Elevance Health plans to add Blue Cross and Blue Shield of Louisiana to its family of health plans 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 completed. The for-profit company has partnered with the Louisiana Blue Cross and Blue Shield affiliate for the five years. The Pelican State company will remain headquartered in in Baton Rouge and retain its 3,000 employees, according to a news release.
Blue Cross and Blue Shield of Louisiana leads the state’s health insurance market with a 67% share, according to research the American Medical Association published in November. That’s the third-largest share of any insurer in any state, the AMA reports.
“To remain strong in today’s environment with an ability to provide leading innovations, products and capabilities, we concluded that we needed a partner that could help us deliver these faster and better than we could alone,” Blue Cross and Blue Shield of Louisiana President and CEO Dr. Steven Udvarhelyi said in the news release.
A multibillion-dollar foundation called the Accelerate Louisiana Initiative will launch following the deal’s closure to address health inequities.