It looks like another Medicare Advantage (MA) company has seen plentiful growth according to a news article by Forbes. The Medicare Advantage company, Anthem, has seen an MA enrollment increase of more than 20% year after year. With a total of 1.2 million members enrolled in MA plans, the company plans to gain anywhere from 150,000 to 200,000 members next year.
Successful 2020 AEP
Anthem CEO Gail Boudreaux stated this about the company’s growth, “Frankly, it was some of the strongest growth we’ve ever seen,”. Currently, the company is now the fourth-largest MA in the country after such a great 2020 AEP. The company runs the Blue Cross and Blue Shield plans in 14 states and with last year sales sit at a comfortable 1.2 million MA enrollees. The insurer reports a revenue of $103 billion last year and operating cash flow of $6.1 billion. The revenue increase is marked at 12.9% from the previous year. Success can be attributed to membership growth, new pharmacy business, as well as rate increases. Earnings increased over 120% with a $934 million fourth quarter at the end of 2019.
The insurer hopes to continue is growth with states to provide health benefits to poor Americans. Currently, the company is operating in 23 states as well as the District of Columbia. The company also launched IngenioRx pharmacy benefit manager. It will serve both current and non-Anthem customers, with CVS offering its Minute Clinic prescription fulfillment. This agreement is slated for five years and expects to generate Anthem $4 billion in savings. Anthem CFO John Gallina stated, “We’re actually very excited about that because, at the end of the day, that $4 billion in savings makes healthcare more affordable.” With a plan and a successful year backing Anthem, we can hope to see numbers reciprocated or surpassed for the 2021 AEP.
At Anthem Blue Cross and Blue Shield we understand our health connects us to each other. What we all do impacts those around us. So Anthem is dedicated to delivering better care to our members, providing greater value to our customers and helping improve the health of our communities.
For more information on Anthem give us a call today and ask for our Product Specialist 888-539-1633. If you would like to get contracted? Give our contracting team a call at 817-410-5888.