Elevance Well being Inc. (NYSE: ELV) goes all-in on Carelon Companies – the corporate's service supplier division – as its future progress engine.

“Carelon has and can proceed so as to add compelling capabilities that we will scale shortly and sustainably over the long run,” Elevance CEO Gail Boudreaux mentioned Wednesday in the course of the firm's fourth-quarter earnings name.

Primarily based in Indianapolis, Elevance Well being is a big managed care firm and supplier.

Boudreaux famous that Carelon Companies is poised for robust progress in 2024 because of new buyer acquisition and continued service enlargement. This enlargement of providers contains the launch of Carelon Insights and the rollout of complete Carelon behavioral well being administration providers.

The corporate additionally believes that rising its healthcare enterprise will improve income for Carelon Companies.

Worth-based care and streamlining processes to make sure higher outcomes additionally stay high priorities.

“We now have multi-year agreements with our value-based suppliers,” Boudreaux mentioned. “We at all times have a look at just a few issues. First, be sure it's a win-win state of affairs and we're on the identical web page on price high quality and stars. We've spent lots of time specializing in a number of the methods we will get knowledge forwards and backwards extra simply. We've built-in the way in which we share knowledge forwards and backwards, and that's actually about closing gaps in care, and simplifying the method by which we work with these suppliers.”

Elevance Well being's purpose is for this to turn out to be ubiquitous throughout the corporate's value-based healthcare suppliers.

“We've made lots of progress there and dramatically improved the time to motion for these suppliers. I believe that's essential as a result of it provides them knowledge that they’ll act on and that improves their outcomes,” Boudreaux mentioned. “We now have seen our value-based suppliers carry out higher below these circumstances.”

Through the name, Elevance Well being additionally mentioned its latest acquisition of infusion providers firm Paragon Healthcare.

“The acquisition expands our capabilities and focuses on customers with advanced and persistent wants who can profit most from our whole-person well being strategy,” mentioned Boudreaux.

The acquisition of Paragon Healthcare enhances Elevance Well being's suite of pharmacy providers, together with the corporate's superior house supply service.

General, Elevance Well being's This autumn 2023 working revenues have been $42.5 billion, up 7% from This autumn 2022.

Full-year working revenues for 2023 have been $170 billion, up 9.3% from $155.7 billion in 2022.

Carelon Companies' fourth quarter 2023 working revenues have been $12.4 billion, up 14.1% from $10.9 billion in 2022.

“We now have delivered robust outcomes each quarter of 2023, together with the fourth quarter, which is characterised by strong income and earnings progress and important progress in executing our enterprise technique to speed up capabilities and providers and spend money on fast progress alternatives. and optimize our operations,” Mark Kaye, govt vice chairman and CFO at Elevance Well being, mentioned on the decision.