Health insurer Anthem’s rebranding to Elevance Health will include a new “Carelon” name for its healthcare services and the return of “Wellpoint” for some government-subsidized health insurance products.
Anthem, which officially rebranded as Elevance Health on June 28, said on Wednesday that the new names “streamline and rationalize the company’s brand portfolio, reduce complexity, and further highlight its evolution to provide solutions beyond traditional health insurance, simplify healthcare, and improve health.” beyond healthcare,” the company said on Wednesday.
Changes mean the following:
· Corporate name changes from Anthem to Elevance Health as previously announced.
Medical services, including pharmacy subsidiary IngenioRx, become Karelon operation. Thus, the PBM will be called CarelonRx.
· 14 Anthem Blue Cross Blue Shield plans in 14 states retain the Anthem and Blue brands.
“An important part of being a trusted lifelong healthcare partner is based on our ability to ensure consumers have access to services that meet all of their healthcare needs throughout their medical journey,” said the president and CEO. Anthem director Gail Boudreau. “Adding our new brands to our family of companies will bring services and products together under their respective brands, further integrating our industry’s business and healthcare expertise to address complex challenges and improve the lives of consumers.”
Corporate rebranding – the second in the company in less than a decade when the name of the parent company changed in 2014 from Wellpoint to Anthem – done to reflect the company’s business and operations, which have changed dramatically over the four years of the board Boudreau. She has orchestrated several acquisitions, invested heavily in digital consumer engagement capabilities, and spearheaded the launch of her own insurance company. pharmacy benefits management company, IngenioRx.
On June 28, the name of the new holding company Elevance Health will become official when the company’s executives ring the first bell on the New York Stock Exchange and the shares “commence trading under the new ticker ELV,” the company said in a statement.
Anthem, which operates multiple public and commercial health insurance programs including Blue Cross and Blue Shield plans in 14 states, is the second largest health care provider in the nation behind UnitedHealthcare UnitedHealth Group.
Increasingly, health insurance companies are placing the health care services they own under a different umbrella and under a different brand, even as they work to provide health plan and employer clients with more coordinated care.
UnitedHealth Group, for example, owns Optum’s health care business, with many outpatient providers and practices, while CVS Health, a large pharmacy chain, owns pharmacies and retail medical clinics with insurance company Aetna. And two years ago, Cigna created Evernorth, bringing its medical services and pharmacy benefits management company Express Scripts under Evernorth’s umbrella.
In Anthem’s case, the insurance company will “completely migrate its capabilities and services to the Carelon brand within the next two years,” the company said in a statement. The name Carelon “comes from the word ‘care’ and the suffix ‘lon’ meaning full and complete,” which “represents the importance of providing complete and comprehensive care,” Anthem executives said.
“Carelon makes connected healthcare accessible to all by putting people at the center of its operations and providing the right balance of care, technology, data-driven knowledge and experience to solve complex problems and help consumers lead healthier lives.” – Pete Haitayan, who is executive vice president of Anthem and president of Carelon, which the company says serves one in three people in the US. “Combining these solutions will help deliver our strategy, drive growth, and exceed the expectations of healthcare providers, consumers and our other partners.”