Insurance giant Elevance Health entered into an agreement with private equity firm Clayton, Dubilier & Rice (CD&R), specifically its healthcare companies Apree Health and Millennium Physician Group (MPG).
In an announcement, Elevance said the move aims to expand patient access to primary care services for its Carelon Health patients. Through the development of a new managed care program, the companies will seek to more efficiently address patient care needs, mental as well as physical. This “whole health approach” will be supported by care coordination, health coaching and support, as well as data analytics, effectively combining the offerings of the companies.
The new care plan is expected to impact 1 million patients from Carelon's 30 clinics and beyond, as patients from MPG and Apree join, Elevance said.
“We know that when primary care providers are resourced and empowered, they guide consumers through some of life’s most vulnerable moments, while helping people to take control of their own health,” Bryony Winn, president of health solutions at Elevance says in the announcement. “By bringing a new model of advanced primary care to markets across the country, our partnership with CD&R will create a win-win for consumers and care providers alike.”
The specific terms of the financial agreement were not disclosed. However, Elevance aid it will be investing in the CD&R companies through a combination of cash and equity from Carleon.
This week, Elevance’s stock rose 4.7% when the company reported a higher-than-expected “operating gain” of $2.3 billion.
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