offering the right balance of care, technology, information and data-driven skills to solve complex challenges and help consumers lead healthier lives.” , Pete Haytaian, who is executive vice president of Anthem and president of Carelon, which, according to the company, serves one in three people in the United States. partner.”