News Briefs: Elevance Plans to Buy Home Care Firm CareBridge
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Oct 25, 2024
Carelon, the health services division of Elevance Health, Inc. intends to acquire home health company CareBridge. Elevance announced its intent during its Oct. 17 earnings call. CareBridge provides home- and community-based health care services for people with chronic and complex conditions. CareBridge, which operates in 17 states and Washington, D.C., employs 500 people and serves 115,000 patients. “Carelon is expanding its capabilities to manage a growing proportion of healthcare spending, supporting the long-term growth of the business and by extension, the value it creates for health plan customers,” said Elevance CEO Gail Boudreaux. Terms of the acquisition have not been disclosed. In a research note, Bernstein analyst Lance Wilkes noted that the acquisition fits in Elevance’s strategy by “1) expanding services businesses which can replace existing outside vendors to ELV’s MCO [managed care organization) business and also be cross-sold to ELV self-insured employer customers; and 2) providing these services to other MCOs, in particular for other smaller Blue Cross companies which represent an additional 65[M] members.” Read more
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