Brand Intelligence Graphcompany
Company Overview
About Elevance Health
Elevance Health, Inc. (formerly Anthem, Inc.) is an Indianapolis, Indiana-based managed care and health services company — publicly traded on the New York Stock Exchange (NYSE: ELV) as an S&P 500 Health Care component — providing health insurance plans under the Blue Cross Blue Shield brand in 14 states (Indiana, Georgia, California, Colorado, Connecticut, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, Wisconsin), Medicare Advantage, Medicaid managed care, and commercial employer-sponsored health plans through Carelon (pharmacy and behavioral health services — formerly IngenioRx) to approximately 47 million medical members through approximately 100,000 employees. In fiscal year 2024, Elevance Health reported revenues of approximately $175 billion (predominantly premium revenues from employer-sponsored and government-program health plan members), with operating income under pressure from medical cost increases in the Medicaid segment (post-COVID health utilization normalization causing medical costs to exceed Medicaid actuarial pricing expectations set during the pandemic period of reduced care utilization). CEO Gail Boudreaux has executed the company's transformation from Anthem to Elevance Health (rebranded June 2022) — reflecting the broadened value proposition beyond health insurance into health services: Carelon Services (behavioral health, pharmacy benefit management, utilization management, home health services for both Elevance and external health plan clients) represents the strategy of building a health services ecosystem that retains value within the Elevance enterprise rather than paying external PBMs, behavioral health managers, and care management vendors.
Business Model & Competitive Advantage
Elevance Health's managed care and health services model creates competitive advantages through the Blue Cross Blue Shield brand licensing in 14 states and the healthcare provider network breadth that large employer customers require: an employer headquartered in Indianapolis choosing between Elevance Health (Anthem BCBS Indiana) and national competitors (United Health, Cigna) weighs Elevance's Indiana market provider network depth — every Indianapolis physician and hospital in-network — alongside the Blue Cross Blue Shield brand's national BlueCard reciprocity (Elevance members traveling to California or New York can use Blue Shield CA and Excellus BCBS networks through the BlueCard program). The BCBS Association's exclusive state license model (one licensed BCBS plan per state, granted by the BCBS Association) creates a structural geographic monopoly where Elevance Health holds exclusive rights to the Blue Cross Blue Shield brand in its 14 states — preventing direct BCBS competition from other BCBS plans. Carelon's PBM (IngenioRx rebranded as Carelon Rx) internalizes pharmaceutical benefit management services that Elevance previously outsourced to Express Scripts and CVS Caremark — capturing PBM margin that was previously paid to external vendors.
Competitive Landscape 2025–2026
In 2025, Elevance Health competes in employer health insurance, Medicaid managed care, and Medicare Advantage against UnitedHealth Group (NYSE: UNH, $370B+ revenue, UnitedHealthcare and Optum dominant), Humana (NYSE: HUM, Medicare Advantage focus), and Cigna Group (NYSE: CI, employer health insurance and Express Scripts PBM) for employer health plan renewals, Medicaid RFP awards, and Medicare Advantage member enrollment. The Medicaid medical cost deterioration (2024 earnings pressure from higher-than-expected Medicaid medical costs after states completed their redetermination processes at lower-than-expected rates) required Elevance to take premium rate increases in 2024-2025 Medicaid contract renegotiations to restore Medicaid segment margins toward actuarially appropriate levels. The Medicare Advantage medical cost pressure (hospital utilization higher-than-expected for Medicare Advantage members following COVID-era deferred care catch-up) is a sector-wide issue affecting Humana, United, and Elevance that requires 2025-2026 premium rate increases to restore MA margins. The 2025 strategy focuses on Medicaid premium rate adequacy restoration, Carelon services external client growth (selling Carelon PBM and behavioral health to non-Elevance health plans), and Medicare Advantage membership growth in Elevance's 14 core BCBS states.
The Elevance Health Story
Founders
Recent Activity
View all →Company Timeline
Major milestones in Elevance Health's journey
Leadership Team
Meet the leaders behind Elevance Health
Gail K. Boudreaux
Gail Boudreaux has served as President and CEO of Elevance Health since November 2017, bringing over three decades of healthcare industry experience. Previously CEO of UnitedHealthcare and Executive Vice President of Health Care Service Corporation, she is regarded for her ability to skillfully scale multibillion-dollar businesses and earned $20.5 million in total compensation in 2024.
Mark Kaye
Mark Kaye serves as EVP and CFO, having assumed full responsibility for the CFO role on November 1, 2023. He joined Elevance Health from Moody's Corporation where he served as Chief Financial Officer, and is a member of the company's executive leadership team reporting directly to CEO Gail K. Boudreaux.
Peter D. Haytaian
Peter D. Haytaian is responsible for the strategic direction, performance, and growth of Carelon's diversified assets and services, including pharmacy, behavioral health, complex and chronic care, and advanced analytics. He oversees the company's transformation into integrated care delivery.
Felicia F. Norwood
Felicia Norwood has served as the company's government business division president since June 2018, overseeing Elevance Health's Medicaid and Medicare businesses. She leads strategy and operations for government-sponsored health programs across the enterprise.
Morgan Kendrick
Morgan Kendrick leads Elevance Health's commercial and specialty business operations, managing employer-sponsored health plans and specialty products that serve millions of members across the United States.
Shantanu Agrawal, MD
Dr. Shantanu Agrawal oversees the enterprise whole-health strategy, including medical policy, clinical quality, and delegation oversight. He also works to address health-related social needs and health equity initiatives across the organization.
Catherine N. Gaffigan, MD
Dr. Catherine Gaffigan leads Health Solutions at Elevance Health, focusing on innovative approaches to care delivery, population health management, and value-based care initiatives that improve outcomes and reduce costs.
Key Differentiators
Market Leader
Elevance Health is recognized as a market leader in the Healthcare Tech sector, demonstrating strong industry presence and customer trust.
Enterprise Scale
With $175B in revenue, Elevance Health operates at enterprise scale with proven market validation.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
Simulated 8-week rolling score
Based on estimated brand signals. Historical tracking coming soon.
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