Healthcare Elevance Health Profits Hit $1. 6 Billion As Medical And Drug Plans Grow Bruce Japsen Senior Contributor Opinions expressed by Forbes Contributors are their own. I write about healthcare business and policy Following New! Follow this author to stay notified about their latest stories.
Got it! Oct 19, 2022, 07:04am EDT | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin Elevance Health reported $1. 6 billion in third quarter profits as the health insurer formerly known . .
. [+] as Anthem continued to grow its national portfolio of medical and prescription drug benefits. Elevance Health Elevance Health reported $1.
6 billion in third quarter profits as the health insurer formerly known as Anthem continued to grow its national portfolio of medical and prescription drug benefits. Elevance, which operates an array of government and commercial health insurance including Blue Cross and Blue Shield plans in 14 states, Wednesday reported third quarter profits rose 7% to $1. 6 billion , or $6.
68 per share, compared to $1. 5 billion, or $6. 13 per share, in the year ago quarter.
Revenue jumped 11. 5% to $39. 9 billion compared to $35.
8 billion a year ago. Elevance’s membership grew by 2. 2 million, or 4.
9%, to 47. 3 million as of September 30 compared to a year ago. A large part of the health plan growth came from government business enrollment and from Medicaid in particular.
Health insurers like Elevance Health enroll low income Americans into private Medicaid plans via contracts with states. “During the third quarter of 2022, medical membership increased by 232 thousand driven by organic growth in Medicaid, which we attribute primarily to the suspension of eligibility recertification, and organic growth in our commercial fee-based membership,” Elevance said in its earnings report. Elevance’s profits and continued growth figured in the company’s decision to raise its financial outlook yet again for the rest of 2022 with adjusted net income now expected to be “greater than $28.
95 per share. ” That compares to an earlier forecast of greater than $28. 70.
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Elevance’s pharmacy benefit management business, IngenioRx is also performing well, reporting an “operating gain” of $516 million in the third quarter of 2022, which was “an increase of $71 million from $445 million in the third quarter of 2021,” the company said. “The increase was driven by out of period fee-based revenue and higher prescription volumes associated with growth in integrated medical and pharmacy members. ” Follow me on Twitter or LinkedIn .
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From: forbes
URL: https://www.forbes.com/sites/brucejapsen/2022/10/19/elevance-health-profits-hit-16-billion-on-medical-and-drug-plan-growth/
