Elevance Health plans to add Blue Cross and Blue Shield of Louisiana to its health plan line for an undisclosed price, the companies announced Monday.
Elevance Health’s Anthem Blue Cross Blue Shield plans will operate in 15 states if the transaction is complete. This for-profit company has partnered with Louisiana affiliates Blue Cross and Blue Shield for 5 years. The Pelican State Company will remain headquartered in Baton Rouge and retain 3,000 employees, according to a press release.
Blue Cross and Blue Shield of Louisiana lead the state’s health insurance market with a 67 percent share, according to American Medical Association research released in November. It’s the third-largest share of any insurance company in any state, the AMA reported.
“To stay strong in today’s environment with the ability to deliver leading innovations, products and capabilities, we concluded that we needed a partner who could help us deliver these. faster and better than we can afford,” Blue Cross and Blue Shield of Louisiana President and CEO, Dr. Steven Udvarhelyi said in the press release.
A multi-billion dollar fund called Accelerate the Louisiana Initiative will launch after the deal closes to tackle health inequities.
