Elevance Health recorded operating revenue of $170bn in 2023, a rise of 9.3% from 2022.
In addition, Q4 2023 revenue totalled $42.5bn for Elevance Health, a 7% rise year-on-year.
The increase in the quarter and the year was attributed to higher premium revenue in its Health Benefits segment and growth in pharmacy product revenue in CarelonRx.
Health Benefits is comprised of Individual, Employer Group risk-based, Employer Group fee-based, BlueCard, Medicare, Medicaid, and Federal Health Products & Services businesses.
Operating revenue was $36.5bn in the fourth quarter of 2023, an increase of $1.5bn, or 4% compared to fourth quarter 2022. Operating revenue was $148.6bn in 2023, an increase of $10.1bn, or 7%.
Furthermore, medical membership totalled approximately 47 million as of December 31 2023, a decrease of 570,000, or 1% year-over-year. This was driven by attrition in its Medicaid business associated with the resumption of eligibility redeterminations in the second quarter of 2023 and declines in our Employer Group risk-based business.
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Gail K. Boudreaux, president and chief executive officer, said: “We are pleased to have delivered another year of strong performance in 2023, enabled by our relentless focus on customer experience and affordability, and continued investments in growth and innovation. The balance and resilience of our business coupled with the focused execution of our enterprise strategy supports our confidence in our outlook for 2024, as we continue to optimise the foundation, and scale our flywheel for sustained growth of the enterprise over the long term.”